SpaceX registers to take rocket maker public: reports
Elon Musk’s SpaceX has confidentially filed for an initial public offering in the United States, setting the stage for what could become the biggest stock market listing in history, a person familiar with the matter told Reuters.
With a potential valuation in excess of US$1.75 trillion ($A2.52 trillion), a public listing would signal space exploration moving from a speculative venture to a mainstream investment theme.
SpaceX’s growth has come thanks to its reusable rockets and Starlink satellite internet network.
The filing comes after SpaceX merged with Musk’s artificial intelligence startup xAI in a deal that values the rocket company at $1 trillion and the developer of the Grok chatbot at $250 billion.
SpaceX is hosting an analyst day on April 21 and encouraging research analysts to attend in person, according to a person familiar with the matter who asked not to be named to discuss confidential information.
The company also offered analysts an optional visit to xAI’s “Macrohard” data center site in Memphis, Tennessee, on April 23 and plans to hold a virtual session with banks to discuss financial models on May 4, with banking teams invited to attend, the source said.
Musk, the world’s richest person, runs a sprawling business empire spanning electric vehicles, space and satellite ventures, artificial intelligence and social media.
“Investors can use sum-of-the-parts analysis, but as with Tesla, SpaceX’s valuation can fluctuate wildly depending on how much the public believes in Musk’s vision,” said Angelo Bochanis, data and index partner at IPO-focused research and ETF provider Renaissance Capital.
“So far investors appear to be clamoring for any exposure to SpaceX.”
SpaceX did not immediately respond to Reuters’ request for comment.
Texas-based firm Starbase could seek to raise more than $50 billion in an IPO, easily surpassing Saudi Aramco’s 2019 IPO, which remains the largest IPO on record.
A blockbuster debut from SpaceX could bring the IPO market back to life after years of stagnant activity; Market participants expect strong demand from both retail and institutional investors, some drawn by Musk’s brand while others want exposure to SpaceX’s fast-growing space and satellite businesses.
SpaceX is the world’s most valuable private company based on the valuation implied by its merger deal with xAI.
The rocket startup was last valued at about $800 billion in an independent secondary share sale.
Several other high-profile startups, including ChatGPT maker OpenAI and rival Anthropic, are also said to be considering major IPOs, providing a broader test of investor appetite for new listings.
Many large startups have stayed private longer, tapping into deep pools of capital in private markets, but listing a company like SpaceX could encourage more to turn to IPOs.
Bloomberg News first reported the confidential filing early Wednesday.
A confidential filing allows a company to send IPO documents to regulators privately, giving it time to address feedback and refine disclosures away from public scrutiny.
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