Elon Musk's SpaceX moves toward record IPO that could raise $75 billion

Dubai: Elon Musk’s SpaceX has taken a key step toward what could become the largest stock market debut in history, after confidentially filing for an initial public offering in the US.

The company submitted draft registration documents to regulators, putting it on track for a potential June listing, according to people familiar with the matter. Details such as pricing and share allocation are expected to follow in later filings.

Early estimates suggest the offering could raise up to $75 billion, surpassing Saudi Aramco’s $29.4 billion debut and setting a new benchmark for global equity markets.

SpaceX is targeting a valuation of more than $1.75 trillion, placing it among the most valuable companies globally if the listing proceeds at that level.

The scale reflects the company’s position across multiple high-growth sectors. Its rocket launch programme and Starlink satellite network generate the bulk of revenue, which is approaching $20 billion this year, while its artificial intelligence arm remains at an earlier stage of development.

The integration of xAI has added a new layer to the business model, linking space infrastructure with artificial intelligence capabilities.

Josh Gilbert said the listing could mark a turning point for investors looking to access emerging technology platforms.

“SpaceX’s IPO represents a watershed moment for global markets. It’s not just about gaining exposure to a leading space company, but about investing in a broader ecosystem that spans connectivity, defence, and artificial intelligence. However, the complexity of the business model — combining a highly profitable space and broadband operation with a capital-intensive AI venture — means investors will need to carefully assess whether the proposed valuation is justified.”

The IPO is expected to include a meaningful allocation to retail investors, with as much as 30% of shares potentially reserved for individual participants.

That approach reflects a broader shift in large listings, where companies are opening access beyond institutional investors to tap into wider demand.

Banks including Bank of America, Citigroup, Goldman Sachs, JPMorgan and Morgan Stanley have been lined up for senior roles, with additional international banks coordinating regional orders.

Funds raised through the listing are expected to support the next phase of growth, including the development of the Starship programme, expansion of Starlink services and further investment in artificial intelligence infrastructure.

The company is also exploring new areas such as defence-linked applications and space-based data systems, signalling a move beyond its core launch business.

The listing could also influence valuations across the broader technology and space sectors, particularly if it proceeds ahead of other large offerings expected from companies such as OpenAI and Anthropic.

SpaceX already dominates the commercial space industry through its Falcon 9 launches and continues to expand its satellite network, which now serves millions of users globally.

The proposed IPO brings together multiple themes shaping markets, from connectivity and defence to artificial intelligence, raising a central question for investors.

- With inputs from Bloomberg.