SpaceX Files S-1 for What Could Be Biggest IPO Ever

SpaceX files its S-1 prospectus with the SEC. That kicks off what could be the largest initial public offering ever when it lists on the Nasdaq stock exchange with the ticker SPCX.

According to the filing, SpaceX generated $18.67 billion in revenue in 2025, driven largely by its Starlink satellite internet service.

SpaceX lost over $4.9 billion last year. Capital expenditures soared to $20.7 billion last year, a leap from $11.2 billion in 2024, as reported by The New York Times.

According to the Wall Street Journal, Musk’s supervoting shares will give him 85 percent control over the company.

The filing names 21 underwriters, led by Morgan Stanley, Bank of America, Citigroup, JPMorgan Chase, and Goldman Sachs. SpaceX plans to begin formal investor marketing around June 4, with pricing as early as June 11 and trading expected to start June 12. The S-1 also discloses cumulative losses of more than $37 billion since the company’s founding, with Starlink accounting for roughly $11 billion of 2025 revenue. Bloomberg reports the target valuation may now climb above $2 trillion, beyond the $1.75 trillion figure that circulated before the filing.

SpaceX describes its mission to investors as: “Our mission is to build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars. To do this, we have formed the most ambitious, vertically integrated innovation engine on (and off) Earth with unmatched capabilities to rapidly manufacture and launch space-based communications that connect the world, to harness the Sun to power a truth-seeking artificial intelligence that advances scientific discovery, and ultimately to build a base on the Moon and cities on other planets.”

For months, rumors have swirled that SpaceX was preparing a historic market debut, with whispers of a $1.75 trillion valuation and a record-shattering $75 billion raise. Now that the paperwork is public, the filing provides the first real look at the financials behind the company that normalized reusable rockets, built a space internet monopoly, and recently absorbed Musk’s xAI and the dredges of Twitter into its orbit.