SpaceX files confidentially for IPO…targets $1.75 trillion valuation

Elon Musk’s space venture SpaceX has begun the process of filing confidentially for an initial public offering (IPO).

According to Bloomberg on the 1st (local time), SpaceX submitted IPO registration documents to the U.S. Securities and Exchange Commission (SEC) on a confidential basis.

The step is intended to conduct pre-listing consultations with regulators, and a listing could be pursued as early as June, the report said.

SpaceX is targeting a valuation of at least $1.75 trillion in the IPO. If realized, it would mark one of the largest IPOs on record.

The fundraising size is expected to be as much as $75 billion. That would far surpass Saudi Aramco’s $29 billion IPO in 2019.

The company plans to hold an investor roadshow later this month and is also considering adopting a dual-class share structure to strengthen insider voting rights.

It is also discussing a plan to expand retail participation by allocating up to 30% of the total offering.

Major investment banks including Bank of America, Goldman Sachs, JPMorgan, Citigroup and Morgan Stanley are expected to participate in the IPO.

Meanwhile, SpaceX is posting annual revenue of about $20 billion, driven by its Starlink satellite internet service and rocket launch business.