SpaceX has submitted a confidential draft registration to the U.S. Securities and Exchange Commission, targeting a $1.75 trillion valuation and a raise of up to $75 billion — what would be the largest initial public offering in financial history.

The filing, internally codenamed “Project Apex,” was first reported by Bloomberg and confirmed independently by CNBC and Reuters. SpaceX has not publicly commented. A confidential filing allows a company to submit its financials to the SEC for regulatory review before making them public — a standard step before a roadshow.

According to CNBC, 21 banks have been lined up to manage the offering, with Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley holding senior bookrunner roles. SpaceX is also exploring a dual-class share structure to preserve insider voting control and plans to allocate up to 30% of shares to retail investors — roughly three times the typical norm.

At $1.75 trillion, SpaceX would rank above every S&P 500 company except Nvidia, Apple, Alphabet, Microsoft, and Amazon.

Starlink Drives the Number

The valuation rests primarily on Starlink, SpaceX’s satellite internet division. The service ended 2025 with 9.2 million subscribers across 150 countries, generating approximately $16 billion in annual revenue, with projections pointing toward $22 billion by year-end 2026. SpaceX merged with Musk’s AI venture xAI in February 2026, folding the Grok chatbot and social network X into a single entity that Musk valued at $1.25 trillion at the time. The company has accumulated more than $24.4 billion in federal government contracts since 2008, spanning NASA, the Air Force, and Space Force, according to FedScout.

Musk’s Path to Trillionaire Status

Musk owns approximately 44% of SpaceX. His current net worth sits at roughly $823 billion, according to Forbes. A successful listing at the target valuation would push him toward becoming the first individual in history to surpass $1 trillion — and the first person to simultaneously lead two separate trillion-dollar publicly traded companies. Tesla currently carries a market cap of approximately $1.4 trillion.

The filing positions SpaceX ahead of OpenAI and Anthropic, which are both reportedly weighing public offerings before year’s end. If all three proceed, Bloomberg has described 2026 as potentially the most consequential year for technology IPOs since the dot-com era.

The SpaceX name has long been exploited in crypto markets through impersonation scams — a pattern documented across multiple platforms and token launches — though the IPO itself represents an altogether different category of market event. It arrives at a moment of intensifying institutional appetite for new financial products, a trend visible across crypto ETF launches and alternative asset offerings that Wall Street is moving quickly to capture.