SpaceX and its Confidential S-1: Are we one step away from the biggest IPO in history?

April 1, 2026, marked a pivotal day for SpaceX and the financial world. Elon Musk's company confidentially filed its Form S-1 with the SEC, a step that paves the way for what could be the largest initial public offering (IPO) in history. This move has captured the attention of analysts, investors, and global media, anticipating an event that could reshape the landscape of stock markets and the aerospace industry.

Cohete Falcon 9 listo para lanzamiento en plataforma de SpaceX

What is Form S-1 and why does it matter?

Form S-1 is the fundamental document a company must file with the U.S. Securities and Exchange Commission (SEC) to go public. It contains detailed information about:

• Audited financial statements

• Business risks

• Shareholding structure

• Intended use of the funds raised

  
  

In SpaceX's case, the filing was confidential, meaning the SEC reviews the document and provides feedback before making it public. This allows the company to fine-tune details and prepare a final version for investors and the market.

Surprising valuations and figures

According to reports from Bloomberg, CNBC, Reuters, and The New York Times, SpaceX's target valuation is around $1.75 trillion , with some estimates reaching as high as $2 trillion. The amount it plans to raise is estimated to be between $40 and $75 billion , a figure that would far surpass the current record held by Saudi Aramco, which raised $29.4 billion in 2019.

The estimated timeline indicates that the roadshow, where SpaceX will present its offering to institutional investors, could begin in early June, with a possible listing on Nasdaq or NYSE during June or July of 2026. The leading banks in this operation are Bank of America, Goldman Sachs, JPMorgan, and Morgan Stanley.

Factors driving this assessment

SpaceX has evolved beyond being just a rocket company. Its main drivers of value are:

Starlink and satellite internet

Starlink is a low-latency satellite internet business that provides global internet access. This service has proven to be a generator of recurring revenue with high margins. Analysts highlight that Starlink already contributes significantly to SpaceX's growth and has enormous potential to expand into sectors such as:

• Residential consumers

• Companies

• Maritime transport

• Aviation

• Direct services to cell phones

  
  

Starlink's ability to connect remote areas and provide services in areas where traditional infrastructure is limited makes it a strategic and profitable asset.

Reusable launches and market dominance

SpaceX's reusable Falcon 9 rocket dominates the global market for commercial launches. This technology reduces costs and launch times, allowing SpaceX to offer competitive and reliable services. Reusability has been key to maintaining healthy profit margins and attracting both government and private clients.

Potential impact of the IPO on the market and on Elon Musk

If the public offering is successful, SpaceX's IPO will not only break financial records, but could also make Elon Musk the first person with a net worth exceeding one trillion dollars. This would reflect the accumulated value of his companies and his influence in strategic sectors such as technology, energy, and space.

For the markets, SpaceX going public would mean:

• Greater access to capital for expansion and development

• Financial and regulatory transparency

• New opportunities for retail investors and large funds

  
  

Risks and challenges facing SpaceX

Although the valuation is impressive, the S-1 also details important risks that investors should consider:

• Growing competition in the space and satellite sector

• International regulations and policies that may affect operations

• Dependence on government and commercial contracts

• Technological risks inherent in constant innovation

  
  

These factors could influence the company's stability and future growth.

What to expect in the coming months

With the roadshow planned for June, investors will be watching closely for:

• Final details of the public prospectus

• Strategies for using the funds raised

• Market reactions and demand for shares

• Possible moves by Musk and his management team

  
  

Expectations are high, and the transparency that the public version of the S-1 will bring will allow for a more accurate assessment of SpaceX's true value and prospects.