SpaceX filed its long-anticipated initial public offering prospectus with the US Securities and Exchange Commission on Tuesday, setting a target raise of $80 billion at a $1.7 trillion valuation. The deal would be the largest IPO ever attempted, more than three times the size of Saudi Aramco's $26 billion listing in 2019.
The almost 300-page document marks the first comprehensive look at the financial machinery underneath Elon Musk's sprawling space and satellite empire. Total 2025 revenue came in at $18.6 billion against total costs and expenses of $21.2 billion, for a net loss of $4.9 billion — a deeper deficit than analysts had assumed.
Starlink, the broadband-from-orbit service, dominates the income statement. The unit accounted for more than two-thirds of revenue and posted $1.2 billion in operating profit in the most recent quarter alone. Launch services, by contrast, remain unprofitable at scale, with the cost of building out Starship outpacing customer revenue from Falcon 9 missions.
Shares will list jointly on Nasdaq in New York and Nasdaq Texas in Dallas under the ticker "SPCX". The dual venue is partly symbolic — Musk relocated SpaceX's legal home to Texas in 2024 — and partly liquidity-seeking, with Texas state pension funds expected to anchor a chunk of the institutional allocation.
Governance terms tilt sharply towards the founder. Class B shares, all held by Musk and a handful of insiders, carry ten votes apiece against one for the Class A stock to be sold to the public. The prospectus discloses that Musk currently controls roughly 85 per cent of the voting power and will retain a controlling interest after the offering.
The filing also reveals a January 2026 board grant to Musk of one billion performance-based Class B shares, vesting against milestones that include "establishment of a permanent human colony on Mars with at least one million inhabitants". A second tranche vests on the company achieving $1 trillion in cumulative Starlink revenue.
Among the surprises buried in the risk factors: SpaceX has folded several previously separate Musk vehicles into the IPO entity, including xAI's remaining minority interest in social network X, and a portion of the Boring Company. The combined entity discloses $1.25 billion per month in committed compute payments to Anthropic through 2029, the other side of a deal Anthropic disclosed earlier this week.
Roadshow meetings begin next week, with pricing targeted for the second half of June. Bankers led by Goldman Sachs, Morgan Stanley and JPMorgan are working on the deal. A first-day pop within Musk's stated $1.7 trillion target would create roughly $400 billion of new paper wealth for the chief executive and put him within sight of becoming the first individual trillionaire.