By a Staff Reporter
On May 20, Eastern Time, the US Securities and Exchange Commission (SEC) released SpaceX’s S-1 form on its official website.
This IPO is led by Goldman Sachs and Morgan Stanley, with 18 other banks, including Bank of America, Citigroup, and JPMorgan Chase, forming one of the largest underwriting teams in recent years. The company plans to raise $75 billion, with a target valuation of approximately $175 billion. The roadshow is scheduled to start on June 5, and the stock is expected to be listed on the exchange by the end of June.
If successful, it will far surpass Saudi Aramco’s record of approximately $29.4 billion set in 2019, becoming the largest IPO in history.
According to the filing, SpaceX, headquartered in Texas, USA, has chosen to list its Class A common stock (with one vote per share) on the NASDAQ, with the stock code “SPCX”.
SpaceX reported a 15% year-over-year increase in revenue in the first quarter, from $4.07 billion to $4.69 billion. However, the company’s net loss for the quarter was $428 million, significantly higher than the $528 million loss in the same period last year. The space business segment generated $619 million in revenue and an operating loss of $662 million in the first quarter.
In 2025, SpaceX’s consolidated revenue was $18.674 billion, with an operating loss of $2.589 billion and an adjusted EBITDA of $6.584 billion.
SpaceX stated that its two main business segments, space and connectivity, “contributed the vast majority of the company’s consolidated revenue as of March 31, 2026, and December 31, 2025.”
In the connectivity business segment, driven primarily by Starlink, revenue was $3.257 billion in the three months ended March 31, with an operating profit of $1.188 billion and an adjusted EBITDA of $2.087 billion. For the full year 2025, the segment generated $11.387 billion in revenue, with an operating profit of $4.423 billion and an adjusted EBITDA of $7.168 billion, representing year-over-year increases of 49.8%, 120.4%, and 86.2%, respectively.
As of March 31, SpaceX had deployed over 9,600 Starlink satellites and had 10.3 million users.
In the space business segment, which includes its rocket launch business, revenue was $619 million in the three months ended March 31, with an operating loss of $662 million and an adjusted EBITDA loss of $351 million. For the full year 2025, the segment generated $4.086 billion in revenue, with an operating loss of $657 million and an adjusted EBITDA of $653 million.
SpaceX revealed that it has invested over $15 billion in the development of its next-generation rocket, Starship, which will be used for transporting large payloads and potentially as a lunar lander. The investment has exceeded SpaceX’s original budget for the project. Starship is scheduled to undergo its 12th test flight later this week.
Additionally, SpaceX’s AI business segment (including xAI, now renamed “SpaceX AI”) generated $818 million in revenue in the first quarter of 2026, with an operating loss of $2.469 billion and an adjusted EBITDA loss of $609 million. SpaceX reported that its AI segment lost $6.355 billion in 2025.
In terms of equity structure and company control, the prospectus disclosed a super voting rights share plan, which has drawn widespread attention. Elon Musk currently holds 12.3% of SpaceX’s Class A shares and 93.6% of its Class B shares. Given that each Class B share has 10 votes, while each Class A share has only one vote, Musk will continue to hold approximately 85.1% of the company’s absolute voting power after the IPO.
This means that despite holding around 42% of the company’s equity, Musk will maintain absolute control over the company’s decision-making power. The prospectus explicitly states that “Musk will have the power to control the outcome of matters that require shareholder approval, including the election of all of our directors.”
SpaceX will maintain its “controlled company” status after the IPO, without the need to follow the usual requirement of having a majority of independent directors, except for an audit committee composed entirely of independent directors.
Another major shareholder listed in the filing is Antonio Gracias, founder of Valor Equity Partners, who holds 7.3% of SpaceX’s Class A shares. After the IPO, Musk will continue to serve as CEO, CTO, and chairman of SpaceX’s nine-member board. Although Musk’s salary last year was only $54,080, he will receive billions of dollars in stock after the company goes public.
SpaceX is required to publicly submit its prospectus 15 days before the start of its IPO roadshow. After the roadshow begins, SpaceX and its underwriters will promote the issue to large investors and brokers, and determine the IPO price before the stock is officially listed.
