On Apr. 1, Elon Musk's SpaceX confidentially filed its IPO paperwork with the U.S. Securities and Exchange Commission, putting in motion potentially the biggest public offering in Wall Street history. The company is aiming to raise as much as $75 billion, more than three times Alibaba's (BABA) $21.8 billion U.S. listing in 2014, which still stands as the largest IPO in U.S. history. At a target valuation of $1.75 trillion, SpaceX would also become the most valuable company ever to go public on a U.S. exchange.
The company's February 2026 merger with xAI, Musk's artificial intelligence startup behind the Grok large language model, added another layer to the investment story going into the offering. The deal brought together SpaceX's launch business and Starlink's cash flow with xAI's push into computing, and the combined company was valued at $1.25 trillion at the time of the merger. Since then, Musk has moved up the IPO timeline well ahead of the original expectation for a second-half 2026 filing, catching even seasoned Wall Street players by surprise.
