SpaceX Files for IPO on Nasdaq Under Ticker SPCX

CNBC reported Wednesday that SpaceX has formally filed for an initial public offering, planning to list on the Nasdaq under the ticker symbol SPCX. The filing follows a confidential SEC submission the company made in April.

Goldman Sachs is leading the deal as left bookrunner. Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase round out the underwriting syndicate. A roadshow is expected to begin June 8, with pricing to follow in subsequent SEC filings.

A Trillion-Dollar Debut

SpaceX enters the public market at a $1.25 trillion valuation, a figure locked in after it merged with Elon Musk‘s artificial intelligence startup xAI earlier this year. That price point makes this one of the most expensive IPOs in market history by enterprise value. Musk, already the world’s wealthiest person, would command two separate publicly traded companies each valued above $1 trillion.

The prospectus lays out a staggering total addressable market estimate of $28.5 trillion. That figure spans Starlink broadband, Starlink mobile, X digital advertising, AI infrastructure, and a $22.7 trillion enterprise software opportunity the company sources from the Digital Cooperation Organization. SpaceX also disclosed a joint project with Tesla to build an AI agent service called Macrohard, intended to function as an autonomous software company.

Background: From NASA Partner to Market Giant

SpaceX was founded by Musk in 2002 with the goal of building reusable rockets. It became NASA’s primary launch contractor after the space shuttle program ended in 2011, and has since expanded into satellite internet through Starlink, now operating a constellation of roughly 10,000 satellites.

The xAI merger added X, the platform formerly known as Twitter, to SpaceX’s portfolio. Musk acquired Twitter in 2022 and rebranded it before folding it into the broader xAI operation.

Advertising Headwinds and Rising Subscriptions

The prospectus discloses that X advertising revenue fell by $100 million in the first quarter of 2026 as the company rebuilt its ad technology stack. That decline sits awkwardly alongside strong advertising growth reported by Meta, Pinterest, and Reddit. For full-year 2025, X ad revenue recovered by $115 million after a steep $595 million slide in 2024.

Subscription revenue is moving in a healthier direction. Combined income from X and xAI’s Grok assistant climbed $365 million across 2025 and added another $177 million in the first quarter alone. SpaceX also revealed it bought $131 million worth of Tesla Cybertrucks at list price during 2025.

The SpaceX IPO is expected to be the first of three potential blockbuster listings this year, with OpenAI and Anthropic both weighing public market entries.

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