SpaceX Files Confidential IPO at $1.75T Valuation — Secondary Market Implications for Pre-IPO Holders

Elon Musk's SpaceX is targeting a confidential IPO filing with the SEC as early as March 2026 , with a target valuation exceeding $1.75 trillion — positioning it for a June listing that would eclipse Saudi Aramco's 2019 offering as the largest IPO in history. The move follows SpaceX's February acquisition of xAI in an all-stock deal (0.1433 SpaceX shares per xAI share), combining rockets, Starlink, and the Grok AI platform under one corporate umbrella. The combined entity was valued at approximately $1.25 trillion at deal close. SpaceX has retained Bank of America, Goldman Sachs, JPMorgan, and Morgan Stanley as senior underwriters. A dual-class share structure is under consideration. Starlink alone is projected to generate $15.9–$24 billion in 2026 revenue, underpinning the valuation case. Secondary market implications: With SpaceX shares previously clearing at ~$800 billion in late 2025 secondary transactions, the $1.75 trillion IPO target implies a ~2x premium. Pre-IPO secondary holders face a classic lock-up arbitrage decision: exit now at current secondary bids (~$350–$420/share range) or hold through the IPO window. A Starship test launch expected in late March is the next key catalyst.