SpaceX Files for IPO on Nasdaq Under Ticker SPCX

CNBC reported Wednesday that SpaceX submitted a public prospectus to the Securities and Exchange Commission, formally launching what could become the largest initial public offering in history. The company intends to list on the Nasdaq under the ticker symbol SPCX.

A Trillion-Dollar Debut in the Making

SpaceX carries a $1.25 trillion valuation into this offering. That figure reflects its February merger with Elon Musk‘s artificial intelligence startup xAI, which also owns X, the platform formerly known as Twitter. Goldman Sachs leads the underwriting syndicate, with Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase also named on the prospectus. A roadshow is expected to begin around June 8, with a likely Nasdaq debut to follow in early summer.

Starlink Holds Up the Entire Business

The filing makes clear that SpaceX’s satellite internet service, Starlink, is doing the heavy lifting. The company posted $4.69 billion in total first-quarter revenue. Starlink’s Connectivity segment generated $3.26 billion of that, or roughly 69 cents of every dollar earned. It was also the only segment to turn a profit, recording $1.19 billion in operating income. SpaceX now counts approximately 10.3 million Starlink subscribers globally.

The aerospace unit lost $619 million on an operating basis in the quarter. The AI division was far worse, posting a $2.5 billion operating loss as the company ramps cloud and infrastructure spending at xAI.

Background: From NASA Contract to Public Markets

Musk founded SpaceX in 2002 with the explicit goal of building reusable rockets. The company became NASA’s primary launch contractor after the agency retired the Space Shuttle in 2011. Over the past decade, SpaceX grew from a government contractor into a commercial conglomerate spanning satellite broadband, advanced rocketry, and now artificial intelligence infrastructure. Its public debut would hand Musk leadership of two separate trillion-dollar listed companies simultaneously.

Mars Colonies and Cybertruck Purchases

The prospectus contains at least one extraordinary compensation detail. Musk received one billion performance-based restricted shares in January. Those shares only vest if SpaceX establishes a permanent human colony on Mars with at least one million inhabitants, alongside specific market capitalisation milestones. The filing also disclosed that SpaceX spent $131 million on Tesla Cybertrucks in 2025 and purchased $697 million worth of Tesla’s Megapack battery systems across 2024 and 2025. Tesla had previously disclosed the Megapack sales from its end.

SpaceX’s offering is widely expected to be the first of three potential mega-listings this year, with OpenAI and Anthropic also eyeing public markets.

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