SpaceX Files IPO Prospectus With $41B Deficit and Musk in Full Control

Fortune reported Wednesday that SpaceX has submitted its S-1 prospectus, formally launching what could become the largest initial public offering in stock market history. The company plans to list on the Nasdaq and Nasdaq Texas under the ticker “SPCX.”

Revenue Climbs but Red Ink Deepens

Full-year revenue reached $18.7 billion in 2025, up roughly 33% from $14.1 billion the prior year. Despite that momentum, losses are accelerating sharply. SpaceX posted a $4.27 billion net loss in the first quarter of 2026 alone. That compares to a $528 million loss in the same period a year earlier. The company’s accumulated deficit now stands at $41.3 billion as of March 31.

Starlink, the satellite internet division, is providing most of the financial lift. It contributed more than two-thirds of total revenue and generated $1.2 billion in profit last quarter. The space and AI units both ran at a loss during the same period.

Musk Holds Near-Total Voting Power

The filing makes clear that founder and CEO Elon Musk controls approximately 85% of shareholder voting power through special Class B shares. That structure gives him sole authority over board composition and any matter requiring shareholder sign-off. The company’s charter also permits Musk to operate businesses that compete directly with SpaceX, an unusual provision for a public company.

A separate grant of one billion performance-based Class B shares was awarded to Musk in January. One vesting condition requires SpaceX to establish a permanent human colony on Mars with at least one million residents.

How SpaceX Became a Corporate Conglomerate

SpaceX’s business footprint has expanded far beyond rockets in recent years. Musk folded X, formerly Twitter, into his AI company xAI. SpaceX then acquired xAI in February, making it the owner of both a social media platform and the Grok AI chatbot. Anthropic has separately agreed to pay SpaceX $1.25 billion monthly through 2029 for cloud computing capacity.

What Comes Next for the Offering

SpaceX has not disclosed its planned share count or offering price, which is standard at this stage. Reports suggest the company is targeting a raise of around $80 billion at a $1.7 trillion valuation. If achieved, that would eclipse the previous record set by Saudi Aramco, which raised $26 billion in its 2019 listing. A market debut could arrive as soon as June, with OpenAI and Anthropic said to be watching the reception closely before pursuing their own public offerings.

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