Elon Musk's SpaceX files confidential initial public offering, reports say
The Texas-based company could go public with a valuation of more than $1.75 trillion, making it the largest IPO in history.
Billionaire Elon Musk's SpaceX has confidentially filed for an initial public offering in what could be the largest stock market debut ever, according to Bloomberg and the Wall Street Journal .
The space exploration company submitted a draft IPO filing to the Securities and Exchange Commission that puts it on track for a June listing, the news outlets reported, citing people familiar with the matter. SpaceX did not immediately respond to a request for comment.
As part of the IPO process, the Texas-based company is aiming to raise as much as $75 billion and could seek a valuation of $1.75 trillion, according to Bloomberg .
Saudi Aramco, Saudi Arabia's state-owned petroleum and natural gas company, went public in 2019 for $25.6 billion, according to investment bank Renaissance Capital, while Alibaba, a Chinese company that specializes in e-commerce, went public for $21.8 billion in 2014.
The confidential filing allows the company to gather private feedback from regulators and temporarily insulates it from public scrutiny. Once the registration filing is made public, investors will be able to get a snapshot of the company's operations and finances.
The injection of funding could help SpaceX further scale its space operations, build more data centers — which Musk wants to put into space — and expand Starlink technology to new satellite constellations, Wedbush Securities analyst Dan Ives said in a report last week.