SpaceX Files for Massive $1.75T IPO, Eyes History's Biggest Listing

• SpaceX has reportedly filed for a confidential initial public offering (IPO) with the US Securities and Exchange Commission.
• The aerospace giant is targeting a valuation exceeding $1.75 trillion, which would place it among the top ten largest public companies globally.
• The company continues to hold 8,285 Bitcoin on its balance sheet, currently valued at more than $565 million.

Potential for a Historic Market Debut

Elon Musk’s aerospace firm, SpaceX, is moving toward a public listing that could break multiple financial records. Reports indicate that the company has submitted a confidential filing to the SEC, with the offering potentially being finalized as early as June. If the company achieves its targeted valuation of $1.75 trillion, it would surpass the market capitalization of major entities such as Meta, Tesla, and even Bitcoin.

Furthermore, the IPO could raise up to $75 billion in capital. This figure would more than double the previous record for the largest public debut in history, currently held by Saudi Aramco, which raised $29 billion in 2019. To facilitate this transition, SpaceX is expected to work with major Wall Street institutions, including Goldman Sachs, JPMorgan Chase, Morgan Stanley, Bank of America, and Citigroup.

Corporate Structure and AI Integration

The proposed IPO structure includes a dual-class share system designed to ensure that insiders, particularly Elon Musk, retain significant voting power. However, the plan also aims to allocate up to 30% of the shares for individual retail investors. This move follows SpaceX's strategic acquisition of xAI, Musk’s artificial intelligence startup, in February. This acquisition positions SpaceX directly against industry leaders like OpenAI, which recently reached a valuation of $852 billion following a $122 billion funding round.

Digital Asset Holdings and Tokenization

Beyond its aerospace and AI ambitions, SpaceX remains a significant player in the digital asset space. The company maintains a treasury of 8,285 Bitcoin. While the firm moved its holdings to a new wallet address in October, sparking debate regarding its long-term strategy, the assets remain a core part of its balance sheet.

Concurrently, the rise of blockchain-based tokenization is changing how investors interact with private firms. Platforms like Robinhood and Kraken have expressed interest in offering tokenized versions of private shares for companies like SpaceX and OpenAI. Robinhood CEO Vladimir Tenev noted in early 2025 that blockchain technology could provide retail investors with unprecedented access to high-growth private tech companies before they reach traditional exchanges.