On the evening of April 1st, according to Bloomberg citing informed sources, SpaceX has secretly submitted an IPO application, taking a crucial step towards the largest IPO in history.
According to informed sources, SpaceX has submitted a registration draft to the US Securities and Exchange Commission and plans to go public in June. If successful, SpaceX will become the first company in a new round of large-scale IPOs, ahead of OpenAI and Anthropic PBC.
SpaceX's IPO valuation may exceed $1.75 trillion. Previously, the company acquired xAI, resulting in an overall valuation of $1.25 trillion after the merger.
According to the arrangement, specific details such as IPO issuance scale and price range will be disclosed in subsequent documents. Bloomberg reported that the financing scale of this IPO may reach 75 billion US dollars (with a current exchange rate of about 517.785 billion yuan), far higher than the record of 29 billion US dollars set by Saudi Aramco in 2019.
According to informed sources, the company has initiated investor communication and will arrange a management briefing this month to provide support for the valuation. SpaceX has selected Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley as key players, and has also introduced multiple international banks to participate in regional placements. Among them, Citigroup is responsible for coordinating overall arrangements, Barclays is responsible for the UK, Deutsche Bank and UBS are responsible for Europe, Royal Bank of Canada is responsible for Canada, Mizuho Financial Group is responsible for Asia, and Macquarie is responsible for Australia.
It is reported that SpaceX is considering adopting a dual class share structure to ensure that insiders, including Musk, have higher voting rights. Meanwhile, the company plans to allocate up to 30% of its shares to retail investors in the IPO.
At the business level, SpaceX, with its Falcon 9 rocket, occupies a leading position in the global launch market and provides Starlink low orbit Internet services, covering millions of users.
According to Bloomberg's industry research, rocket launches and Starlink are SpaceX's main sources of revenue, expected to reach nearly $20 billion by 2026 (current exchange rate of approximately RMB 138.076 billion), while xAI's revenue scale is relatively small, less than $1 billion (current exchange rate of approximately RMB 6.904 billion).
