SpaceX quietly filed a confidential S-1 with the SEC on April 1, and the numbers are staggering. They're targeting a June listing at a $1.75 trillion valuation, looking to raise up to $75 billion. That would triple Saudi Aramco's $25.6B record from 2019. The company now includes xAI after a merger, which partly explains the valuation jump from the previous $1.25 trillion mark.
Twenty-one banks are working the deal, internally called "Project Apex." And here's the interesting part: they're allocating up to 30% of shares to retail investors, roughly three times the typical norm. Full prospectus expected late April. If this prices anywhere near target, it instantly becomes the largest IPO in history. Not even close.