SpaceX Files for IPO on Nasdaq, Unveils Losses and Musk’s Sweeping Ownership Stake

CNBC reported Wednesday that SpaceX has officially submitted an IPO prospectus to the Securities and Exchange Commission, confirming plans to list on the Nasdaq under the ticker symbol SPCX. The filing marks one of the most anticipated public market debuts in years and would make Elon Musk the chief executive of two separate trillion-dollar publicly traded companies simultaneously.

A Deal Years in the Making

SpaceX quietly filed a confidential registration with the SEC back in April. The company is now targeting a formal investor roadshow beginning June 8, according to CNBC. Goldman Sachs is the lead underwriter on the offering, with Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase rounding out the banking syndicate. Subsequent filings are expected to disclose a per-share pricing range and fuller details on major shareholders.

The offering arrives after SpaceX was valued at $1.25 trillion in February, following its merger with Musk’s artificial intelligence startup xAI. That figure means incoming public investors will be entering at a historically elevated valuation.

Background: From Rockets to a Multi-Vertical Empire

Musk founded SpaceX in 2002 with a focus on reusable rocket technology. The company grew into NASA’s dominant launch partner after the agency retired the space shuttle in 2011. Over time, it expanded into satellite broadband through Starlink, which now operates a constellation of roughly 10,000 satellites. The xAI merger also folded in X, the social platform formerly known as Twitter, which Musk acquired in 2022.

That absorption has introduced financial complexity. X’s advertising revenue dropped by $100 million in the first quarter of 2026 as the platform overhauled its ad technology, a performance that contrasted sharply with growth at Meta, Pinterest, and Reddit over the same period. Subscription revenue across X and xAI’s Grok assistant grew by $177 million in Q1 2026, offering some offset.

Scale of Ambition, Scale of Risk

The prospectus frames SpaceX’s total addressable market at $28.5 trillion. That figure spans Starlink broadband, mobile connectivity, digital advertising through X, AI infrastructure, and enterprise software applications. The company also disclosed a joint project with Tesla to develop an AI agent platform called Macrohard, designed to automate digital work at scale.

SpaceX also revealed it spent $131 million purchasing Tesla Cybertrucks in 2025 at standard retail prices, an internal transaction that is likely to draw scrutiny from prospective shareholders given Musk’s overlapping roles across both companies.

Analysts are watching whether SpaceX’s IPO will trigger a chain reaction, with both OpenAI and Anthropic reported to be weighing their own public market entries later this year.

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