TLDR
- SpaceX filed its S-1 IPO prospectus with the SEC, targeting a valuation of up to $1.8 trillion
- Starlink generated $11.4 billion in revenue in 2025, growing nearly 50% year-over-year
- The AI segment (SpaceXAI/xAI) lost $6.36 billion in 2025, dragging overall results
- SpaceX has spent over $15 billion developing its Starship rocket — more than originally budgeted
- Musk owns roughly 42% of SpaceX; the IPO could push his net worth past $1 trillion
SpaceX has filed its S-1 prospectus with the Securities and Exchange Commission, officially beginning the process to go public on the Nasdaq under the ticker SPCX. The IPO roadshow is reportedly planned for June 5.
🚨LATEST: SpaceX officially files for IPO.
The details include:
1. Ticker: $SPCX
2. Valuation: $1.75T to $2T
3. Raise: $75B (largest IPO in history)
4. Timeline: June roadshow
5. Control: Musk stays CEO and CTO
6. Treasury which holds 18,712BTC (worth $1.4B) pic.twitter.com/vXhCmDg2pc— Coin Bureau (@coinbureau) May 21, 2026
The company brought in $18.67 billion in revenue in 2025, but posted a net loss of $4.9 billion. In the first quarter of 2026, revenue came in at $4.69 billion with a net loss of $4.3 billion.
SpaceX carries $102 billion in assets but also holds $60.5 billion in debt.
The company is targeting a valuation of up to $1.8 trillion, which would make it the largest IPO in Wall Street history.
Elon Musk holds roughly 42% of SpaceX. If the company hits a $1.6 trillion valuation, his stake alone could push his net worth past $1 trillion, making him the world’s first trillionaire.
Starlink Is the Engine
The Connectivity segment, driven almost entirely by Starlink, is where the money is. It brought in $11.39 billion in revenue in 2025, up nearly 50% year-over-year, with operating income of $4.42 billion.
In Q1 2026 alone, Starlink generated $3.26 billion in revenue and $1.19 billion in operating income.
SpaceX had over 9,600 satellites in orbit and 10.3 million subscribers at the end of March 2026.
The rocket launch business, listed as the Space segment, generated $4.09 billion in revenue in 2025 but ran at an operating loss of $657 million.
SpaceX has invested over $15 billion in Starship, its next-generation rocket, exceeding its original budget. Starship is set for its twelfth test mission this week.
The AI Drag
The AI unit, now called SpaceXAI and built around xAI, is losing money at a fast pace. It posted a $6.36 billion operating loss in 2025 and lost $2.47 billion in Q1 2026 alone.
Musk has said he plans to dissolve xAI and consolidate AI operations under SpaceX.
The filing also disclosed that Anthropic, the developer of Claude, will pay $15 billion a year to access data centers tied to xAI infrastructure.
SpaceX and Tesla announced a joint venture called Terafab, aimed at bringing semiconductor production in-house for use across SpaceX satellites, Tesla vehicles, and xAI projects.
The IPO filing also lists a range of legal risks, including lawsuits alleging that Grok, xAI’s chatbot, was used to generate deepfakes, as well as patent claims, EU content moderation cases, and a data breach claim.
The roadshow will allow SpaceX and its underwriters to pitch the offering to large institutional investors before pricing is set and shares begin trading.
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