Elon Musk’s company is preparing its IPO, which could be the largest in history. SpaceX aims to raise 75 billion, for a huge valuation of between $1.75 and $2 billion.
SpaceXthe aerospace giant of Elon Muskis ready to land on the stock exchange with what promises to be the largest initial public offering ever.
SpaceX numbers
On the other hand, the company’s accounts would seem to justify the figure monsters which the documents cited by the Wall Street Journal and Financial Times testify.
In the 2025 financial statements, the company recorded total revenues of $18.5 billion. Despite these record revenues, driven above all by Starlink, SpaceX’s net profit registered a red mark of 4.94 billion dollars.
However, to these numbers we must add the new maxi-partnership signed with Anthropic. An agreement that provides for the payment of 1.25 billion dollars per month to SpaceX until May 2029 to obtain greater computational capacity.
The numbers emerged with the filing of the S-1 prospectus with the SEC, the document used to prepare the company’s imminent IPO. The objective, if the IPO goes through by mid-June, aims to raise a target of 75 billion dollars.
An operation would make that of SpaceX the largest IPO in global economic history, surpassing that of Saudi Aramco. The company’s valuation after its stock market debut should be in the range between 1.75 and 2.0 trillion dollars (just under Italy’s GDP).
AI in red
Although the 2025 accounts highlight the boom of Starlink, which generated 11.4 billion in revenues (+50%) and 4.4 billion in operating profit (+120%), SpaceX’s AI division instead closed with a loss of 6.4 billion on 3.2 billion in turnover.
A loss that further worsened in the first quarter of 2026, which saw SpaceX going into the red by as much as $4.28 billionalso here by virtue of gargantuan spending on AIalmost equaling that of the whole of 2025.
Despite the glaring losses, the company points to artificial intelligence as the “largest market in the history of humanity,” estimating a $28.5 trillion opportunity.
On the other hand, a company that does its own thing mission the colonization of Mars certainly cannot be stopped by losses, even billions. In the documents filed, SpaceX explains its goal of “building the systems and technologies necessary to make life multiplanetaryunderstand the true nature of the universe and extend the light of consciousness to the stars.”
Goldman Sachs will lead the IPO
SpaceX will be listed on the Nasdaq, under the ticker SPCX. So as not to miss anything, it will be Goldman Sachs to act as lead left underwriteror the main guide of the placement consortium.
This means that Goldman Sachs will coordinate pricing, manage the investor order book and shoulder the major risk of the trade, outperforming historic rivals such as Morgan Stanley.
Musk remains firmly at the helm
Elon Musk will retain near-total control of the company. The market will in fact purchase Class A shares (with one vote per share), while Musk will keep the Class B shares, which guarantee well 10 votes for each title.
This mechanism allows the billionaire to hold the85.1% of the total voting rights despite owning a lower share of real capital, thus shielding every business decision.
The prospectus presented by SPaceX also states that the shares due to him will be divided into 15 almost equal tranchescomprising approximately 67 million shares each, and which will vest only upon reaching certain market capitalization targets.
The flagship of the South African-born tycoon will therefore remain firmly in his hands.
