SpaceX's confidential IPO filing reveals founder Elon Musk will retain dominant control of the company through a dual-class share structure. Musk and a small group of insiders will hold Class B shares with 10 votes each, while public investors receive Class A shares with one vote.
Musk will remain CEO, Chief Technical Officer, and Chairman of the board. The company is targeting a historic $75 billion raise at a valuation of roughly $1.75 trillion.
The filing provides the first public look at SpaceX's financials, showing a consolidated loss of $4.94 billion on $18.67 billion in revenue for 2025. This swing from a $791 million profit the prior year is attributed to massive investments in artificial intelligence infrastructure, with AI capital expenditure surging to $12.7 billion.
SpaceX's profitable Starlink satellite internet service, which generated $4.42 billion in operating profit, is subsidizing much of this AI spending. The company ended 2025 with about $24.8 billion in cash on hand.
The filing also outlines governance provisions that limit public shareholders' ability to influence board elections or pursue certain legal claims, forcing disputes into arbitration.