SpaceX filed its IPO prospectus revealing plans to raise $75–80 billion at a valuation exceeding $1.5 trillion, potentially making it one of the largest public offerings ever and positioning Elon Musk to become the world’s first trillionaire, according to axios.com and fortune.com. The filing exposes the company’s current financial struggles despite its ambitious future goals.
The prospectus details SpaceX’s financials for 2025, showing $18.67 billion in revenue but a net loss of $4.9 billion. The company’s AI unit, including X and xAI, generated $818 million in Q1 2026, which is notably less than Twitter’s revenue before Musk’s acquisition. SpaceX’s Starlink connectivity business remains its only profitable segment, contributing most of the recent revenue. The company also disclosed a significant contract with Anthropic, which agreed to pay $1.25 billion monthly for compute services, signaling potential future revenue streams.
This IPO is significant as it contrasts sharply with other mega-IPO benchmarks like Saudi Aramco, which raised $29.4 billion with substantial profits. SpaceX’s valuation heavily depends on investor confidence in Musk’s vision for Mars colonization and future growth rather than current profitability. The filing highlights the challenges of valuing a company with ambitious space exploration goals but limited near-term financial returns, reflecting broader market skepticism about space tech ventures.
Looking ahead, SpaceX is expected to begin trading next month on the Nasdaq. The company aims to leverage contracts like the one with Anthropic to boost revenue and profitability. Investors will closely watch how SpaceX balances its visionary long-term projects with the need to improve financial performance in the near term.