SpaceX has revealed plans for what is poised to be the largest initial public offering in history.
On May 20 local time, SpaceX, the space exploration company founded by world's richest person Elon Musk, publicly filed a 280-page prospectus with the U.S. Securities and Exchange Commission (SEC). SpaceX will list on the Nasdaq under the ticker symbol SPCX. The roadshow is scheduled to commence on June 4, with pricing on June 11 and the listing on June 12.
The prospectus indicates that SpaceX remains in a significant investment phase. For the years 2023 through 2025, SpaceX reported revenues of $10.387 billion, $14.015 billion, and $18.674 billion, respectively. Operating profits for the same periods were -$3.505 billion, $466 million, and -$2.589 billion, while net profits stood at -$4.628 billion, $791 million, and -$4.937 billion.
For the first three months of 2026, the company achieved revenue of $4.694 billion, a 15.4% increase year-over-year. However, it reported an operating loss of $1.943 billion and a net loss of $4.276 billion for the quarter, with the quarterly net loss nearly equaling the total loss for the entire previous year.
In the prospectus, SpaceX delineates its business into three main segments: Space, Connectivity, and AI. In 2025, the Connectivity segment, primarily driven by the Starlink project, contributed $11.4 billion in revenue, making it the company's only profitable division with an EBITDA margin of 63% and a user base exceeding 10.3 million.
The Space segment, encompassing rocket launch services, contributed approximately $4.1 billion in revenue with a 39% margin. The AI segment, represented by xAI which the company acquired in February, has introduced significant uncertainty, reporting an annual operating loss of $6.36 billion in 2025, accounting for the majority of the company's overall losses. In Q1 2026, this segment incurred $7.7 billion in capital expenditures, with an annualized run-rate exceeding $30 billion.
SpaceX's balance sheet shows assets valued at $102 billion against liabilities of $60.5 billion.
While rocket operations are capital-intensive, the construction of large-scale AI infrastructure also demands massive investment. SpaceX spent $20.7 billion last year, with the majority ($12.7 billion) allocated to AI. An additional $4.2 billion was invested in the Starlink satellite internet project, and $3.8 billion was spent on other space initiatives, including rockets.
This capital expenditure nearly doubled the $11.2 billion spent in 2024 and far surpassed the $4.4 billion spent in 2023.
In the first quarter of this year alone, SpaceX has already spent $10.1 billion, with $7.7 billion directed towards AI.
The prospectus expresses strong confidence, stating, "We have locked in the largest Total Addressable Market (TAM) in human history." The company explains this market comprises a $26.5 trillion AI segment, a $1.6 trillion connectivity segment, and a $370 billion traditional space segment.
According to previous media reports, the IPO is expected to raise approximately $75 billion, valuing the company in the range of $1.75 trillion to $2 trillion. Capital markets anticipate this will become the largest IPO in Wall Street's history, surpassing the previous record set by Saudi Aramco's $29.4 billion offering in 2019.
The filing also sheds light on a notable recent transaction where SpaceX agreed to lease data center space and computing resources to AI lab Anthropic.
The documents reveal that Anthropic will pay SpaceX $1.25 billion per month through May 2029. The contract, effective from May 2026, includes discounts for the first two months due to capacity ramp-up, with a total three-year value exceeding $15 billion. However, either party can terminate the contract with 90 days' notice.
SpaceX specifically notes in the prospectus, "We expect to enter into more similar service contracts," signaling its ambition to evolve beyond a rocket company into a major supplier of AI computing power.
Furthermore, on May 6 local time, Musk announced that his AI venture, xAI, would be dissolved and fully integrated into SpaceX as a product named SpaceXAI. The entire computing capacity of the Colossus 1 supercomputer cluster will be exclusively leased to Anthropic for inference services for the Claude series models. SpaceXAI's training tasks have already been migrated to the second-generation supercomputer cluster, Colossus 2.
Notably, this IPO could significantly amplify the wealth of the world's richest person, potentially making Musk a "trillionaire." The listing might push his total net worth beyond $1 trillion. On the latest Bloomberg Billionaires Index, Musk's fortune is estimated at $676 billion.
The prospectus discloses that pre-IPO, Musk holds 12.3% of common shares and 93.6% of Class B shares, which carry 10 votes per share. Combined, this gives him control over 85.1% of the company's voting rights. Market analysts believe this structure essentially ensures he retains majority voting control post-IPO.
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