SpaceX confidentially files for IPO, setting stage for record offering

Sources speaking to CNBC’s David Faber said that Elon Musk’s SpaceX has confidentially filed for an IPO with the Securities and Exchange Commission, bringing Elon Musk’s rocket company one step closer to what is expected to be a record IPO.

Bloomberg It was the first to report on SpaceX’s confidential filing, quoting people familiar with the matter, adding that the company could seek a valuation of $1.75 trillion.

SpaceX, founded by Musk in 2002 to develop and operate reusable rockets, has become NASA’s largest launch partner after the agency. ended The company merged with Musk’s xAI in February, creating a combined entity valued at $1.25 trillion at the time.

When SpaceX is eventually listed, Musk will become the first person to run two separate trillion-dollar publicly traded companies. Musk is the richest person in the world with a fortune of nearly $840 billion. Forbes. Tesla’sThe market capitalization of the company, which Musk relies on for the vast majority of his liquid wealth, is approximately $1.4 trillion.

A confidential filing allows companies to submit their financial information to the SEC for regulatory review before disclosing it to the public and potential investors. SpaceX will have to at least release a public dossier 15 days before the IPO roadshow.

While SpaceX has plenty of hurdles to overcome to reach the public market, the offering — assuming it happens — will be full of superlatives. This would be more than three times the size of the largest US IPO ever, as the company reportedly plans to raise up to $75 billion. of china Alibaba’s It surpassed this figure by collecting 22 billion dollars in 2014. VisaIn 2008, it collected nearly 18 billion dollars in donations.

SpaceX has generated more than $24.4 billion in revenue from its work with the federal government since 2008, according to FedScout, which investigates federal spending and government contracts. This includes contracts with NASA, the Air Force and the Space Force, among other agencies.

WRISTWATCH: SpaceX filed a confidential application for public offering