InJune,onthe3rd, CLS News reported,insiders revealedthatSpaceXis locking in a per-share price of135dollars for the offering, intending to offload555.6million new shares via an initial public offering(IPO)to potentially bank750billion dollars.This haul would more than double Saudi Aramco’s2019historic29.4billion dollar fundraising record. According to the coverage,SpaceXis currently setting itsIPOtarget valuation at a mind-bending1.8trillion dollars.
FYI,SpaceXis already hashing out deals with Wall Street banks, aiming to cap this month’sIPOunderwritingfees at under0.75%, which is notably cheaper since mega-IPOs usually ring in above1%. As the lead joint bookrunners, Goldman Sachs and Morgan Stanley are poised to walk away with fatter fees compared to the other21banks on the syndicate.
Previously,onMaythe29th, Anders,Chief Investment Officer of Denmark’s“AkademikerPension”(AkademikerPension)Schelde,fired off a warning thatSpaceX’s target valuation (at least1.8trillion bucks) is“heavily overpriced”.
Based on earlier updates,SpaceXis gearing up to kick off its roadshow as early asJunethe4th, with a potential pricing date set forJunethe11th. Insiders note that the schedule could slip by a few days since talks are still wrapping up,SpaceXmight actually bump up that target valuation if investor buzz during the roadshow gets hot enough.
Local timeonMaythe20th,SpaceXofficially dropped itsS-1registration statement (the prospectus) with the U.S. Securities and Exchange Commission (SEC), officially flipping the switch on theIPOjourney. The company plans to list itsA-class common stock on the Nasdaq Stock Market (Nasdaq) alongside the Nasdaq Texas exchange (Nasdaq Texas), locking in the ticker symbol“SPCX”.
According to filings in the prospectus,SpaceXwrapped up its merger withxAI Holdings Corp.(xAI)back on Februarythe2nd. Post-merger,SpaceXoperations split cleanly into three core pillars: aerospace, satellite internet, and artificial intelligence (AI). FounderMusk, by holding onto both hisAshares and hisBshares, effectively locks downSpaceXroughly85%of all voting power, guaranteeing he keeps absolute command even after going public.
SpaceXwarned investors about several major hurdles in its prospectus, highlighting things likeAIdivision bleeding cash, massive R&D bills that won’t pay off anytime soon, plus space data centers battling heavy tech, regulatory, cost, and radiation gauntlets; there’s also heavy uncertainty around Starship development and Mars missions, meaning Musk’s performance-linked equity might stay locked up for years,all of which could seriously dent operations, financial health, and bottom-line results.
The hard numbers paint a clear picture:2026’s first quarter brought combined revenue of4.694billion dollars, though operating losses hit1.943billion, leaving adjustedEBITDAat1.127billion dollars;2025full-year combined revenue stood at18.674billion, against operating losses of2.589billion and adjustedEBITDAof6.584billion dollars.
When you break down the numbers, satellite internet is clearly carrying the revenue weight here. Fueled largely byStarlink,that segment raked in3.257billion in revenue, generating1.188billion in operating profit and2.087billion in adjustedEBITDAduring the three months endingMarchthe31st,2026.For the full year2025,this slice of the pie delivered11.387billion in revenue,4.423billion in operating profit, and7.168billion in adjustedEBITDA, marking year-over-year jumps of49.8%,120.4%and86.2%respectively.
The aerospace division, meanwhile, brought in619million in revenue over those same three months endingMarchthe31st,2026, but took a hit with662million in operating losses and an adjustedEBITDAloss of351million dollars.Looking at the full2025calendar year, aerospace pulled in4.086billion in revenue, posted an operating loss of657million, and finished with an adjustedEBITDAof653million dollars.
SpaceX’sAIdivision is still burning through cash pretty aggressively right now.During Q1 of2026, it logged818million in revenue but suffered a steep2.469billion operating loss, dragging adjustedEBITDAdown by609million dollars.SpaceXitself admitted that the entireAIslice hemorrhaged a whopping6.355billion dollars throughout2025.
On the capital expenditure front,2026’s first quarter sawSpaceXslashing total CapEx at10.107billion dollars, with aerospace taking1.052billion, satellite internet gobbling up1.332billion, and theAIdivision eating7.723billion;for the full year2025, total CapEx reached20.737billion, split across the three units at3.832billion,4.178billion, and12.727billion respectively, with those funds funneled straight into deep-tech R&D, facility upgrades, and aggressive market expansion.
