SpaceX files confidential DRHP; could be among the largest IPOs globally

Elon Musk-led SpaceX has filed a confidential draft red herring prospectus with the U.S. Securities and Exchange Commission, according to multiple reports. The filing signals early steps towards a potential initial public offering, though the company has not made any official announcement.

IPO could be among the largest globally

As per reports, SpaceX could be valued at around $1.7 trillion to $1.8 trillion. The offering size is estimated at roughly $70–$75 billion. If the deal proceeds at that scale, it could be among the largest IPOs globally and significantly bigger than listings seen in recent years. Bloomberg, which reported first about the news, also stated that SpaceX may consider a fundraising target of about $75 billion, overtaking Saudi Aramco’s IPO debut record of $29 billion in 2019.

The filing remains confidential for now, and detailed financial disclosures are not yet available. The timeline is also not fixed, though reports suggest the listing could take place later in 2026, subject to regulatory approvals and market conditions.

Bloomberg also stated that the company has already lined up multiple banks, such as Bank of America, Citigroup, Goldman Sachs Group, JPMorgan Chase and Morgan Stanley for senior roles on the IPO. SpaceX is also working with international banks that are looking to take IPO orders in specific regions. Reports also suggest that the IPO could allocate 30% of the offering to retail investors.

SpaceX’s valuation has been supported by the growth of its satellite internet business Starlink, along with its launch operations and government contracts. Earlier this year, the company had merged the artificial intelligence arm—xAI earlier this year, leading to the valuation of SpaceX at $1 trillion and the developer of the Grok chatbot at $250 billion. 

If the IPO goes ahead, Musk would be leading two publicly listed companies. He already heads Tesla, one of the most valuable firms globally at approximately $1.43 trillion, and a SpaceX listing would expand his presence in public markets.

Musk remains among the richest individuals in the world, with much of his wealth tied to Tesla and SpaceX. A listing at the reported valuation could further strengthen his position across sectors including space, electric vehicles and artificial intelligence.