SpaceX prepares historic $80bn Nasdaq listing amid governance and financial scrutiny
SEC filings reveal net losses and dual-class voting structure as 23 banks underwrite the most anticipated initial public offering in years
Elon Musk’s SpaceX is preparing to list its shares on the US Nasdaq stock exchange, marking what is expected to be the most hotly anticipated initial public offering (IPO) in recent history. The company aims to raise upwards of $80bn, potentially achieving a market valuation between $1.75 trillion and $2 trillion. If successful, the deal could become the largest IPO in history, surpassing the $25.6bn raised by Saudi Aramco in 2019.
Financial disclosures filed with the US Securities and Exchange Commission (SEC) reveal that SpaceX generated $18.6bn in revenue in 2025 but recorded a net loss of $4.9bn. In the first quarter of 2026, the company reported $4.7bn in revenue with a net loss of $4.3bn. Analysts note that the losses are partly linked to SpaceX’s 2025 acquisition of artificial intelligence platform xAI, with the prospectus warning that strategic transactions may not achieve anticipated benefits.
The IPO will grant public shareholders voting rights at the company’s annual general meeting, allowing them to elect directors and voice concerns. However, the deal features a dual-class share structure that will allow Musk to retain 85 percent of the company’s voting rights. This concentration of control is significantly higher than that of other tech giants with similar structures, such as Meta founder Mark Zuckerberg, who holds approximately 61 percent of voting power.
Twenty-three financial institutions, including Goldman Sachs, Morgan Stanley, Citigroup, JP Morgan, and BofA Securities, are underwriting the deal. The company will be listed under the ticker symbol “SPCX” on the Nasdaq, joining corporate behemoths such as Nvidia, Apple, and Microsoft. While SpaceX has not officially confirmed the date of its public debut, multiple media reports indicate it is planning to list as early as June.
Gary Ng, senior economist for Asia Pacific at French investment bank Natixis, described the IPO as a landmark deal for the space economy. He noted that if SpaceX’s reusable rocket technology remains commercially viable, it could lower costs and open opportunities for entirely new supply chains. The company’s prospectus outlines ambitions to “make life multiplanetary,” build a human colony on Mars, and extend “the light of consciousness to the stars.”
