SpaceX Files for Record-Breaking IPO With $1.75 Trillion Valuation

Elon Musk’s SpaceX has taken a major step toward going public, with filings this week setting up what could become the largest initial public offering in history and deliver an enormous paper windfall to Musk’s longtime ally Antonio Gracias, founder of Valor Equity Partners. According to Bloomberg and other outlets, Gracias controls a 7.3% stake in SpaceX, making him the company’s second-largest holder after Musk. At the valuation discussed in reporting this week, that stake could be worth tens of billions of dollars.

SpaceX filed paperwork with U.S. regulators on Wednesday as it moves toward a public listing expected as soon as June. The company has not publicly disclosed how much it plans to raise, but reporting from CBS News and Bloomberg says the IPO could value SpaceX at more than $1.75 trillion and potentially raise as much as $75 billion. If those figures hold, the offering would dwarf Saudi Aramco’s 2019 debut and reset expectations for how large a stock market listing can be.

The filing also offered a rare look inside a company that has long guarded its finances and strategy. SpaceX disclosed billions of dollars in losses, large capital spending, and the central role of its Starship rocket program. Bloomberg reported that the company has spent more than $15 billion developing Starship, while another report said 2025 capital expenditures reached $20.7 billion, much of it tied to AI infrastructure and spacecraft development. The filing also showed that Elon Musk is expected to remain in firm control after the IPO through super-voting shares and his roles as CEO, chief technology officer and chairman.

One of the most striking revelations in the documents is how closely SpaceX is now tied to Musk’s broader technology empire, especially artificial intelligence. The filing described major business links involving xAI, Musk’s AI company, including plans for large-scale computing infrastructure and gas turbine purchases for data centers. Bloomberg reported that Anthropic has agreed to pay SpaceX nearly $45 billion over three years for computing resources, while other reports said SpaceX is spending $2.8 billion on gas turbines for AI data centers. The paperwork also flagged risks related to Grok, xAI’s chatbot, including the possibility of nonconsensual or exploitative imagery.

For investors, the IPO is notable not only because of SpaceX’s scale, but because of who stands to benefit. Antonio Gracias, a longtime Musk confidant and early backer, could see a massive gain from the offering. Bloomberg said his stake could make him one of the world’s richest people if the company lists near the valuation being discussed. The move also comes amid a busy period for Musk’s companies, with OpenAI reportedly preparing its own listing and SpaceX’s financial disclosure shedding new light on the high costs of Musk’s ambitions in space, AI and satellite internet.

SpaceX has not yet said when it will formally debut on the market, and the final valuation will depend on investor demand and regulatory review. But the public filing makes clear that the company is aiming to turn its dominance in rockets and satellite broadband into a public market event of historic scale, while preserving Musk’s control and spotlighting the expanding web of businesses tied to him and his inner circle.