Elon Musk's SpaceX files to go public

• SpaceX also could become the first company to ever enter the public markets at a valuation of over $1 trillion.

Catch up quick: Elon Musk launched SpaceX more than two decades ago, hoping it could help set the stage for human colonization of Mars.

• It kickstarted the moribund private space industry, developing reusable rockets to deliver both government and commercial payloads, and developed the Starlink service for satellite-based broadband.
• Earlier this year it merged with xAI, Musk's artificial intelligence company that previously had acquired X (formerly Twitter). The plan, in part, is to develop orbital data centers that are powered by the sun.

Zoom in: SpaceX filed its draft IPO registration confidentially with the Securities and Exchange Commission, which means the company's financials and risk factors remain under wraps.

• It's likely to "flip" that document public within the next couple months, so that shares can begin trading in June or July.

What to watch: Once the registration is made public, if there are any hints that the SpaceX IPO could be setting up a future merger with Tesla.