SpaceX has officially filed for an initial public offering, opening the door to what could become the largest stock market listing in history and providing the clearest public view yet into the finances of Elon Musk’s space and satellite business.
The filing, made public this week, outlines plans for a Nasdaq listing under the ticker symbol “SPCX.” Multiple reports citing the company’s prospectus and people familiar with the process said the offering could value the company at roughly $1.75 trillion, with SpaceX targeting a fundraising round of about $75 billion to $80 billion. Reuters previously reported that the company had confidentially filed IPO paperwork earlier this year before publicly releasing the filing documents.
According to Reuters, the company could begin trading as early as June 12, pending regulatory review and investor roadshows. The report said the scale of the offering would surpass previous landmark public listings, including Saudi Aramco’s 2019 debut and Alibaba’s 2014 IPO.
The filing marks the first detailed disclosure of SpaceX financial information since the company was founded in 2002. It also reveals how much of the company’s growth is now tied to satellite internet operations through Starlink, which has become the company’s largest revenue-generating business.
Reports on the filing said SpaceX generated approximately $18.6 billion to $18.7 billion in revenue during 2025. The company’s connectivity division, largely driven by Starlink subscriptions and services, generated about $11.4 billion in annual revenue, including roughly $3.2 billion during the first quarter of 2026 alone.
At the same time, the company disclosed significant spending tied to infrastructure expansion and artificial intelligence projects. According to reporting from The Guardian, SpaceX reported more than $20 billion in capital expenditures during 2025 while posting a loss exceeding $4 billion during the first quarter of 2026.
The filing also highlighted the company’s increasing focus on artificial intelligence infrastructure following its acquisition of xAI earlier this year. SpaceX disclosed plans connected to orbital data centers and AI compute capacity, reflecting a broader shift beyond launch services and satellite communications.
Business Insider reported that spending tied to AI initiatives exceeded investment in the Starship rocket program during parts of 2026. The report also said SpaceX disclosed a major compute agreement involving AI company Anthropic.
The company’s filing repeatedly emphasized long-term ambitions tied to space infrastructure, lunar operations and Mars settlement. Reuters reported that the document described future opportunities including asteroid mining, orbital manufacturing and energy production on the Moon and Mars, though many of those projects remain speculative and technically unproven.
Despite those ambitions, the current business remains heavily centered on launch operations and Starlink deployment. SpaceX continues to dominate the commercial launch market through its Falcon 9 program, which has become the industry’s most frequently used orbital launch system.
The IPO filing also disclosed the extent of Elon Musk’s control over the company after listing. Reports said Musk will retain dominant voting power through a dual-class share structure that gives him effective control over major corporate decisions after the public offering.
According to Reuters, the offering is already drawing mixed reactions from analysts and investors. Some market observers view SpaceX as one of the few companies operating at scale across commercial spaceflight, satellite broadband and AI infrastructure. Others have raised concerns about the valuation being sought by the company and the scale of future revenue projections included in the filing.
MarketWatch separately reported that more than 20% of SpaceX revenue over the past three years came from a single unidentified customer referred to in the filing as “Customer A.” The report also noted that approximately one-fifth of company revenue is tied to contracts and work involving U.S. government agencies, including NASA and the Department of Defense.
The company’s relationships with federal agencies remain central to its operations. SpaceX is currently one of NASA’s largest commercial partners and plays a major role in U.S. launch operations, cargo transport and crewed missions to the International Space Station.
SpaceX has not publicly disclosed final IPO pricing terms, and the offering remains subject to regulatory approval and market conditions.
The public listing arrives during a period of renewed activity in U.S. technology IPO markets and could significantly reshape both aerospace investing and large-cap technology indexes if the company reaches its targeted valuation.
Additional details are expected to emerge during investor presentations and updated regulatory filings ahead of the planned Nasdaq debut.
