The Biggest IPO in History? SpaceX Eyes $1.75 Trillion Valuation as March Filing Approaches

TLDR

• SpaceX is planning a confidential IPO filing with the SEC as early as March 2026
• A June stock market listing is the target, with a valuation potentially above $1.75 trillion
• The offering could raise up to $50 billion, making it the largest IPO in history
• SpaceX recently merged with Elon Musk’s AI company xAI, complicating its financials
• OpenAI and Anthropic are also eyeing 2026 IPOs, at valuations of $750B–$830B and ~$350B respectively

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Elon Musk’s rocket company SpaceX is preparing to file confidential IPO documents with the U.S. Securities and Exchange Commission as early as March 2026, according to a Bloomberg report.

The filing would keep the company on track for a stock market listing as early as June 2026. Sources familiar with the matter say SpaceX could seek a valuation above $1.75 trillion.

If that valuation holds, SpaceX would rank among the world’s largest companies by market cap. That puts it in the same tier as Apple, Microsoft, Alphabet, Amazon, and Nvidia.

The offering could raise up to $50 billion, which would make it the largest IPO in history. No other company has come close to raising that amount in a single listing.

SpaceX is based in Starbase, Texas. The company operates the Falcon 9 rocket system and the Starlink satellite internet network, which serves millions of customers globally.

The company is responsible for more than half of all orbital launches on Earth. It drove down the cost of reaching orbit by pioneering reusable rockets.

SpaceX’s Ebitda profit margins are estimated to be as high as 50%. For comparison, aerospace companies in the S&P 500 average around 20% Ebitda margins.

Management has previously said Starlink was profitable in 2024, when it had roughly half the users it has today. The launch business is also widely expected to be profitable given its cost structure.

The xAI Complication

SpaceX recently merged with Musk’s artificial intelligence startup xAI. That deal links SpaceX’s satellite and rocket operations with xAI’s AI computing business.

xAI does not appear to be profitable and operates in a highly competitive, capital-heavy market. This merger makes it harder to assess SpaceX’s overall financial picture ahead of the IPO.

SpaceX could generate as much as $10 billion in Ebitda in 2026, though that figure depends on how xAI’s losses factor into the combined entity.

A confidential filing means the company can work through regulatory details with the SEC before making financials public. Companies must wait at least 15 days after documents go public before starting their IPO roadshow.

More Big IPOs Could Follow

SpaceX may be the first of three landmark tech IPOs in 2026. OpenAI is said to be targeting a valuation between $750 billion and $830 billion.

Anthropic, the AI safety company, may raise around $10 billion at a valuation near $350 billion. Both companies are watching SpaceX’s process closely.

SpaceX has not publicly confirmed or commented on the IPO filing plans. Details remain subject to change and the company could still delay its filing.

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