SpaceX shows its finances and future in IPO filing

  SpaceX shows its finances and future in IPO filing

SpaceX Falcon Heavy launch on April 29. Nurphoto/Getty Images

SpaceX filed its first comprehensive prospectus yesterday with the Securities and Exchange Commission, giving investors a peek at its finances, as it prepares to list on the Nasdaq exchange under the ticker SPCX. The company aims to raise up to $80 billion at a valuation that could reach $2 trillion. It’s expected to surpass Saudi Aramco for the title of largest IPO in history. Elon Musk, SpaceX’s CEO, CTO, and chairman, will hold 85% of the company’s voting control. The listing will likely propel Musk to become the world’s first trillionaire. So, how’s business? SpaceX reported a net loss of $4.3 billion for Q1 2026, despite taking in $4.69 billion in revenue. The company breaks its business down into three units: Space (rockets), Connectivity (Starlink satellite internet), and AI (xAI, the Grok chatbot, Colossus data centers). The Connectivity unit made $1.19 billion in the first quarter. By comparison, the Space unit lost $619 million, and the AI unit lost $2.5 billion. Here are some other interesting factoids revealed by the filing: For the 1 billion performance-based restricted shares that Musk received in January to vest, the company must establish a permanent human colony on Mars with at least 1 million inhabitants, “subject to Mr. Musk’s continued employment with us through the date on which achievement is certified by our board.” SpaceX stock will be available to retail traders upon its debut via Robinhood, Schwab, Fidelity, E*Trade, and SoFi. Most appropriate company ever for hodlers to send to the moon? The company spent $15 billion developing its updated version of the Starship megarocket. SpaceX called the creation of trillion-dollar market opportunities one aspect of its “repeatable business model.” It sees a total addressable market of $28.5 trillion. Zoom out: SpaceX’s IPO is likely to be the first of three massive public offerings this year, followed by OpenAI and Anthropic. But Musk won’t be done with big business deals—Wedbush analyst Dan Ives predicts that SpaceX and Tesla will merge in 2027.