After market close on May 20, Eastern Time, SpaceX（太空探索技术公司） publicly filed its S-1 IPO application with the SEC, planning to list on NASDAQ under the ticker symbol SPCX. A roadshow is expected to kick off within the next few weeks. The 277-page S-1 document outlines a target fundraising amount of roughly $75 billion, which would shatter Saudi Aramco’s 2019 IPO record of $29.4 billion. The company aims for a valuation of about $1.75 trillion, making it the sixth-largest publicly traded firm globally after NVIDIA ($5.4 trillion), Apple, Alphabet, Microsoft, and Amazon. Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley serve as joint lead underwriters, with a total of 21 banks participating. To retain internal voting control, SpaceX intends to adopt a dual-class share structure; roughly 30% of shares will be allocated to retail investors — triple the industry average.
The S-1 also reveals the group’s financial figures for the first time: total revenue in 2025 reached $18.7 billion, a 33% year-on-year increase. Net losses ranged between $2.6 billion and $4.9 billion depending on estimates, while cumulative losses since inception exceed $37 billion. Business-wise, Starlink generated $11.4 billion in revenue — accounting for over 60% of the group’s total earnings — and posted a $1.2 billion profit in Q1 2026 alone; its user base now tops 10.3 million. Rocket launches contributed around $4 billion in revenue. Meanwhile, the xAI division (which includes Grok and the X social platform) acquired in February brought in roughly $3.2 billion, marking just a 22% rise year-on-year — far behind major AI rivals. Still, xAI accounted for nearly 60% of the group’s total capital expenditure in 2025, spending about $20 billion. Currently, xAI operates 1 gigawatt of computing power; combined, Grok and X boast 550 million monthly active users, with roughly 117 million actively using Grok’s AI features. On the risk front, the S-1 notes that Grok is currently under investigation by eight law enforcement and regulatory agencies over issues related to non-consensual deepfake content. Additionally, SpaceX confirmed it has signed a contract with Anthropic to supply data center computing power.