SpaceX filed for its long-awaited IPO Wednesday, setting the stage for a market debut at a potential $1.75 trillion valuation that would make it one of the most valuable public companies.
The S-1 registration statement, filed with the U.S. Securities and Exchange Commission, confirms the company's plan to list on Nasdaq under the symbol SPCX. Goldman Sachs and Morgan Stanley are named as lead underwriters for the offering, according to the preliminary prospectus.
The filing provides the first official look at the company's finances, showing a $4.28 billion net loss on $4.69 billion in revenue for the first quarter of 2026. The documents also disclose that SpaceX holds 18,712 BTC, purchased at a cost basis of roughly $35,000 per Bitcoin, adding a significant crypto treasury element to the deal.
The IPO will test investor appetite for a company with massive infrastructure costs and long-term Mars ambitions, balanced against its dominance in satellite launch and the growing Starlink internet service. Elon Musk will retain significant control, holding 93.6% of the high-vote Class B shares, ensuring his direction over the company's strategic future post-listing.
The filing shows Musk will remain SpaceX’s chief executive, chief technical officer, and chairman. The dual-class structure grants Class B shares 10 votes each, compared to one vote for each Class A share. This arrangement means Musk will control matters requiring shareholder approval, and SpaceX expects to qualify as a "controlled company" under Nasdaq rules.
A broad banking group is listed in the prospectus, including BofA Securities, Citigroup, and J.P. Morgan as joint book-running managers. The move to go public follows the February merger of SpaceX and Musk's artificial intelligence startup, xAI, which valued the combined entity at $1.25 trillion.
The prospectus highlights SpaceX's operational dominance, noting it accounted for over 80% of the global mass sent to orbit in 2025 and had completed roughly 650 total launches by the end of March 2026. The company's reusable rocket program is central to its strategy, with over 85% of recent missions using one or more reused boosters to lower launch costs. While launch services and Starlink are the primary revenue engines, the filing makes clear that spending on AI development and the ambitious Starship program will remain high.
This article is for informational purposes only and does not constitute investment advice.
