SpaceX confidentially filed paperwork with the U.S. Securities and Exchange Commission on Wednesday for an initial public offering that could become the largest stock market debut in history. The filing, first reported by Bloomberg News, positions the company for a potential June or July listing and aims to raise between $40 billion and $80 billion.

The move follows SpaceX's merger with Elon Musk's artificial intelligence startup xAI in February, which valued the combined entity at $1.25 trillion and thrust the rocket maker into the AI race. Much of the anticipated $1.75 trillion-plus valuation stems from Starlink, SpaceX's satellite internet business with around 9 million to 10 million subscribers and growing defense contracts. The company generated roughly $8 billion in profit on $15 billion to $16 billion in revenue last year, with total revenue approaching $20 billion in 2026.

SpaceX leads the launch industry, conducting 165 orbital flights in 2025 alone, and serves as NASA's primary partner while securing billions in federal contracts. Its Starship program advances reusable rocket technology, and ambitions include orbital AI data centers and lunar bases. The confidential filing allows regulators to review disclosures privately before public release, expected at least 15 days before any roadshow.

Investor events are slated for this month, including an analyst day on April 21 and a visit to xAI's Memphis data center on April 23. Lead underwriters include Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley, with international banks in supporting roles.

The IPO surpasses Saudi Aramco's $29 billion record from 2019 and could make Musk, whose net worth nears $840 billion, the first to lead two trillion-dollar public companies alongside Tesla. Space stocks rose on the news, with Intuitive Machines up 11% and others like Rocket Lab gaining 6% to 10%.

Analysts view the listing as a market bellwether amid subdued IPO activity. "Starlink is the only reason this valuation is defensible," said Shay Boloor of Futurum Equities, citing its recurring revenue. Reena Aggarwal of Georgetown University noted retail interest but cautioned on market volatility tied to geopolitical tensions. SpaceX may adopt a dual-class share structure to preserve Musk's control.

The debut precedes potential mega-IPOs from OpenAI and Anthropic, testing appetite for tech listings in a year marked by AI hype and space sector growth.