Key Takeaways
- Confidential SEC filing expected from SpaceX in March 2026
- Company targeting summer 2026 public market debut with potential $1.75 trillion+ valuation
- Capital raise could reach $50 billion, surpassing all previous IPO records
- Recent merger with Elon Musk’s xAI adds complexity to financial analysis
- OpenAI ($750B-$830B) and Anthropic (~$350B) also planning 2026 public offerings
Elon Musk’s aerospace venture SpaceX is gearing up to submit confidential initial public offering paperwork to the Securities and Exchange Commission, with a timeline pointing to March 2026, Bloomberg has reported.
This regulatory submission would position the rocket manufacturer for a public market debut by June 2026. Industry insiders suggest the company is pursuing a market capitalization exceeding $1.75 trillion.
At such a valuation, SpaceX would immediately join the elite ranks of the planet’s most valuable corporations. This would place it alongside tech titans like Apple, Microsoft, Alphabet, Amazon, and Nvidia.
The capital raised through this public offering could hit $50 billion, establishing a new benchmark as the most substantial IPO ever executed. No previous company has approached this fundraising magnitude in a single public debut.
Headquartered in Starbase, Texas, SpaceX manages the Falcon 9 launch system alongside Starlink, its satellite-based internet service reaching millions of subscribers worldwide.
The aerospace firm accounts for over half of all orbital missions launched from Earth. Its breakthrough reusable rocket technology dramatically reduced the economics of space access.
SpaceX reportedly achieves Ebitda profit margins approaching 50%. This significantly outpaces the aerospace sector within the S&P 500, which typically generates approximately 20% Ebitda margins.
Company leadership previously indicated that Starlink achieved profitability during 2024, when its subscriber base was roughly half its current size. The launch operations division is similarly believed to generate profits based on its cost efficiency.
xAI Integration Creates Uncertainty
SpaceX completed a merger with Musk’s AI venture xAI in recent months. This transaction combines SpaceX’s satellite infrastructure and launch capabilities with xAI’s artificial intelligence computing operations.
xAI currently operates at a loss within an intensely competitive and capital-intensive sector. This consolidation complicates efforts to evaluate SpaceX’s comprehensive financial performance before going public.
Analysts project SpaceX could deliver approximately $10 billion in Ebitda during 2026, although this estimate hinges on how xAI’s operational losses impact the merged organization.
Confidential filing procedures allow companies to navigate SEC regulatory requirements privately before disclosing financial information publicly. Regulations mandate a minimum 15-day waiting period between public disclosure and commencing investor roadshows.
Additional Major Tech IPOs on Horizon
SpaceX may lead a trio of significant technology public offerings in 2026. OpenAI reportedly seeks a market valuation ranging from $750 billion to $830 billion.
Anthropic, focused on AI safety research, may pursue approximately $10 billion in funding at roughly $350 billion valuation. Both organizations are monitoring SpaceX’s IPO trajectory.
SpaceX has issued no official statement regarding these IPO preparations. All reported details remain preliminary and the company retains flexibility to modify or postpone filing timelines.
