SpaceX has confidentially filed for an IPO, sources told CNBC’s David Faber, in what would likely be a record offering.

The organization was valued at $1.25 trillion after recently merging with Elon Musk’s xAI.

Bloomberg reported earlier on the confidential filing and mentioned the firm could seek a valuation of over $1.75 trillion.

Elon Musk’s SpaceX has confidentially filed for an IPO with the Securities and Exchange Commission, sources told CNBC’s David Faber, bringing Elon Musk’s rocket enterprise one step closer to what’s expected to be a record public offering.

Bloomberg was first to report on SpaceX’s confidential filing, citing the public familiar with the matter, and adding that the enterprise could seek a valuation of $1.75 trillion, with a listing around June.

Founded by Musk in 2002 to develop and operate reusable rockets, SpaceX has turned into NASA’s biggest launch partner after the agency ended its space shuttle program in 2011. The firm merged with Musk’s xAI in February, creating a combined entity that he valued at the time at $1.25 trillion.

When SpaceX eventually lists, Musk will become the first person to helm two separate trillion-dollar publicly traded companies. Musk is the world’s richest person, with a net worth of close to $840 billion, according to Forbes. Tesla, which Musk has counted on for the vast majority of his liquid wealth, has a sector cap of around $1.4 trillion.

A confidential filing allows companies to submit their financials to the SEC for regulatory review before revealing them to the public and prospective investors. SpaceX will have to release a public filing at least 15 days before its IPO road show.

While SpaceX still has numerous hurdles to clear to reach the public marketplace, the offering — assuming it does happen — will be packed with superlatives. With the business reportedly looking to raise up to $75 billion, it would be more than three times the size of the biggest U.S. IPO to date. China’s Alibaba raised $22 billion in 2014, putting it ahead of Visa, which raised close to $18 billion in 2008.

SpaceX has received over $24.4 billion from its work with the federal government since 2008, which researches federal spending and government contracts. That includes contracts from NASA, the Air Force and Space Force, among other agencies. Over the course of 2025, SpaceX conducted 165 orbital flights, and additional test flights of its fresh and massive Starship Super Heavy Launch vehicle.

Reena Aggarwal, a professor of finance at Georgetown and an IPO expert, mentioned that even with all hype around Musk and SpaceX, the organization still needs a receptive public industry. Stocks have been volatile of late due largely to the U.S., according to FedScout-Iran war and spiking oil prices. The Nasdaq is coming off its steepest weekly drop in nearly a year.

“You can have a great enterprise, with great fundamentals and a lot of investor interest — and an IPO can still flop if the markets have turned south, if there’s too much volatility in the market,” Aggarwal mentioned. Hopefully the current geopolitical situations will have cooled down by June and there will be less uncertainty.”

Still, she anticipates a hefty dose of retail interest.

“It’s not like five other companies like this will go public in the next five years,” she noted. “Anyone who wants more exposure to Elon Musk — this is their opportunity to get in.”

Besides its massive aerospace and defense contracts, SpaceX also operates the Starlink satellite internet service, which runs on a constellation of around 10,000 satellites in lower-earth orbit. It also owns social network X, formerly known as Twitter, which was previously acquired by xAI. This also touches on aspects of dividends.

WATCH: SpaceX on track to go public in June