Elon Musk’s SpaceX files for Nasdaq IPO
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The news: Elon Musk’s rocket, satellite and AI company SpaceX has filed for its hotly anticipated initial public offering on the Nasdaq under the ticker ‘SPCX’.
The numbers: The company’s S-1 filing shows it delivered a USD4.9 billion ($6.9 billion) loss in 2025, with revenue at USD18.7 billion.
Capital spending and debt reached USD20.7 billion in 2025, up from USD11.2 billion the prior year. Starlink has generated USD3.26 billion in first-quarter revenue, with over 10.3 million subscribers across 164 countries.
The context: The SpaceX IPO is expected to be one of the largest in US history, with the listing set to become the first trillion-dollar US market debut. The company is targeting a total addressable market of USD28.5 trillion across its business, with the majority tied to AI.
It comes after the company announced the acquisition of Musk’s AI startup in February.
SpaceX S-1 filing names 23 banks on the cover led by, in order, Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and JPMorgan on the top line.
Founded in 2002, SpaceX generates the majority of its revenue from its Starlink satellite internet service, which brought in USD18.67 billion last year, despite the company being famously known for building rockets and launching satellites.
A successful sale could value the company at a record USD1.75 trillion, putting its founder on track to become the world’s first trillionaire, according to Reuters.
Musk will retain 85.1% of the combined voting power in the company, with SpaceX aiming to list its shares as early as 12 June, following a roadshow launch targeted for 4 June and a share sale scheduled for 11 June.
