The long-awaited "when will it happen?" file has finally been opened. SpaceX submitted its S-1 IPO prospectus to the SEC after the market closed on Wednesday, May 21st. The company will trade on Nasdaq and the newly formed Nasdaq Texas under the ticker symbol SPCX. If planned, the roadshow in June 2026 will be the largest IPO in history.

What do the numbers say?

According to the filing reviewed by Reuters and Barron's:

Target valuation: $1.75 trillion, with an upper limit of $2 trillion being discussed. This surpasses Saudi Aramco's record of $1.7 trillion in 2019.
Target funding: $50 to $75 billion, with some sources suggesting it could reach $80 billion. 2025 balance sheet: $18.7 billion in revenue, $4.9 billion in net loss. The previous year had a profit of $791 million. The loss is due to the over $15 billion investment in Starship.
2026 first quarter: Revenue increased to $4.7 billion, loss to $4.3 billion. $3.2 billion of revenue comes from AI, and $11.4 billion from Starlink connectivity services.
Surprise in the balance sheet: 18,712 Bitcoins, average cost $35,000.

Musk retains control

The filing shows that SpaceX's IPO is not a classic technology IPO. Elon Musk retains 85.1% of the voting rights with a dual-class share structure. He will retain the CEO and CTO positions. The prospectus even includes a clause stating he will receive a special bonus if the goal of Mars colonization is achieved.

The syndicate managing the IPO consists of 21 banks. Goldman Sachs is the lead investor, Morgan Stanley is the co-lead investor. In polymarket betting, Goldman was said to have a 72% chance of taking the lead, and the filing confirmed this.

Where will the money go?

The prospectus outlines three pillars of the plan codenamed "Project Apex":

Starship: First cargo flight by the end of 2026, crewed lunar mission in 2027.
Starlink: Second-generation network of 42,000 satellites, generating $1.2 billion in operating profit in Q1 2026.
Orbital AI: Data centers in orbit, including massive processing with Anthropic.

Musk refers to Tesla 90 times in the filing and points to closer integration of the two companies by 2027.

The risks are also significant.

More than 20% of revenue has come from a single unnamed customer in the last three years.
The company relies on "non-existent markets": Mars transportation, AI in space. A $4.9 billion loss in 2025 is prompting investors to ask, "When will profits come?"

Why now?

SpaceX was already trading at a valuation of $350 billion on the private market. However, public capital is needed for Starship and AI investments. Furthermore, the US government's "strategic space" funds demand a publicly traded structure.

If the $1.75 trillion valuation is achieved, Musk's personal fortune will surpass $1 trillion, making him the first trillionaire in history.

The #SpaceXOfficiallyFilesforIPO hashtag isn't just news of an IPO. It's an announcement of space transportation transitioning from a speculative venture to a mainstream Wall Street portfolio. When the bell rings in June, investors will be partnering not in rocket science, but in Elon Musk's dream of Mars.

SPCX-3.9%

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

1 Likes