On April 3, 2026, SpaceX, led by Elon Musk, confidentially filed for an IPO with the U.S. Securities and Exchange Commission (SEC). The company's overall valuation is expected to exceed $1.75 trillion (approximately 12.026 trillion Chinese yuan), with a planned fundraising of $75 billion.
According to reports, the maximum fundraising scale for this IPO could reach $75 billion (approximately RMB 5154 billion), far exceeding Saudi Aramco’s $29 billion listing proceeds in 2019. Based on a valuation of over $2 trillion, SpaceX’s market value has surged by nearly two-thirds in just a few months.
Back in February this year, when SpaceX acquired xAI, an AI startup under Elon Musk, the combined entity was valued at roughly $1.25 trillion. Should the target valuation be achieved in this IPO, SpaceX will surpass all S&P 500 constituent companies except NVIDIA, Apple, Alphabet, Microsoft and Amazon in terms of market capitalization.
The raised funds will be mainly allocated to core business segments including the research and development of Starship, the construction of space-based AI data centers, and the development of lunar bases. The five global investment banks serving as lead underwriters are Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley. SpaceX is expected to complete its listing in July 2026.
As SpaceX has submitted its IPO application confidentially, it can complete regulatory communications and document revisions privately. At present, SpaceX and its advisors are negotiating with potential investors over the targeted valuation of $1.75 trillion. Relevant discussions are still ongoing, and specific IPO details remain subject to changes.
This move breaks Musk’s long-standing promise. He had previously stated repeatedly that SpaceX would only consider going public after its spacecraft reached Mars. The strategic shift stems from the company’s massive capital needs and the urgency to seize a leading position in the AI sector.
On one hand, Starship involves enormous R&D investment. To support NASA’s lunar landing program and ultimately realize the Mars colonization goal, continuous massive spending on Starship’s development is inevitable. While Starlink delivers solid profitability and stable cash flow, existing private financing can no longer cover the huge capital demands for Starship.
On the other hand, SpaceX aims to capture the current IPO window in the AI industry. Both OpenAI and Anthropic plan to launch their IPOs in 2026. If these rivals go public first, market enthusiasm for AI-themed stocks will likely be diverted. Musk needs to secure a secondary market listing ahead of competitors to capture the high market premium for top-tier AI assets — a key reason behind SpaceX’s accelerated IPO push.
In addition, to counter potential short-term shareholder pressure after listing, SpaceX plans to adopt a dual-class share structure.
As the IPO process advances, the U.S. Securities and Exchange Commission will review the company’s disclosure documents. As a global benchmark in aerospace technology, SpaceX’s IPO bid marks a major expansion of its business empire. It is poised to become the largest IPO in global history, exerting far-reaching impacts on the worldwide space industry and capital markets.
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