The Most Important SpaceX IPO Filing Is (Likely) About 2 Weeks Away
It’s been a history-filled year on Wall Street — and we still have eight months to go! In addition to the S&P 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) recently catapulting to fresh all-time highs, we’ll likely witness some of the largest initial public offerings (IPOs) ever on Wall Street.
Artificial intelligence (AI) large language model developers OpenAI and Anthropic are contemplating going public before the year’s end with valuations in the neighborhood of $1 trillion. But the star of the show is Elon Musk’s space infrastructure and AI conglomerate SpaceX, which is expected to command a valuation of $1.75 trillion to $2 trillion. The $75 billion SpaceX aims to raise would more than double the $29.4 billion Saudi Aramco raised with its December 2019 IPO.
|
Will AI create the world’s first trillionaire? Our team just released a report on a little-known company, called an “Indispensable Monopoly,” providing the critical technology Nvidia and Intel both need. |
SpaceX’s most important filing is right around the corner
SpaceX officially put the ball in motion on April 1, when the company confidentially filed for an IPO with the Securities and Exchange Commission (SEC). Since this filing, SpaceX has held closed-door meetings with select Wall Street analysts and institutional investors that outlined its long-term growth strategy.
While seemingly every investor is waiting for Musk’s SpaceX to pinpoint its official stock market debut, there’s a far more important filing that’s (likely) about two weeks away: its registration statement (also known as an S-1 filing).
A company’s S-1 is a lengthy prospectus that allows investors to examine every nook and cranny. It provides income and cash flow statements, balance sheets, and relevant risk factors for the company. While Reuters reported in January that SpaceX generated an $8 billion EBITDA profit in 2025 on $15 billion to $16 billion in sales, this doesn’t tell us much about Musk’s potential $2 trillion company.
The income statement will be of particular interest. Since the year began, SpaceX acquired AI start-up xAI in an all-stock deal. And don’t forget, xAI acquired social media platform X (formerly Twitter) for $33 billion in March 2025. The sum of SpaceX’s parts now includes reusable rockets/spacecraft, satellite broadband (via Starlink), xAI, and X. It’ll be interesting to see how aggressively investors value SpaceX, relative to its cumulative sales.
