SpaceX files S-1 for historic $1.75 trillion IPO, targeting $75 billion raise

SpaceX has formally filed its S-1 prospectus with the US Securities and Exchange Commission, initiating the process for what could be the largest initial public offering in history. The aerospace and technology conglomerate intends to list on the Nasdaq stock exchange under the ticker symbol SPCX, with the filing suggesting a valuation of approximately $1.75 trillion and plans to raise around $75 billion.

Financial disclosures for the 2025 fiscal year show the company generated $18.67 billion in revenue, a figure primarily driven by its Starlink satellite internet service which contributed more than $11 billion. Despite this top-line growth, SpaceX recorded a net loss of over $4.9 billion. Capital expenditures surged significantly to $20.7 billion in 2025, a sharp increase from $11.2 billion in the previous year, reflecting heavy investment in infrastructure and artificial intelligence operations.

A substantial portion of this capital spending was directed towards xAI, the artificial intelligence unit recently merged into SpaceX. The prospectus details that approximately 60 per cent of the company’s 2025 capital expenditure, totalling around $20 billion, was allocated to xAI’s operations. While the AI division reported revenue growth of 22 per cent, it also incurred billions in losses during the same period.

The filing also highlights a landmark commercial agreement with Anthropic, valued at over $40 billion in total revenue. Under the terms of the contract, which runs through May 2029, Anthropic will pay xAI $1.25 billion per month for compute services from the Colossus 1 data centre in Tennessee. This deal secures the entire output of the facility, underscoring the intense demand for AI infrastructure.

Governance structures outlined in the prospectus indicate that Elon Musk will retain 85 per cent control of the company through supervoting shares. The board of directors includes SpaceX president Gwynne Shotwell and CFO Bret Johnson, alongside external members such as Google executive Donald Harrison, Tesla board member Ira Ehrenpreis, and investors Randy Glein, Antonio Gracias, Steve Jurvetson, and Luke Nosek.

In its investor presentation, SpaceX identified a total addressable market potentially worth $28.5 trillion. The company breaks down this figure into $370 billion from space services, $1.6 trillion in connectivity via Starlink Broadband and Mobile, and $26.5 trillion in artificial intelligence, which encompasses infrastructure, subscriptions, advertising, and enterprise applications.

The company describes its mission to investors as building systems to make life multiplanetary and extending the light of consciousness to the stars. It positions itself as a vertically integrated innovation engine capable of manufacturing space-based communications, harnessing the sun to power artificial intelligence, and ultimately establishing a base on the Moon and cities on other planets.