Elon Musk's SpaceX is preparing to file its initial public offering prospectus with U.S. regulators as soon as this week or next, according to a report Tuesday, setting the stage for what could become the largest IPO in history with a potential raise exceeding $75 billion and a valuation topping $1.75 trillion.

Elon Musk Says SpaceX-xAI Merger Will Form ' Most Ambitious'

The Starbase, Texas-based rocket and satellite company has been moving deliberately toward a public listing since late 2025, when Musk confirmed plans for a 2026 debut. A filing in late March would keep SpaceX on track for a possible June launch on a major U.S. exchange, positioning it as the centerpiece of what analysts describe as a blockbuster year for mega-IPOs alongside potential debuts from artificial intelligence leaders.

The Information reported that advisers involved in the process expect the offering to raise more than $75 billion, dwarfing the previous record set by Saudi Aramco's $29.4 billion listing in 2019. Earlier projections had pegged the raise at up to $50 billion, but enthusiasm around SpaceX's Starlink satellite internet business and reusable Starship rocket has apparently lifted ambitions.

Valuation expectations have also climbed. Bloomberg reported in late February that SpaceX could target more than $1.75 trillion, building on earlier estimates of $1.5 trillion and a recent secondary share sale that tested an $800 billion price tag. Some analysts argue the figure is justifiable when viewing Starlink's potential to connect millions of underserved users worldwide and SpaceX's dominant position in commercial space launches.

SpaceX has not publicly confirmed the latest timing or financial targets, and plans could still shift based on market conditions, regulatory feedback or geopolitical developments. The company did not immediately respond to requests for comment, and the Securities and Exchange Commission declined to discuss the matter. A confidential filing route, common for high-profile issuers, would allow SpaceX to submit draft registration materials privately and address SEC questions before any public roadshow.

The push comes as SpaceX's business has exploded in scale. The company conducts dozens of orbital launches annually, far outpacing competitors, and its Starlink constellation has grown to thousands of satellites providing broadband service in remote areas, on aircraft and at sea. Revenue projections for 2025 approached $15 billion, with Starlink emerging as the primary growth engine. Musk has spoken of using public-market capital to fund an "insane flight rate" for Starship, AI data centers in space and even lunar ambitions.

A successful IPO would mark a seismic shift for a company long synonymous with Musk's preference for private control. Musk has resisted going public for years, citing the distractions of quarterly reporting and short-term investor pressure that he believes could hamper long-term moonshot projects. In December 2025, however, he described reports of 2026 IPO plans as "accurate," and internal communications have prepared employees and investors for the transition.

Recent secondary share sales have given existing investors and employees liquidity while helping establish pricing benchmarks. One tender offer reportedly valued shares at around $421, equating to an $800 billion enterprise value. The jump to a potential $1.75 trillion IPO valuation reflects optimism about Starlink's addressable market and Starship's reusability breakthroughs, which could slash the cost of reaching orbit and enable new revenue streams such as point-to-point Earth transport or deep-space missions.

Wall Street banks have been lining up for roles in the deal. Citigroup and others have reportedly joined the process, drawn by the prospect of enormous underwriting fees. The offering's size would dominate 2026's IPO calendar, potentially crowding out smaller issuers and reshaping investor attention much like Aramco's debut did in 2019.

For retail investors, the IPO would represent one of the most anticipated debuts in years. Pre-IPO shares have traded on secondary platforms at escalating valuations, but a public listing would open ownership to a far broader audience. Analysts caution, however, that initial trading could prove volatile given the company's limited public financial history and heavy reliance on Musk's vision. PitchBook research suggests a sum-of-the-parts valuation between $1.1 trillion and $1.7 trillion over a five-to-seven-year horizon, hinging on execution milestones rather than near-term earnings.

The timing aligns with broader market enthusiasm for space and technology. With reusable rockets lowering barriers and satellite internet expanding global connectivity, investors have poured money into the sector. Yet risks abound: regulatory hurdles for satellite spectrum, competition from rivals like Amazon's Project Kuiper, and the capital-intensive nature of rocket development could pressure margins.

Musk's dual role as CEO of Tesla and owner of xAI adds complexity. A reported all-stock acquisition of xAI by SpaceX earlier in 2026 combined the entities under one umbrella, potentially boosting the overall valuation but raising governance questions for public shareholders. Musk has floated the idea of allowing Tesla investors to own SpaceX shares, though details remain unclear.

If the filing proceeds this week, SpaceX would enter a standard SEC review period that typically lasts several weeks before any roadshow and pricing. A June listing would coincide with Musk's 55th birthday and astronomical events, a detail some reports have highlighted as symbolically appealing to the founder.

Not everyone views the sky-high valuation as sustainable. Skeptics point to SpaceX's dependence on government contracts, including NASA missions and Starlink deals with the U.S. military, as well as the speculative nature of future Starship applications. Still, bullish analysts argue that even conservative projections for Starlink subscribers could justify premium multiples similar to high-growth tech platforms.

The potential IPO also carries political weight. SpaceX has become a critical player in U.S. national security and commercial space dominance, with Musk's companies frequently intersecting with federal policy. Any public listing would subject the firm to greater scrutiny while providing transparency that could reassure partners and regulators.

As anticipation builds, prediction markets and betting platforms have seen heavy action on the exact timing of an official announcement. Most bets favor a formal reveal before August, with June remaining a popular target for the actual trading debut.

For now, the latest report from The Information adds fresh momentum to a story that has captivated markets for months. Whether SpaceX files this week or slightly later, the countdown to what could be the defining corporate event of 2026 appears to have entered its final phase.

Musk, who has repeatedly emphasized humanity's multi-planetary future, may soon see his flagship company judged daily by public investors — a test of whether SpaceX's ambitious vision can thrive under the bright lights of Wall Street.