For two decades, SpaceX was the kind of company you could admire but not own — a private bet on Elon Musk’s vision of reusable rockets and interplanetary ambition. That changes now. The company that made spaceflight routine, built the world’s largest satellite internet network, and merged with an AI startup has confidentially filed for a US IPO. If it lists at its potential valuation of over $1.75 trillion, it won’t just be the biggest IPO in history — it will be a signal that space is no longer a frontier. It’s an asset class.

The big picture: A listing at a potential valuation of over $1.75 trillion would make it the largest IPO on record, surpassing Saudi Aramco’s 2019 flotation. Reuters confirmed the filing Wednesday.

Why it matters: The move signals that space exploration has shifted from speculative venture to mainstream investment — and could jolt a sluggish IPO market back to life.

The numbers:

What’s driving it: SpaceX’s growth rests on two pillars — reusable rockets and the Starlink satellite internet network. Its merger with Musk’s AI startup xAI (valued at $250 billion) has added another layer, with investors watching how rockets, satellites and AI infrastructure could be combined.

The Musk factor: Analysts expect a dual-class share structure, letting Musk tap public capital while keeping firm control. But his sprawling empire — Tesla, Neuralink, X, The Boring Company, xAI — raises questions about oversight that could temper enthusiasm.

What they’re saying:

The broader context: OpenAI and Anthropic are also weighing large IPOs. A SpaceX listing could accelerate that trend, encouraging large, long-private startups to pursue public offerings.

One more thing: SpaceX has also sought permission to launch up to 1 million solar-powered satellites engineered as orbital data centres — far beyond anything currently deployed.

Reporting by Reuters