New York: SpaceX has officially filed for an initial public offering in what could become the largest stock market debut in history, marking a defining moment for billionaire entrepreneur Elon Musk and the global technology sector.
The rocket and satellite giant submitted its S-1 prospectus to the US Securities and Exchange Commission (SEC) on Wednesday, outlining plans to raise as much as $75 billion at a potential valuation of nearly $1.75 trillion. According to reports, the company could begin trading on the Nasdaq stock exchange under the ticker symbol “SPCX” as early as next month.
The filing offers the first comprehensive look at SpaceX’s financial performance in its 24-year history and highlights both the scale of its ambitions and the enormous costs tied to its expansion into artificial intelligence and space infrastructure.
Following the IPO, Musk will continue to serve as Chief Executive Officer, Chief Technology Officer and Chairman of the Board, maintaining firm control over the company through a dual-class share structure.
The filing revealed that SpaceX generated $18.7 billion in revenue in 2025 but posted an operating loss of $2.6 billion as it accelerated investments in next-generation rockets, AI systems and orbital computing infrastructure.
The company’s Starlink satellite internet business emerged as its primary revenue driver, bringing in $11.4 billion in 2025 — a nearly 50 per cent increase from the previous year.
Meanwhile, the company’s artificial intelligence division, which includes xAI and X, recorded $3.2 billion in annual revenue but suffered an operating loss of $6.4 billion due to massive spending on AI training infrastructure.
Capital expenditure for the AI segment reached $12.7 billion in 2025 alone, with another $7.7 billion spent during the first quarter of 2026 as the company raced to compete against rivals such as Google, Meta and Amazon in the rapidly expanding AI market.
In a major commercial partnership, SpaceX disclosed an agreement to lease spare computing capacity at its COLOSSUS and COLOSSUS II data centers to AI startup Anthropic for $1.25 billion per month through May 2029.
The IPO filing arrives shortly after Musk suffered a legal setback in an ongoing dispute with OpenAI, another leading AI company reportedly exploring its own path to public markets.
The company’s governance structure ensures Musk will retain approximately 85 per cent of voting power while holding about 42 per cent equity ownership, effectively giving him control over shareholder decisions, including board appointments.
The filing acknowledged that the structure could pose risks to outside investors but argued it would allow the company to pursue long-term strategic goals without shareholder interference.
Among the most ambitious plans disclosed was a proposal to build AI-powered data centers in orbit. The company said it intends to begin deploying AI computer satellites by 2028, eventually targeting 100 gigawatts of computing capacity in space every year.
According to the filing, such an undertaking would require thousands of rocket launches annually and the transport of nearly one million metric tons of payload into orbit.
SpaceX estimated its total addressable market at an extraordinary $28.5 trillion across its businesses, excluding China and Russia.
Analysts say the IPO could reshape global financial markets and trigger a new wave of technology listings. Wedbush analyst Dan Ives suggested that a future merger between SpaceX and Tesla could create what he described as an AI-driven “holy grail” company.
If completed successfully, the listing would not only eclipse every IPO in history but also reinforce Musk’s influence across the worlds of technology, artificial intelligence, transportation and space exploration.
