SpaceX, led by Elon Musk, is known to have confidentially submitted documents related to an initial public offering (IPO) to the U.S. Securities and Exchange Commission (SEC) ahead of a listing. Some observers also raise the prospect that its valuation could reach $1.75 trillion at an IPO.

A Bloomberg report cited by tech media outlet TechCrunch on Tuesday said SEC rules allow private companies to confidentially submit an IPO registration statement up to 15 days before beginning share marketing to retail investors. According to Reuters, SpaceX is preparing an IPO internally dubbed Project Apex and has selected 21 banks as underwriters.

SpaceX is reported to be considering a plan to raise $75 billion through the offering. If completed, it would far exceed Saudi Aramco's $29 billion IPO in 2019 and be the largest on record. Separately, SpaceX is estimated to have raised about $10 billion while remaining private.

Founded in 2002, SpaceX is a space company that develops and operates reusable rockets and spacecraft. It also operates Starlink, a satellite communications network of about 10,000 satellites. In February it acquired Elon Musk's artificial intelligence (AI) company xAI through a deal that valued it at $1.25 trillion, and the group includes xAI and the social media platform X, formerly Twitter.

Musk has said he would not list the company until a spacecraft reaches Mars, but he has recently reset the goal to lunar exploration. He has also said in recent months that he will build up to 1,000,000 data-center satellites in space. SpaceX needs to secure computing funds required for Starship development, securing spectrum and replacing satellites for Starlink, and building and operating deep-learning models at xAI.

Speculation that SpaceX is pursuing an IPO is drawing attention in connection with whether there is a change in Musk's long-held stance of remaining private. With a series of businesses requiring large-scale investment, including Starship development, Starlink expansion and securing compute infrastructure for xAI, a listing becoming a reality appears likely to make changes unavoidable across the Musk group's overall fundraising strategy.

A confidential filing alone does not confirm a listing. The actual timing of an offering, valuation and fundraising size may be adjusted depending on market conditions and the company's final judgment, so it is necessary to watch a bit longer whether SpaceX will move beyond Musk's previous stance and enter a full-scale listing process.