NEW YORK, May 21, 2026, 16:04 EDT
SpaceX made its IPO filing public, opening the books of Elon Musk’s rocket-and-satellite company before a stock market debut expected to rank among the largest ever. The S-1 — the U.S. Securities and Exchange Commission document companies file before an initial public offering — shows a business now spread across rockets, Starlink internet, artificial intelligence and Musk’s control structure.
The timing matters because the filing shifts SpaceX from years of private-market speculation into a near-term test for public investors. Bloomberg reported before the document landed that SpaceX was targeting as much as $75 billion in the listing at a valuation of more than $2 trillion.
SpaceX is seeking to list Class A common stock on Nasdaq and Nasdaq Texas under the ticker SPCX, with Goldman Sachs, Morgan Stanley and Bank of America among more than 20 underwriters. Its 2025 consolidated revenue was $18.7 billion, with Starlink-led connectivity revenue at $11.4 billion and segment operating income of $4.4 billion; the company still posted a $2.6 billion operating loss.
The first quarter was rougher. Reuters reported the filing showed a total operating loss of $1.94 billion on $4.69 billion of revenue, even as Starlink made an operating profit of $1.19 billion. The AI division alone lost $2.47 billion on $818 million of revenue, and SpaceX is aiming for a June 4 roadshow, a share sale as early as June 11 and a June 12 listing.
The AI push is not just a side bet. SpaceX said Anthropic agreed to pay it $1.25 billion a month through May 2029 for compute capacity — the processing power needed to run AI models — from its Colossus and Colossus II data-center clusters, though either side can end the agreements on 90 days’ notice.
Musk will remain at the center. Reuters said the filing showed a board deeply tied to his wider business network, with directors linked to Tesla, Google, PayPal and venture firms that backed Musk ventures; Musk remains chairman, chief executive and chief technology officer, with compensation tied to targets including a $7.5 trillion market value and a Mars colony.
The valuation case is unusual, even by technology market standards. “The risk isn’t whether SpaceX is a real business; it clearly is,” Josh Gilbert, an analyst at eToro, told Reuters, adding that investors must decide whether the target price accounts for execution risk across rockets, internet and AI. Rainmaker Securities co-founder Greg Martin said investors will not justify a $1.75 trillion to $2 trillion valuation using traditional metrics alone. Reuters
Wall Street has its own stake in the deal. Business Insider reported Goldman Sachs is in the lead-left position, Morgan Stanley is stabilization agent and 23 firms are listed as bookrunners; Jay Ritter, a University of Florida finance professor who tracks IPOs, called the scale of the private-sector valuation “unprecedented.” Business Insider
The filing already moved peers. Eutelsat rose 20%, Germany’s OHB gained 15% and SES added 3.7% after the SpaceX filing, as investors looked for a re-rating of listed satellite groups. OHB CEO Marco Fuchs told Reuters he did not expect capital flight and said the sector was at the start of a “real space boom,” while ODDO BHF analyst Stéphane Beyazian said SpaceX was expected to command valuation multiples above SES or Eutelsat. Reuters
But the prospectus also sets out a clear downside. SpaceX said its growth strategy is “highly dependent on Starship,” the next-generation rocket expected to carry heavier satellites and future AI infrastructure; Reuters reported the company had a $4.28 billion quarterly loss and a $41.31 billion accumulated deficit as of March 31. Any delay in Starship or failure to cut launch costs could push out Starlink expansion, AI data-center plans and the broader valuation story. Reuters
Nor does one blockbuster deal mean the IPO market is fully back. Lukas Muehlbauer, a research associate at IPOX, told Reuters SpaceX “doesn’t lend itself as a normal test case” for listings because of its size and valuation, while Annex Wealth’s Brian Jacobsen said investors may herd into the deal because they “don’t want to miss out.” Reuters
