SpaceX has filed confidentially with the Securities and Exchange Commission for an initial public offering that would value the company at approximately $1.75 trillion, making it the largest IPO ever attempted. [1]

The filing, confirmed by Bloomberg and CNBC on April 1, puts SpaceX on track for a June listing on the Nasdaq. [2] The confidential process allows the company to work with regulators privately before disclosing financial details publicly — a mechanism increasingly favored by large-cap companies seeking to control the narrative around their debut. SpaceX's estimated 2025 revenue of roughly $15 billion, with margins that could produce $8 billion in profit, makes the valuation aggressive but not implausible by current market standards.

The offering would be the first of three anticipated mega-IPOs this year, ahead of expected filings from OpenAI and Anthropic. For SpaceX, the transition from the world's most valuable private company to a publicly traded one is also a transition in governance — Elon Musk's simultaneous roles in government, at Tesla, and now as steward of a public defense contractor create conflict-of-interest questions that the SEC filing process will eventually have to address.

On X, the reaction split between retail investors calculating how to buy in and governance critics noting that the man who controls America's primary launch vehicle also runs the Department of Government Efficiency. The IPO roadshow, expected later this month, will attract sovereign wealth funds as anchor investors.

-- THEO KAPLAN, San Francisco