SpaceX, the aerospace giant founded by Elon Musk over two decades ago, has officially released its long-awaited IPO filing, setting the stage for what could become one of the biggest public listings in history. The company is preparing to debut on the Nasdaq under the ticker “SPCX”, with expectations of raising around $75 billion and reaching a staggering valuation of about $1.75 trillion.
The filing confirms that Musk will remain deeply embedded in the company’s leadership structure, serving simultaneously as CEO, CTO, and chairman. Even after going public, SpaceX is designed to remain firmly under his control.
The S-1 filing paints a picture of a company far beyond rockets. SpaceX has evolved into a multi-layered tech powerhouse, with satellite internet service Starlink now driving the majority of its revenue—bringing in more than $11 billion last year.
Despite its massive growth, the company is still burning cash. SpaceX reportedly lost about $4.9 billion in 2025, with total lifetime losses exceeding $37 billion. The filing also highlights growing financial pressure from its expanding operations, including legal and structural costs tied to Musk’s broader tech ecosystem.
One of the most striking revelations is SpaceX’s aggressive push into artificial intelligence. Following its merger with Musk’s AI firm xAI, the company reportedly directed around 60% of its 2025 capital spending—roughly $20 billion—into AI development.
However, the AI division, which includes the Grok chatbot, is still operating at a loss while delivering slower-than-expected revenue growth of around 22%. Despite this, SpaceX is projecting a massive future opportunity, claiming a potential $28.5 trillion total addressable market, largely driven by enterprise AI applications.
At the heart of SpaceX’s long-term strategy is Starship, its fully reusable heavy-lift rocket. The company is betting heavily that Starship will dramatically reduce the cost of reaching orbit—by as much as 99% compared to traditional systems.
SpaceX plans to begin payload deliveries using Starship in the second half of 2026, followed by Starlink satellite launches and next-generation orbital deployments. However, the program remains risky, with ongoing technical setbacks and high development costs already exceeding $3 billion in 2025 alone.
Beyond rockets and satellites, SpaceX’s IPO filing outlines a sweeping vision of the future. The company describes ambitions that include space tourism, ultra-fast Earth-to-Earth travel, orbital manufacturing, and even asteroid mining.
More ambitious still are plans for space-based data centers, lunar and Martian resource production, and eventually enabling human life beyond Earth. Musk’s compensation package is tied to extreme milestones, including a potential one-million-person Mars colony and trillion-dollar-scale space computing infrastructure.
Despite its futuristic outlook, one fact remains clear: Musk retains overwhelming control, holding more than 85% of voting power. Even after the IPO, SpaceX is expected to remain one of the most tightly controlled public companies in modern history.
source: techcrunch