Elon Musk's SpaceX has filed for an initial public offering that could become the largest in history, aiming to raise up to $75 billion and achieve a valuation as high as $1.75 trillion. The S-1 filing with the SEC marks the first time SpaceX has publicly disclosed its finances in 24 years.
The company reported $18.7 billion in revenue for 2025, with an operating loss of $2.6 billion due to heavy investment in next-generation rockets and AI. Starlink is the financial engine, generating $11.4 billion in revenue, up nearly 50% year-over-year. The AI segment, including xAI and X, posted $3.2 billion in revenue but a $6.4 billion operating loss as it builds out data centers.
A dual-class share structure will leave Musk in control of approximately 79% of voting power while holding 42% of equity. The filing also reveals an ambitious plan to build AI data centers in orbit, targeting deployment of AI satellites as early as 2028. SpaceX claims a total addressable market of $28.5 trillion across its businesses. The company is expected to list on the Nasdaq under the ticker SPCX as early as next month.