SpaceX files $75 billion IPO prospectus, seeking record $1.75 trillion valuation
Elon Musk retains 85 per cent voting power through dual-class structure, while Starlink drives growth amid massive capital expenditure in AI data centres and orbital compute ambitions.
Elon Musk’s SpaceX has submitted an S-1 prospectus to the US Securities and Exchange Commission, initiating the process for an initial public offering that could raise up to $75 billion. The filing seeks a valuation of as much as $1.75 trillion, potentially establishing the largest initial public offering in history. Trading on the Nasdaq under the ticker symbol SPCX is expected to commence as early as June 2026.
The document marks the first public disclosure of detailed financials in the company’s 24-year history. SpaceX reported $18.7 billion in revenue for 2025, an increase from $14.02 billion in the previous year. However, the company posted an operating loss of $2.6 billion, driven by significant investments in next-generation rocket development and artificial intelligence infrastructure.
Starlink, the satellite internet division, emerged as the primary financial engine, generating $11.4 billion in revenue in 2025, a rise of nearly 50 per cent year-on-year. In contrast, the AI segment, comprising xAI and the social media platform X, recorded $3.2 billion in revenue but incurred an operating loss of $6.4 billion. Capital expenditure for this segment reached $12.7 billion in 2025 and $7.7 billion in the first quarter of 2026 alone.
To support these operations, SpaceX has entered a deal to rent spare capacity at its COLOSSUS and COLOSSUS II data centres to rival AI firm Anthropic for $1.25 billion per month through May 2029. The company also outlined an ambitious roadmap to deploy AI computer satellites in space as early as 2028, aiming for 100 gigawatts of compute capacity in orbit annually.
Musk will retain his positions as CEO, CTO, and Chairman following the listing. The filing confirms a dual-class share structure that grants Musk approximately 85 per cent of voting power while he holds around 42 per cent of equity. This arrangement ensures he retains control over matters requiring shareholder approval, including the election of directors.
The prospectus claims a total addressable market of $28.5 trillion across its businesses, excluding China and Russia. Market analysts, including Wedbush’s Dan Ives, have suggested that a future merger with Tesla could create an AI-powered entity, positioning 2026 as a pivotal year for high-profile tech listings on Wall Street.
