SpaceX is preparing a rapid public market entry as Elon Musk pivots the rocket maker toward orbital AI ambitions. The company aims to select lead underwriters soon for an IPO by July, according to The Wall Street Journal. This shift follows a strategic breakthrough in developing solar-powered data centers for space.

Musk reportedly views the IPO's multi-billion dollar windfall as vital capital for his xAI startup to catch rivals like OpenAI. The move marks a sharp departure from his prior stance of avoiding public scrutiny until reaching Mars. It also heightens his rivalry with OpenAI CEO Sam Altman, who once explored buying a rocket company.

Investors see a public SpaceX providing a financial safety net to supercharge xAI's growth in a competitive market. Analysts already position for what could be history's largest listing, with a reported target valuation near $1.5 trillion. This represents a massive premium over the current private valuation of roughly $800 billion.