SpaceX Files for the Biggest IPO in History. Who Actually Wins?

The News

On April 1, 2026, SpaceX confidentially filed a draft S-1 registration statement with the SEC, confirmed within hours by Bloomberg, CNBC, Reuters, and the Wall Street Journal. The filing targets a valuation of $1.75 trillion to $2 trillion and a raise of as much as $75 billion, which would make it the largest IPO in history by a wide margin, roughly three times the size of Saudi Aramco's 2019 record. The company is expected to list on the Nasdaq, with the public S-1 anticipated in mid-to-late May, a roadshow in early June, and a listing targeted for around June 12. Morgan Stanley is left-lead underwriter with Goldman Sachs as co-lead, across a syndicate of more than 20 banks. Up to 30% of the offering may be allocated to retail investors, roughly three times the typical retail allocation for a deal this size.