Biggest IPO Ever? Elon Musk’s SpaceX Targets $1.75 Trillion in Public Offering

SpaceX has confidentially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC), a move that could produce the largest IPO in history.

The company is targeting a valuation above $1.75 trillion. That figure has climbed sharply from the roughly $800 billion valuation attached to a recent secondary share sale. SpaceX is also eyeing a capital raise between $50 billion and $75 billion, which would exceed Saudi Aramco’s $29.4 billion offering in 2019, the current global record.

SpaceX is already profitable. The company generated approximately $15 billion to $16 billion in revenue in its most recent reported year, alongside roughly $8 billion in profit. Starlink, its satellite internet service, accounts for a substantial share of that revenue, with launch operations contributing the rest.

Musk has resisted taking SpaceX public for years, citing the need for operational flexibility and freedom from short-term earnings pressure. That position has shifted. Employee equity compensation and the funding demands of Starship’s planned “insane flight rate” have pushed leadership toward the public markets.

Analysts expect strong demand from institutional and retail investors. Some reports indicate up to 30% of shares could be allocated to individual buyers. Risks remain. Public-market scrutiny will put SpaceX’s financials under close examination. Musk’s divided attention across Tesla, xAI, and his political activities has drawn criticism.