SpaceX files for record initial public offering under ticker SPCX

Elon Musk’s SpaceX publicly filed for an initial public offering (IPO) on the Nasdaq under the ticker symbol SPCX, moving the rocket and satellite internet company closer to what could become the world’s largest-ever stock market debut.

Space Exploration Technologies Corp., the formal name of SpaceX, selected Nasdaq for the listing, according to a filing submitted Wednesday to the US Securities and Exchange Commission.

The company had previously filed confidentially for the IPO, according to earlier reports.

People familiar with the matter said SpaceX is targeting a fundraising of as much as $75 billion at a valuation exceeding $2 trillion.

Such a listing would surpass the $29.4 billion IPO record set by Saudi Aramco in 2019.

SpaceX dominates the global space transportation sector and is a major launch provider for both NASA and the Pentagon.

The company also generates billions of dollars in revenue through Starlink, its satellite internet business.

SpaceX’s private valuation has expanded rapidly in recent years, reaching $1.25 trillion after acquiring Musk’s artificial intelligence startup xAI earlier this year.

The acquisition also included X, the social media company Musk purchased in 2022.

At a valuation of $2 trillion, SpaceX would rank among the world’s most valuable companies and exceed the market value of Tesla, the electric vehicle company also led by Musk.

Goldman Sachs and Morgan Stanley are leading the IPO, while Bank of America, Citigroup and JPMorgan Chase are also working on the deal, according to the filing.