A SpaceX IPO promises to be one of the biggest Wall Street events of the year, with several investment banks lining up to help raise tens of billions to fund Musk’s ambitions to establish a base on the Moon, place data centres the size of several football pitches into orbit, and possibly one day send a human to Mars.
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The sources spoke on condition of anonymity because they were not authorised to discuss the confidential registration with the Securities and Exchange Commission publicly.
SpaceX did not immediately respond to a request for comment.
Exactly how much SpaceX plans to raise has not been disclosed, but the figure is reportedly as high as $75bn (€65bn). At that level, the offering would easily surpass the $29bn (€25bn) raised by Saudi Aramco in its 2019 IPO.
The offering, which could come as early as June, may value SpaceX at around $1.5 trillion — nearly double its valuation in December, when some minority shareholders sold their stakes, according to research firm PitchBook, prior to an acquisition that increased the company’s size.
Musk currently owns about 42% of SpaceX, according to PitchBook, although that figure will change after the IPO as new shares are issued. In any case, he is likely to surpass the trillion-dollar mark, as he is already close. Forbes estimates Musk’s net worth at roughly $823 billion.
In addition to building reusable rockets to launch astronauts and equipment into orbit, SpaceX owns Starlink, the world’s largest satellite communications company. The company has also recently brought under its umbrella two other Musk businesses: social media platform X (formerly Twitter) and artificial intelligence firm xAI, in a controversial transaction, as both the buyer and seller were controlled by him.
SpaceX has become the leading commercial launch company in its industry, sending payloads into orbit for customers worldwide. However, it has also benefited from significant public funding, raising concerns about potential conflicts of interest, given that Musk was a major donor to President Donald Trump’s campaign and remains a strong supporter.
Over the past five years, SpaceX has secured $6bn (€5.2bn) in contracts from NASA, the Department of Defense and other US government agencies, according to USAspending.gov.
Among current SpaceX investors is Donald Trump Jr, the president’s eldest son, who owns shares through 1789 Capital. The venture capital firm made him a partner shortly after his father won a second term and has since invested in federal contractors seeking government business.
The White House and Trump have repeatedly denied any conflicts of interest between his role as president and his family’s business dealings.