Elon Musk’s aerospace company might be listed on the stock exchange before the end of the year.
SpaceX may have just moved closer to going public. Bloomberg reports that Elon Musk’s aerospace company has confidentially filed a draft initial public offering (IPO) registration to the U.S. Securities and Exchange Commission (SEC). If all goes well, SpaceX could be listed on the stock exchange by June.
While certainly a move toward a public listing, SpaceX’s confidential IPO doesn’t put it on a rigid timeline. Confidential filings like this allow companies to receive the SEC’s direct feedback on their IPO plans and make adjustments accordingly. Initially meant for smaller companies, this mechanism allows businesses to keep information private for longer, including the number of shares offered, their financial statements, future plans, and risk factors.
As such, details of SpaceX’s draft IPO remain unclear. Nevertheless, the filing suggests the company is ready to advance with a public listing.
Anonymous sources cited by Bloomberg suggest SpaceX may seek a valuation exceeding $1.75 trillion and target a fundraising goal of $75 billion. This is a notable increase from the $25 billion goal Reuters reported last December, though more in line with the $40 billion to $80 billion range reported by The Wall Street Journal last week, both citing anonymous sources. Regardless, the IPO has the potential to significantly boost SpaceX’s finances.
Reuters reports that at least 21 banks are working with SpaceX on its IPO, with Morgan Stanley, Goldman Sachs, JPMorgan Chase, Bank of America, and Citigroup in lead roles.
SpaceX acquired Musk’s AI company xAI earlier this year, including its social media platform X (previously known as Twitter). The deal raised SpaceX’s valuation to $1.25 trillion, consolidating Musk’s X-branded ventures. xAI acquired the Musk-owned X in a deal valued at $33 billion last March, after the billionaire initially purchased it for $44 billion in 2022.