SpaceX has submitted a confidential IPO filing to the U.S. Securities and Exchange Commission, according to reporting from Bloomberg, Reuters, and The Information. The company is targeting a public listing in June 2026, with the offering focused on its Starlink satellite internet subsidiary.

Valuation and Scale

The reported target valuation ranges from $1.5 trillion to $1.75 trillion, with estimates placing the capital raise at $50 billion to $75 billion. If the higher figures hold, it would rank as one of the largest IPOs ever — surpassing Saudi Aramco's $29 billion 2019 offering.

The "equity story" for investors centers on Starlink, which reportedly accounts for approximately 70% of SpaceX's total revenue and reached around 9.2 million subscribers by end of 2025. Starlink is described as consistently profitable.

What a Confidential Filing Means

A confidential filing allows SpaceX to submit its S-1 registration statement to the SEC for initial review without immediate public disclosure. The company must then file a public version at least 15 days before any roadshow begins. Most sources expect an official IPO date announcement in April or May if the SEC review proceeds smoothly.

Context

SpaceX, founded in 2002, has remained private for over two decades. Elon Musk previously resisted an IPO, citing a preference to wait until Starlink revenue was more predictable. The company also completed an all-stock merger with xAI earlier this year, meaning the IPO would encompass that combined entity.

SpaceX has not publicly confirmed the filing.