The SpaceX IPO has become one of the most closely watched financial events in global markets. Elon Musk officially disclosed the company’s filing with the US Securities and Exchange Commission, offering investors their first detailed look at the aerospace group’s financial performance.
However, several major details remain undisclosed. Most notably, SpaceX has not confirmed how much capital it intends to raise through the offering. Despite this, analysts already expect the valuation to approach $1.75 trillion.
SpaceX discloses revenue growth and operating losses
According to the filing documents, SpaceX generated $18.7 billion in revenue during 2025. Nevertheless, the company reported an operating loss of $2.6 billion for the same period.
These losses mainly reflect aggressive investment strategies. The group continues to allocate substantial resources to artificial intelligence infrastructure and next-generation rocket development.
Moreover, SpaceX is expanding several capital-intensive divisions simultaneously. As a result, profitability remains under pressure despite strong revenue growth.
Investors, however, appear willing to overlook short-term losses. Instead, they are focusing on the company’s long-term dominance in the commercial space industry.
The business model extends far beyond rocket launches
Although the company is best known for space transportation, SpaceX now operates across several high-growth sectors.
Its portfolio includes:
- the Starlink satellite internet network;
- artificial intelligence company xAI;
- social media platform X;
- orbital launch and transport services.
Consequently, the group has evolved into a diversified technology conglomerate rather than a traditional aerospace business.
Starlink currently represents the company’s largest revenue contributor. Financial disclosures show that revenue from the satellite internet division increased by nearly 50% between 2024 and 2025.
In contrast, the artificial intelligence division remains heavily unprofitable. Operating losses linked to xAI and X exceeded $6 billion last year.
SpaceX IPO could become the largest in financial history
The SpaceX IPO could surpass every previous public offering in scale and valuation.
Several financial publications estimate that the company may seek to raise approximately $75 billion. If confirmed, the deal would comfortably exceed the previous IPO record held by Saudi Aramco in 2019.
Meanwhile, market observers believe SpaceX could debut with a valuation close to $1.75 trillion. That figure represents nearly one hundred times annual revenue, which significantly exceeds traditional valuation standards.
Even so, investor enthusiasm remains exceptionally strong. Many institutional investors view SpaceX as a long-term infrastructure play tied to space commerce, AI expansion, and satellite connectivity.
Elon Musk is expected to retain voting control
Despite the public offering, Elon Musk will likely maintain effective control of the company.
The current ownership structure heavily favours Class B shares, which carry ten times more voting rights than ordinary shares. Musk owns nearly all of these enhanced voting shares.
As a result, he is expected to retain approximately 79% of total voting power after the IPO. However, his economic ownership stake could decline to around 42%.
SpaceX acknowledged this governance structure as a potential risk factor for investors. The company stated that Musk would continue controlling shareholder decisions, including board appointments and strategic direction.
The company is promoting a long-term vision of space expansion
The filing also highlights Elon Musk’s broader ambitions for the future of humanity and commercial space development.
The strategy focuses on:
- expanding orbital commerce;
- building data infrastructure in space;
- accelerating global satellite internet coverage;
- advancing artificial intelligence technologies.
Furthermore, internal compensation plans reportedly include performance targets connected to establishing a human colony on Mars.
This vision continues to differentiate SpaceX from traditional publicly traded companies. Rather than emphasising short-term profitability, the company positions itself as a transformational technology platform.
Why financial markets are closely watching this listing
Analysts across Wall Street describe the offering as a defining moment for both the aerospace and technology sectors.
Dan Ives of Wedbush described the transaction as a “major turning point” for the future of space and AI investment markets.
Additionally, a successful Nasdaq listing could encourage further investment into commercial space infrastructure and emerging AI ecosystems.
The filing also demonstrates how rapidly private technology groups are reshaping public capital markets. Therefore, the outcome of the SpaceX IPO may influence future listings across the broader tech sector.
