SpaceX publicly filed its S-1 registration statement with the Securities and Exchange Commission on Wednesday, formally beginning the process of listing on the Nasdaq $NDAQ exchange under the ticker symbol SPCX.
The S-1 filing reveals a company with $18.7 billion in 2025 revenue that spans rockets, satellite internet, and AI
Ethan Swope / Bloomberg via Getty Images
SpaceX publicly filed its S-1 registration statement with the Securities and Exchange Commission on Wednesday, formally beginning the process of listing on the Nasdaq $NDAQ exchange under the ticker symbol SPCX.
People with knowledge of the deal told Bloomberg the company is seeking to raise as much as $75 billion while pricing itself at over $2 trillion — a figure that, if realized, would supersede Saudi Aramco's $29.4 billion offering in 2019 as the largest IPO on record. According to the filing, the underwriting syndicate is led by Goldman Sachs $GS and Morgan Stanley $MS, with Bank of America $BAC, Citigroup $C, and JPMorgan $JPM Chase rounding out the bookrunner roster.
The S-1 shows SpaceX generated $18.67 billion in revenue in 2025, with its Connectivity segment — anchored by Starlink satellite internet — accounting for $11.39 billion of that total. The Connectivity unit posted income from operations of $4.42 billion for the year, more than double the prior year's figure. The company reported a loss from operations of $2.59 billion for full-year 2025, weighed down in part by its AI division, which lost $6.36 billion from operations on $3.2 billion in revenue.
The filing puts Starlink's subscriber base at roughly 10.3 million across 164 countries, territories, and other markets as of March 31, 2026, supported by a constellation of approximately 9,600 low-Earth orbit satellites that represent about 75% of all active maneuverable satellites currently circling the planet.
Two businesses tied to CEO Elon Musk now sit inside the SpaceX corporate structure: xAI, the artificial intelligence startup he founded and moved over in a February 2026 acquisition, and X $TWTR Holdings, the social media platform he took private in 2022 and folded into SpaceX the prior March. Financial statements were retrospectively recast to include both entities. According to the filing, the AI segment — home to the Grok chatbot — consumed roughly $12.7 billion in capital expenditure during 2025 and runs compute infrastructure with a capacity of approximately 1.0 gigawatt.
Trading is expected to begin on the Nasdaq as early as June 12, following an investor roadshow slated to kick off June 4 and share pricing anticipated for June 11. SpaceX conducted a five-for-one stock split effective May 4, 2026, and will maintain a dual-class share structure in which Class B shares carry 10 votes each versus one vote for Class A shares. Musk will retain majority voting control after the IPO, the filing says. The S-1 also discloses that legal costs stemming from the absorption of Musk's companies are expected to reach $530 million, according to TechCrunch.
SpaceX has posted cumulative losses of more than $37 billion since its founding, the filing shows.
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