SpaceX publicly disclosed its IPO filing Wednesday, detailing Elon Musk's vision for the company as a combined space launch, satellite internet, and AI infrastructure giant. The filing, for a Nasdaq listing under the ticker SPCX, does not include the IPO share price or total offering size, though the company has targeted a $1.75 trillion valuation.
Major banks including Goldman Sachs, Morgan Stanley, Bank of America, Citi, and JPMorgan are the lead underwriters. Musk will retain majority control through a dual-class share structure. The filing designates SpaceX as a "controlled company" under Nasdaq rules, allowing it to bypass some corporate governance requirements.
According to the prospectus, SpaceX has absorbed both X (formerly Twitter) and xAI into its operations. xAI acquired X in March 2025, and then SpaceX acquired xAI in February, bringing the Grok AI model directly under the aerospace company. Musk has argued that power and cooling limitations will push large-scale AI infrastructure into orbit.
For 2025, SpaceX reported $18.67 billion in revenue but a $2.59 billion operating loss, much of which went to AI infrastructure and Starship development. Its AI segment posted $6.36 billion in operating losses in 2025, while Starship R&D consumed roughly $3 billion.
The IPO comes as Musk's rivalry with OpenAI intensifies. Both OpenAI and Anthropic are also considering IPOs. Notably, Anthropic has agreed to pay SpaceX $1.25 billion per month through May 2029 for AI computing capacity at SpaceX's Colossus 1 data center in Memphis.