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SpaceX on Wednesday submitted documents to move forward with its highly anticipated initial public offering (IPO), as the revolutionary company that’s pursuing the eventual colonization of Mars and deploying space-based AI data centers.
The company, led by CEO Elon Musk, has grown into the world’s largest space business and is expected to become the first U.S. company to go public with a market value of more than $1 trillion at the time of its IPO.
SpaceX plans to offer its shares on the Nasdaq stock exchange using the ticker symbol “SPCX” and will also trade on the recently launched Nasdaq Texas exchange, as the company is headquartered in Starbase, Texas.
Founded by Musk in 2002, SpaceX has seen its business rise in recent years with the deployment of Starlink satellites that provide internet service to consumers, while it also pioneered the use of reusable rockets that can land and be relaunched to make space launches more commercially viable.
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Starlink has become a key driver of its business, accounting for most of its $18.67 billion in revenue last year. Despite that revenue, it reported a loss of about $4.9 billion last year as it nearly doubled its capital expenditures to $20.7 billion in 2025. In 2024, SpaceX reported a profit of about $791 million.
SpaceX recently acquired another startup founded by Musk in xAI, which is focused on developing artificial intelligence (AI) technologies.
The company’s IPO filing notes that the xAI unit still loses money, though AI will be pivotal to the company’s future. SpaceX recently announced that it’s collaborating with another Musk firm, Tesla, on an advanced chip manufacturing facility.
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SpaceX is aiming to list its shares on the Nasdaq as early as June 12 and plans to launch its road show on June 4, with a share sale as soon as June 11, Reuters reported.
The IPO filing indicated that SpaceX will have a dual-class share structure that gives Class B shareholders 10 votes each, which will consolidate control under Musk and other insiders, whereas the Class A shares available to public investors carry one vote apiece.
Musk will retain 85.1% of the combined voting power of the company, according to SpaceX’s prospectus.
The company’s filing with the Securities and Exchange Commission (SEC) outlines a massive addressable market of $28.5 trillion across its business areas.
Of that total, $26.5 trillion is attributed to AI initiatives, including $22.7 trillion in enterprise AI applications, $2.4 trillion in AI infrastructure, plus $760 billion in consumer subscriptions and $600 billion in digital advertising. It also includes $1.6 trillion in connectivity through its Starlink products, plus $370 billion from space-enabled solutions.
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SpaceX’s filing with the SEC doesn’t set a stock price, but notes that Goldman Sachs will lead the underwriting. Several other firms, including Morgan Stanley, Bank of America, Citi and JPMorgan, among others, will also be involved with the process.
Analysts for Wedbush Securities led by Dan Ives, the firm’s managing director and global head of technology research, said that SpaceX’s filing represents “the largest IPO in stock market history as the company remains at the center of two of the largest growth opportunities over the coming decades.”
They also explained that they expect Tesla and SpaceX to proceed with a merger after the IPO is completed, noting that Tesla invested $2 billion in xAI that was converted to SpaceX shares after its acquisition, as well as the companies’ recent announcement to build a joint Terafab chipmaking facility.
“Musk wants to own and control more of the AI ecosystem and step by step the holy grail could be combining SpaceX and Tesla in some way to give the connected tissue between both disruptive tech stalwarts looking to lead the AI Revolution,” Ives and team wrote.
Reuters contributed to this report.
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