SAN FRANCISCO -- SpaceX filed confidentially for an IPO on April 1, targeting a valuation above $2 trillion in what would be the largest public offering in history.

Bloomberg first reported the filing Thursday. Reuters and CNBC confirmed. The company is targeting a June listing, with proceeds potentially reaching $75 billion — an offering that would dwarf Saudi Aramco's 2019 record. At $2 trillion, SpaceX would become the sixth most valuable publicly traded company in the United States, ahead of Meta and Berkshire Hathaway. The valuation would represent a nearly two-thirds increase from its last private funding round valuation. [1]

The number is audacious, and it has a story behind it. SpaceX has absorbed Elon Musk's xAI in the months before the filing — a merger that lets the company claim an AI narrative alongside its launch and satellite business. Starlink, the satellite internet division, has grown rapidly enough that analysts see it as the company's core revenue engine. Project Apex, as the confidential filing is reportedly codenamed, puts SpaceX ahead of OpenAI and other anticipated mega-IPOs in what is shaping up to be the most active large-cap IPO window since 2021. [2]

Musk has not confirmed the target valuation, though he has not disputed it. The company won't set actual terms until weeks before the listing. At $1.5 trillion — where some skeptical analysts peg fair value — this is still the largest IPO ever attempted. At $2 trillion, investors buying in at listing are betting that Starlink and the xAI layer are worth more together than their parts. That bet has made investors money before. [3]

-- THEO KAPLAN, San Francisco