SpaceX, the aerospace and satellite communications company led by Elon Musk, has moved forward with plans for what is expected to be the largest initial public offering in history. Following a confidential filing with the U.S. Securities and Exchange Commission on April 1, 2026, the company has reportedly increased its target valuation to more than $2 trillion. According to people familiar with the matter, the offering seeks to raise as much as $75 billion, a figure that would significantly surpass the $29.4 billion record set by Saudi Aramco in 2019.
The confidential filing, first reported by Bloomberg and later confirmed by multiple news outlets, indicates that SpaceX is targeting a June 2026 listing on the Nasdaq. The valuation surge from an initial $1.75 trillion to over $2 trillion follows preliminary investor conversations and reflects the company's recent strategic consolidation. In February 2026, SpaceX completed an all-stock merger with xAI, Musk’s artificial intelligence venture, in a deal that valued the combined entity at approximately $1.25 trillion at the time.
Financial data circulating in the lead-up to the public prospectus shows that SpaceX’s valuation is heavily supported by the growth of Starlink, its satellite internet division. Starlink surpassed 10 million active subscribers in February 2026 and is estimated to have generated approximately $11 billion in revenue during 2025. Total company revenue for 2025 is reported to be between $15 billion and $18.5 billion, with an EBITDA of roughly $8 billion. However, some financial reports suggest the company still faced a net loss of approximately $5 billion last year due to heavy capital expenditures on Starship development and the deployment of new satellite constellations.
SpaceX Chief Financial Officer Bret Johnsen reportedly told bankers on April 6 that the company plans to reserve up to 30% of the IPO shares for retail investors. This allocation is significantly higher than the 5% to 10% typically seen in large-scale offerings. The capital raised is intended to fund the expansion of the Starlink V3 constellation and the mass production of the Starship launch system. Additionally, the company has filed requests with the FCC to authorize a constellation of up to one million data center satellites, aiming to integrate its orbital infrastructure with xAI’s large language model stacks.
While the formal S-1 prospectus remains confidential, it is expected to be made public at least 15 days before the investor roadshow begins. The filing marks a pivotal shift for the company, which has remained private since its founding in 2002. If the $2 trillion valuation is achieved, SpaceX will debut as one of the most valuable corporations in the world, positioning Musk as the first individual to lead two separate trillion-dollar publicly traded companies.