SpaceX Files for IPO on Nasdaq Under Ticker SPCX

CNBC reported Wednesday that the SpaceX IPO is now officially in motion, with the company submitting a prospectus to the Securities and Exchange Commission and targeting a Nasdaq debut under the ticker symbol SPCX.

A Record-Setting Offering Takes Shape

Goldman Sachs is leading the underwriting effort, joined by Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase. The company quietly filed with the SEC in April, and a roadshow is expected to launch around June 8. Founder and CEO Elon Musk would become the first person to lead two separate publicly traded companies each valued above $1 trillion.

Subsequent filings are expected to disclose per-share pricing and a more detailed breakdown of major shareholders. The SpaceX IPO is widely seen as the first in a potential trio of landmark offerings this year. Both OpenAI and Anthropic are also weighing public market debuts.

A Giant Valuation Built on Bold Market Claims

SpaceX pegged its total addressable market at $28.5 trillion in the prospectus. That figure spans broadband through Starlink, mobile connectivity, digital advertising via X, and AI infrastructure. Enterprise software applications alone account for an estimated $22.7 trillion of that total, citing data from the Digital Cooperation Organization.

The filing also detailed a new initiative called Macrohard, an AI agent service developed in partnership with Tesla that aims to build an autonomous, AI-run software company.

Background: From Rockets to a Sprawling Conglomerate

SpaceX was founded in 2002 to build reusable rockets. It became NASA’s primary launch partner after the agency retired its Space Shuttle fleet in 2011. Over the following decade it expanded aggressively, launching Starlink and eventually absorbing xAI, Musk’s AI startup, which had previously acquired X, the social network formerly known as Twitter.

That merger in February set SpaceX’s valuation at $1.25 trillion, meaning new investors will be buying in at a historically elevated price. The company also disclosed it spent $131 million on Tesla Cybertrucks in 2025, purchased at manufacturer’s suggested retail price.

Advertising Headwinds Offset by Subscription Growth

X’s advertising revenue fell by $100 million in the first quarter of 2026 as the platform overhauled its ad technology systems. That result stands in contrast to strong growth at Meta, Pinterest, and Reddit over the same period.

Still, combined subscription revenue from X and the xAI Grok assistant rose by $365 million across full-year 2025, then added another $177 million in Q1 2026. SpaceX said it expects ad revenue per user to improve as a revamped Ads Manager rolls out more broadly.

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