SpaceX Files Confidential IPO Registration with SEC — 'Project Apex' Targets $75B Raise

SpaceX submitted a confidential registration statement to the U.S. Securities and Exchange Commission on April 1, 2026, initiating the formal IPO process for what would be the largest public offering in U.S. history. The filing — internally codenamed 'Project Apex' — targets a ~$75 billion raise at a valuation of approximately $1.75 trillion for the combined SpaceX+xAI entity formed in the February 2, 2026 merger. A confidential filing allows the SEC to review financial statements privately before a public prospectus (S-1) is released, which must be published at least 15 days before the IPO roadshow. Twenty-one banks have been engaged, with Morgan Stanley and Goldman Sachs as lead underwriters. A public S-1 filing is expected in late April or May, with a June 2026 Nasdaq listing targeted. SpaceX has proposed a retail investor allocation of ~30% of shares — three times the Wall Street standard — to broaden individual investor participation. Prediction markets had previously rated the timeline as uncertain, but the confidential filing confirms the IPO is now formally underway.