According to comprehensive foreign media reports on April 1, SpaceX, the space exploration technology company owned by Elon Musk, has secretly submitted an application for an initial public offering (IPO) to the U.S. Securities and Exchange Commission (SEC), potentially becoming the largest listing in history. According to sources familiar with the matter, SpaceX's target valuation for this IPO could exceed US$1.75 trillion, with plans to raise US$50 billion to US$75 billion, far surpassing Saudi Aramco's 2019 fundraising record of US$29 billion. SpaceX has selected five institutions—Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley—as the lead underwriters, and expects to complete the listing as early as July 2026. This IPO will make Musk the first entrepreneur to simultaneously helm two publicly traded companies with market capitalizations exceeding US$1 trillion.