SpaceX filed for its long-awaited IPO on Wednesday, disclosing a net loss of USD 4.9 billion on USD 18.7 billion in revenue last year.
Elon Musk’s company, which plans to list on the Nasdaq under the ticker SPCX, is expected to conduct the biggest IPO ever. It is reportedly targeting a valuation of roughly USD 1.75 trillion in an offering of up to USD 75 billion.
Once SpaceX stock starts trading, it will qualify for Nasdaq’s new fast-entry rule, automatically joining the Nasdaq-100 after only fifteen days of trading, driving so-called “forced buying” from ETFs and index funds tracking the index.
In the first quarter of 2026, SpaceX posted a net loss of USD 4.3 billion on USD 4.7 billion in revenue, up from a net loss of USD 528 million on USD 4.07 billion in revenue in the year-ago quarter, according to the filing. It also disclosed a debt load through the first quarter of USD 29.1 billion.
The filing showed the extent to which SpaceX has increased capital expenditures. The company reported USD 10.1 billion of total capital expenditures in the first quarter, with USD 7.72 billion of that amount attributed to artificial intelligence. SpaceX had USD 4.14 billion in expenditures in the first quarter of 2025—and USD 20.73 billion for all of last year.
Cash on its balance sheet has decreased from USD 24.75 billion at year-end 2025 to USD 15.85 billion at the end of the first quarter. SpaceX’s AI segment lost USD 2.5 billion in the first quarter and USD 6.4 billion in 2025, the filing said.
Starlink Shines as SpaceX’s Revenue Driver
The company’s prospectus offers the first audited public look at how Starlink—as well as Musk’s all-stock xAI merger—has reshaped SpaceX’s financials. SpaceX’s Starlink satellite internet business accounted for nearly 70% of the company’s revenue last year, according to its newly disclosed financials.
The filing highlights Starlink as a key revenue driver, saying that through the first quarter of this year the business had about 10.3 million subscribers in 164 countries, with more than 9,600 satellites deployed.
Musk, who had long resisted taking the company public, will maintain majority control of SpaceX through dual-class stock. He currently holds 85.1% of combined voting power, according to the filing.
The preliminary filing did not detail the lockup period for SpaceX’s executive officers and directors, and significant shareholders. Musk has previously said he will not sell any shares.
The listing stands to deliver billions of dollars to longtime SpaceX investors, some of whom have now backed the company for more than two decades. Top investors include Andreessen Horowitz (a16z), DFJ Growth, Founders Fund, Sequoia Capital, Valor Equity Partners (whose founder, Antonio Gracias, sits on SpaceX’s board), Thrive Capital and Vy Capital.
Large asset managers, mutual funds and pension funds are also poised to profit. Those investors include Alphabet, Baillie Gifford, Blue Owl Capital, Brookfield Growth, Capricorn Investment Group, D1 Capital Partners, Fidelity, Gigafund, K5 Global, Kleiner Perkins, T. Rowe Price and the Ontario Teachers’ Pension Plan.
SpaceX chose Goldman Sachs as the lead left underwriter, with Morgan Stanley, Bank of America Securities, Citigroup and JP Morgan following, as part of a total of 23 banks.
