New York, May 22, 2026, 15:03 EDT
SpaceX is offering some shareholders the chance to sell stock ahead of the standard six-month lock-up period following its IPO, according to a company filing. The move introduces a staggered release, with share blocks opening up based on earnings and stock milestones, while Elon Musk and other top holders have agreed to stay locked up for 366 days. “Probably better for the market” than a massive single-day lock-up expiry, said Ali Perry of Mayer Brown. Reuters
The timing here matters: the IPO’s pitched as one of the biggest in history. Bloomberg has SpaceX aiming to raise a minimum of $75 billion, targeting a potential $2 trillion valuation—though those numbers aren’t locked yet. Speeding up resale rights might lure early backers and employees, but it also brings the risk of more shares hitting the market sooner after the debut.
The S-1 filing opened up SpaceX’s numbers to public scrutiny for the first time ahead of its U.S. IPO. According to Reuters, the company posted a $4.28 billion net loss in the first quarter. Starlink turned a profit, but the AI segment racked up a $2.47 billion loss on $818 million in revenue. xAI accounted for 76% of capex during the quarter.
Starlink keeps generating the bulk of the cash. Subscriber numbers hit 10.3 million as of the end of March, up from 8.9 million at the end of 2025, according to Via Satellite. But average revenue per user slipped, dropping to $66 per month from $99 in 2023.
The filing laid bare Musk’s grip on the company. SpaceX, according to Business Insider, posted a $4.9 billion loss on $18.7 billion in 2025 revenue, applied to trade on both Nasdaq and Nasdaq Texas as “SPCX,” and disclosed Musk’s 85.1% voting control before the IPO. Business Insider
Investors are left puzzling over how to price a business that straddles running satellites and making big wagers on Starship and AI. “The risk isn’t whether SpaceX is a real business,” eToro analyst Josh Gilbert told Reuters; instead, he said, the real question is whether the valuation reflects all the execution risks tied up in rockets, internet, and AI together. Reuters
AI has moved to the core. According to the filing, SpaceX’s Colossus data-center clusters will provide computing muscle to Anthropic, locking in $1.25 billion in monthly payments until May 2029 for the horsepower behind training and running AI models, Reuters said.
SpaceX’s Starship program isn’t cheap. According to Bloomberg, the company has poured more than $15 billion into building the massive reusable rocket at its Starbase site in South Texas. Starship is central to SpaceX’s pitch for lowering launch costs, ramping up Starlink satellite deployments, and fulfilling its NASA moon contract.
Here’s the sticking point: SpaceX called off Starship V3’s twelfth test flight in Texas on Thursday, citing off-nominal fuel measurements and a hiccup with the launch tower hydraulics. The company is aiming for another attempt Friday when the launch window opens at 5:30 p.m. Central. Musk pointed to a “large pipeline” of Starship hardware ready to go, but warned that setbacks and stumbles could still dent confidence ahead of the IPO. Reuters
The competitive field isn’t wide, but it matters. For launches, Blue Origin stands out as the closest private challenger as the industry chases cheaper missions and government contracts. Comparing satellite internet offerings is tough—SpaceX’s scale muddies the waters. “It is difficult to value companies like this,” Georgetown finance professor Reena Aggarwal told Reuters. Reuters
Wall Street might want to hold off on taking this deal as a sign the IPO market is making a comeback. Lukas Muehlbauer, research associate at IPOX, told Reuters SpaceX is “not a normal test case”—the company’s size and valuation set it apart, he said, even if its stock market debut could sway sentiment on other upcoming listings. Reuters
Bankers are walking away with a rare win here. Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and J.P. Morgan landed roles as bookrunners, according to Reuters. SpaceX hasn’t disclosed the share price or how much it aims to raise in the public filing yet.
