Billionaire Elon Musk's SpaceX has confidentially filed for an initial public offering in what could be the largest stock market debut ever, according to the Associated Press.

The space exploration company submitted a draft IPO filing to the Securities and Exchange Commission, with a possible listing expected in June, the news outlet reported, citing sources familiar with the matter. SpaceX did not immediately respond to a request for comment.

The Texas-based company did not disclose how much it is planning to raise, but could seek as much as $75 billion. Going public could boost SpaceX's valuation to $1.5 trillion, nearly double what the company was valued at in December, according to research firm Pitchbook.

Saudi Aramco, Saudi Arabia's state-owned petroleum and natural gas company, went public in 2019 for $25.6 billion, according to investment bank Renaissance Capital, while Alibaba, a Chinese company that specializes in e-commerce, went public for $21.8 billion in 2014.

The confidential filing allows the company to gather private feedback from regulators and temporarily insulates it from public scrutiny. Once the registration filing is made public, investors will be able to get a snapshot of the company's operations and finances.

Where will the money go?
The injection of funding could help SpaceX further scale its space operations, build more data centers — which Musk wants to put into space — and expand Starlink technology to new satellite constellations, Wedbush Securities analyst Dan Ives said in a report last week.

Going public could also position SpaceX to get more defense contract opportunities with the Trump administration, particularly for the "Golden Dome" project, Ives added. President Trump announced plans for the Golden Dome last year, a missile defense system to protect the country from aerial attacks.

SpaceX, founded by Musk in 2002, develops and launches spacecraft. Last month, the company sent four NASA astronauts on an 8-month mission to the International Space Station.

NASA has also tapped SpaceX to develop a "human landing system" — a specialized spacecraft — to deliver a crew to the lunar surface as part of its Artemis program. The last moon landing was in 1972.

SpaceX's portfolio has grown, with the acquisition of Musk's artificial intelligence company, xAI, in February 2026, boosting the company's valuation to $1.25 trillion.

Test case with Tesla?
Tesla, Musk's electric car company that went public in 2010, could prove to be a useful test case for SpaceX as it navigates the IPO process. The EV maker has faced some headwinds in the last year due to Musk's involvement with the Trump administration's Department of Government Efficiency, or DOGE, cost-cutting efforts.

On the whole, Tesla has performed well financially, although its annual revenue growth has flatlined in recent years. In 2025, the company brought in nearly $95 billion in revenue compared to around $97.7 billion in 2024, according to S&P Capital IQ. Still, the company's investors have reaped major benefits, with the company's share price up more than 73% in the last five years alone.

Tesla's self-driving technology and the development of a humanoid robot, dubbed Optimus, are expected to further turbocharge growth, according to Ives.

Ives said SpaceX could also eventually absorb Musk's electric vehicle company. He predicts a 2027 merger.

"Musk wants to own and control more of the AI ecosystem and step-by-step, the holy grail could be combining SpaceX and Tesla in some way to give the connected tissue between both disruptive tech stalwarts looking to lead the AI revolution," he said.

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