SpaceX finally filed for its long-awaited initial public offering on Wednesday evening, bringing Elon Musk's rocket, satellite, and AI company closer to what could be the largest IPO in market history. The company is expected to list on Nasdaq under the ticker SPCX, with reports suggesting the roadshow could start June 4, pricing as soon as June 11, and trading beginning June 12.
SpaceX is aiming to raise about $75 billion at a valuation near $1.75 trillion, according to Reuters. That would make it the biggest stock-market flotation ever, surpassing even the largest IPOs in history. For context, that valuation is roughly the size of the entire GDP of some medium-sized countries.
A First Look Inside SpaceX's Finances
The S-1 filing gives investors their first detailed look at SpaceX's finances, especially after its acquisition of xAI. The company generated $18.7 billion in revenue in 2025 but posted a $4.9 billion loss. That's a big loss, but it's not unusual for a company investing heavily in growth—SpaceX is building rockets, launching satellites, and now planning to mine asteroids.
Here are some highlights from the filing:
- SpaceX plans to pursue asteroid mining operations focused on extracting metals and other critical resources from near-Earth and main-belt asteroids. Yes, asteroid mining is now a real business plan.
- Elon Musk is set to retain significant control after the IPO, with 85.1% combined voting power. He will own 12.3% of Class A shares and 93.6% of Class B shares, giving him effective control over all shareholder votes.
- Musk will continue as CEO, CTO, and board chairman. The filing notes that his voting power will allow him to control the outcome of matters requiring shareholder approval and to elect, remove, or fill vacancies among Class B directors.
Starlink is clearly the company's biggest revenue driver. The satellite internet business generated $11.4 billion in revenue last year, while SpaceX's rocket-launch unit brought in $4 billion, and xAI contributed $3.2 billion. So Starlink alone accounts for more than 60% of total revenue.
SpaceX also remains deeply tied to U.S. government space programs. NASA awarded SpaceX $2.6 billion under its Commercial Crew Transportation Capability contract to carry astronauts to the International Space Station. The U.S. Space Force awarded SpaceX a National Security Space Launch Phase 3 Lane 2 contract with an anticipated value of about $5.9 billion and an expected 28 missions, representing roughly 60% of projected missions in that lane.
Starlink's scale has expanded quickly ahead of the IPO. SpaceX said in July 2025 that Starlink had more than 6 million customers globally, after adding more than 2.7 million customers over the prior year. That's a lot of people beaming internet from space.
The underwriting lineup is a who's who of Wall Street: Morgan Stanley, Goldman Sachs, Bank of America, Citigroup, and JPMorgan are serving as lead bookrunners, with 16 additional banks involved across institutional, retail, and international channels.
What This Means for Tesla
The IPO would give public investors exposure to Musk's combined space, satellite broadband, and AI ambitions, while also drawing fresh attention to Tesla Inc. (TSLA), the other major public company he leads. Tesla stock was down 0.42% at $415.50 during after-hours trading on Wednesday. Over the past month, Tesla has gained about 3.2% versus a 4.6% rise in the S&P 500, and it's down roughly 9% year-to-date compared to the index's 8.1% gain.
So while SpaceX is gearing up for its public debut, Tesla investors are watching closely. Musk's attention is famously divided, but with SpaceX's IPO, he's about to have a lot more public shareholders to answer to.
