SpaceX files for IPO aiming for a valuation above $2 trillion.

SpaceX, Elon Musk’s space-exploration company, is preparing for what could become one of the largest initial public offerings in history, with plans aimed at valuing the business at more than $2 trillion. Bloomberg reported that SpaceX has begun the initial steps toward launching the IPO, including raising its valuation target to $2 trillion—about two-thirds higher than its earlier target.

Valuation target and potential market impact

In February, a merger between SpaceX and artificial intelligence firm xAI valued the combined entity at $1.25 trillion. If SpaceX’s IPO valuation target of above $2 trillion is achieved, the company would rank among the world’s largest firms, behind long-standing technology leaders including Nvidia, Apple, Alphabet, Microsoft, and Amazon.

Bloomberg also said the IPO could place SpaceX ahead of Meta Platforms and Tesla in market capitalization, both of which are part of the so-called Magnificent 7.

IPO timeline and fundraising expectations

Bloomberg reported that SpaceX quietly filed for the IPO, with the offering expected to take place in June. Details of the IPO discussions are still ongoing and may change, sources said.

If successful, SpaceX could raise up to $75 billion, according to Bloomberg—well above the $29 billion raised by Saudi Aramco in 2019, which was the largest IPO at the time.

Use of proceeds and related projects

SpaceX is expected to use IPO proceeds to pursue Musk’s plans for AI data centers in space and a factory on the Moon. To support these ambitions, the company would need capital at an unprecedented scale, along with resources from multiple Musk-controlled companies.

One such effort previously discussed by Musk is Terafab, a project intended to produce chips for robots, AI, and space data centers, operated jointly by Tesla and SpaceX.

Banks, scheduling, and ownership

SpaceX has selected major banks to lead the IPO: Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley. Bloomberg reported that the company has scheduled a call with these banks on April 6 and will host an information session for analysts at the end of April.

According to PitchBook, Musk currently owns about 42% of SpaceX. That stake is expected to change after the IPO due to new share issuance. Bloomberg’s reporting indicates Musk’s net worth could potentially rise above $1 trillion following the offering.

Wealth context and corporate structure

Bloomberg’s Billionaires Index places Musk at about $636 billion, while Forbes’ billionaire ranking places him at $823 billion.

Beyond rocket and spacecraft production, SpaceX also owns Starlink, the world’s largest satellite communications company. Bloomberg reported that SpaceX recently merged two other Musk ventures—X (formerly Twitter) and xAI—under a deal that drew controversy because both buyer and seller were controlled by Musk.

Government contracts

Over the past five years, SpaceX has secured contracts totaling $6 billion from NASA, the U.S. Department of Defense, and other U.S. government agencies, according to USAspending.gov.