SpaceX has taken a significant step towards a public market debut after confidentially filing for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC), according to a report from Bloomberg.

The move positions Elon Musk’s rocket and satellite company to become one of the most valuable publicly traded firms in the world, with estimates suggesting a valuation that could exceed $1tn (£751bn), and potentially reach as high as $1.75tn. If realised, the listing would rank among the most financially significant in market history.

Beyond this, Elon Musk’s personal holding in SpaceX will put on him on track to become the world’s first trillionaire.

The company is expected to target a public debut as early as June, with reports from Bloomberg indicating that preparations are already underway. As part of the IPO process, SpaceX executives are anticipated to begin investor roadshows in the coming weeks, pitching the business to institutional buyers.

A confidential IPO filing allows SpaceX to seek regulatory feedback without immediately disclosing detailed financial information to the public. Key details, including share pricing and financial performance, are expected to emerge following SEC review.

Raising capital and reshaping Musk’s empire

By offering shares to the public, SpaceX is aiming to raise at least $50bn, according to Bloomberg.

The IPO follows a period of consolidation across Musk’s business interests. Earlier this year, SpaceX acquired xAI, his AI venture, in an all-stock deal that reportedly pushed the combined entity’s internal valuation to a mind boggling $1.25tn, making it the most valuable private company in the world.

This consolidation has extended across Musk’s wider portfolio. Last year, xAI took over X, while Tesla disclosed a $2bn investment in xAI. Musk has also indicated that Tesla’s manufacturing focus will increasingly shift towards robotics powered by xAI technologies, including its Grok chatbot (which has had more than its own fair share of controversies), which is already integrated into some Tesla vehicles.

SpaceX is also expected to collaborate with Tesla and xAI on a large-scale chipmaking initiative dubbed Terafab, further linking Musk’s ventures in AI, manufacturing, and space technology.

A dominant force in space and satellite communications

Founded by Musk in 2002, SpaceX was established with the goal of reducing the cost of space travel through reusable rocket technology. The company secured its first contract with Nasa in 2006 and has since become a central player in both commercial and government space operations.

Today, SpaceX’s activities remain anchored in rocket launches and the operation of Starlink, its satellite internet network. Starlink has grown into one of the largest satellite constellations in orbit and is estimated to generate more than half of the company’s revenue.

The company’s influence extends beyond commercial applications. Starlink has played a role in global geopolitics, with services used in conflict zones, including by the Ukrainian military for communications and operational planning.

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SpaceX has also secured extensive contracts with the US government, with Nasa relying on its rockets for the majority of launches. The company is increasingly involved in future space initiatives, including planned lunar missions.

Expanding ambitions in AI and beyond

Alongside its core space business, SpaceX is exploring new areas tied to the rapid growth of AI. Following its acquisition of xAI, the company has outlined ambitions to develop solar-powered data centres in space to meet the rising computational and energy demands of AI systems.

Musk has previously outlined more ambitious long-term goals, including establishing a self-sustaining city on Mars and deploying orbital data infrastructure. However, this ambition seems to have been pushed aside for now in favour of near-term focus on satellite services, AI integration, and supporting government-led space missions.

The broader IPO landscape is also heating up, with other major AI players reportedly preparing for public listings. OpenAI is said to be targeting its own IPO following a funding round of $122bn, while Anthropic is also expected to explore a public offering.

Image source: SpaceX Fickr