SpaceX filed preliminary paperwork with U.S. regulators to sell shares to the public, a move that would place the company among the biggest listings on Wall Street and could materially reshape billionaire wealth calculations for its founder, Elon Musk.
According to two sources familiar with the filing, the company submitted confidential registration materials with the Securities and Exchange Commission and could look to raise tens of billions of dollars. The sources spoke on condition of anonymity because they were not authorized to discuss the confidential filing publicly. SpaceX did not respond immediately to a request for comment.
The sources said the offering could raise as much as $75 billion. They also described it as potentially one of the biggest Wall Street events of the year, with multiple investment banks lined up to help arrange the deal and fund Musk’s broader ambitions.
The filing, the sources said, could come as early as June. They pegged the potential valuation of all SpaceX shares at about $1.5 trillion—nearly double what the company was valued at in December, when some minority owners sold stakes, according to research firm Pitchbook, before an acquisition increased its size.
Musk’s ownership share is expected to shift after any IPO because new investors would be issued shares, the sources noted. Still, Pitchbook data cited by the reporting indicates Musk currently holds 42% of SpaceX, placing him close to the trillion-dollar threshold. Forbes estimates Musk’s net worth at roughly $823 billion.
SpaceX is best known for reusable rockets used to launch astronauts and payloads into orbit, but it also owns Starlink, the satellite communications provider. In addition, the company has brought under its roof two other Musk-linked businesses—social media platform X, formerly Twitter, and the artificial intelligence company xAI—in transactions that the reporting described as controversial because both buyer and seller were controlled by Musk.
The sources tied the IPO prospect to SpaceX’s plan to use the funds to pursue a moon base, build large-scale data centers in orbit, and possibly send a man to Mars. Over the past five years, the reporting also said SpaceX won $6 billion in contracts from NASA, the Defense Department and other U.S. government agencies, citing USAspending.gov.
The company’s government work has contributed to questions about conflicts of interest, particularly because reporting described Musk as a major donor to President Donald Trump’s campaign and a continued backer. The reporting also noted that Donald Trump Jr., the president’s oldest son, owns shares of SpaceX through 1789 Capital, a venture capital firm that the reporting said has been buying up federal contractors seeking to win taxpayer money since Trump’s second election as president.
The White House and Trump himself have repeatedly denied there are conflicts of interest between his role as president and his family’s businesses, according to the reporting.