SpaceX Files Confidentially for IPO in What Could Be the Biggest Listing in History

The company has lined up 21 banks for the mega offering internally codenamed Project Apex with a potential valuation of 1.75 trillion dollars

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By LineZotpaper

Published2 April 2026

Read Time2 min

Sources3 outlets

SpaceX has filed confidentially for an initial public offering with the Securities and Exchange Commission, setting the stage for what is expected to be the largest IPO in human history. The company is reportedly targeting a valuation of approximately 1.75 trillion dollars and has assembled an unusually large roster of 21 banks to manage the offering, internally codenamed Project Apex.

Under SEC rules, SpaceX is not required to make its S-1 prospectus public until 15 days before it begins pitching to investors on its roadshow. That means key details like Starlink's subscriber revenue, the cash burn rate of the Starship program, and how the recently absorbed xAI fits into the corporate structure will remain unknown for some time.

The confidential filing allows SpaceX to gauge investor appetite and make revisions before committing to a public timeline. Bloomberg first reported the filing, noting that the sheer number of banks involved reflects both the scale of the offering and the intense competition among financial institutions to be part of it.

If the valuation holds, SpaceX would debut as one of the most valuable publicly traded companies in the world, surpassing the market capitalizations of most Fortune 500 firms on day one. The IPO would also make Elon Musk's stake worth hundreds of billions of dollars, likely cementing his position as the world's wealthiest person by an even wider margin.

Analysis

Why This Matters

This is not just a big IPO. At 1.75 trillion dollars, it would be the largest initial listing ever, dwarfing Saudi Aramco's 2019 record. It signals that private space and satellite internet are now mainstream investment categories.

Background

SpaceX has been one of the most highly valued private companies for years, with secondary market trades pushing its implied valuation steadily upward. The company generates revenue from NASA contracts, commercial satellite launches, Starlink subscriptions, and government defense work.

Key Perspectives

Investors will be watching closely for Starlink subscriber numbers and the economics of the Starship program. The integration of xAI into the corporate structure adds another layer of complexity and potential value.

What to Watch

The S-1 filing will eventually become public ahead of the roadshow. Watch for revenue breakdowns, profitability metrics, and how SpaceX frames the xAI acquisition to investors.