SpaceX's confidential S-1 filing with the SEC on April 1, 2026, marks the primary catalyst shifting trader sentiment toward an initial public offering, potentially the largest ever at a $1.75 trillion valuation and raising up to $75 billion. This follows years of Elon Musk's reluctance amid focus on Starship reusability breakthroughs—V3 booster and ship now prepped for test flights in weeks—and Starlink's global expansion, including direct-to-cell spectrum deals boosting addressable markets. Competitive dominance in orbital payloads, with Falcon 9 and Starship scaling to near-weekly launches, underpins liquidity via stock buybacks. Key upcoming events include a late-May prospectus release, early June roadshow, and site visits for institutional investors, though timelines could slip per historical patterns in mega-IPOs.