SpaceX Files for Historic IPO at $1.25 Trillion Valuation

CNBC reported Wednesday that Elon Musk’s SpaceX has officially filed an IPO prospectus with the Securities and Exchange Commission, targeting a listing on the Nasdaq under the ticker symbol SPCX. The filing sets the stage for what could be the largest public market debut in history.

SpaceX IPO Sets Up Landmark Nasdaq Debut

Goldman Sachs is the lead left bookrunner on the deal. Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase round out the syndicate. SpaceX confidentially submitted its paperwork in April and is targeting a roadshow launch on June 8. A follow-up filing will disclose the expected per-share price range and further shareholder detail.

The offering arrives at a valuation of $1.25 trillion, established in February after SpaceX merged with Musk’s artificial intelligence venture xAI. That combination also folded in X, the social platform formerly known as Twitter. Musk would become the first individual to simultaneously lead two separate trillion-dollar publicly traded companies.

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Background: From Reusable Rockets to a Sprawling Empire

SpaceX was founded by Musk in 2002 with a focus on reusable launch vehicles. NASA became its largest customer after retiring the Space Shuttle in 2011. The company has since expanded far beyond aerospace, running the Starlink satellite broadband network across roughly 10,000 orbiting satellites.

The xAI merger broadened the portfolio further, adding the Grok AI assistant and the X advertising platform. SpaceX now also says it is developing an AI agent product called Macrohard, built in partnership with Tesla, designed to automate software development work.

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Losses, X Ad Declines, and a $28.5 Trillion Opportunity

The prospectus paints a picture of scale alongside significant financial strain. X advertising revenue fell by roughly $100 million in the first quarter of 2026 alone, as the platform underwent a full rebuild of its ad technology. That contrasts sharply with growth posted by Meta, Pinterest and Reddit in the same period.

SpaceX frames its total addressable market at $28.5 trillion, spanning broadband, mobile, digital advertising and AI infrastructure. Subscription revenue across X and Grok grew by $365 million in full-year 2025 and an additional $177 million in just the opening quarter of this year.

The filing also disclosed $131 million in Cybertruck purchases from Tesla at retail prices during 2025. Analysts expect final pricing terms to emerge ahead of the June roadshow.

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