SpaceX outlines plans for blockbuster IPO

Elon Musk’s SpaceX confirmed intentions to launch a long-awaited IPO in the US, which could start as early as next month, in what is set to be the biggest listing in history.

In a Securities and Exchange Commission (SEC) filing, SpaceX stated it will list on the Nasdaq stock exchange under the symbol SPCX, while the size and proposed valuation were not disclosed.

The Financial Times previously reported a possible company valuation of $1.75 trillion, with the IPO set to raise $75 billion.

It will be underwritten by some of the world’s largest banks, including Goldman Sachs, Morgan Stanley and Citigroup.

SpaceX, which provides communications services, produces rockets and runs Musk’s AI offerings, values itself at around $1.3 trillion. Musk’s stake alone is worth more than $600 million on that number.

$4.3B loss
As part of the filing, SpaceX offered a rare glimpse into its financials.

In Q1 2026 it recorded revenue of $4.7 billion, up 15.4% year on year-on-year. During the same period it recorded a net loss of $4.3 billion, compared to $528 million in the same quarter the year prior. In 2025 it generated revenue of $18.7 billion, up 33%.

Its Connectivity division, which is led by Starlink, is a key growth driver. Subscribers to the service rose from 2.3 million in 2023 to 4.4 million in 2024, and 8.9 million in 2025.

By the end of Q1 2026 it had 10.3 million subscribers, on revenue of $3.3 billion. The latter figure was up 31.6%.

Revenue for Connectivity hit $11.4 billion in 2025, up 50%, on income of $4.4 billion which represents a 120% uplift.

SpaceX’s balance sheet shows $102 billion in assets, which includes rockets and other equipment, while its net debt stands at $60.5 billion.