Elon Musk's SpaceX files for what could be historic IPO
Elon Musk's SpaceX on Wednesday publicly filed for an initial public offering, opening the books on the company that has revolutionized rocket technology.
The private rocket maker, satellite and artificial intelligence company plans to trade under the ticker symbol SPCX on the Nasdaq stock exchange, according to the IPO prospectus. Reports suggest the company is aiming for a June listing.
A prospectus is a legal document that every private company that transitions to a public one is required to file with the US Securities and Exchange Commission so potential investors know about the risks and opportunities that come with the company.
The regulatory filing did not put a dollar figure on the amount that Musk hopes to raise at the IPO, but several media reports put that amount at $75 billion (roughly €64.5 billion).
If the company surpasses the targeted valuation of about $1.7 trillion, Musk's net worth would surpass 13 figures, making him the world's first trillionaire.Elon Musk to become history's first trillionaire?
SpaceX's IPO filing: What to know
The filing shows Musk's SpaceX generated about $18.7 billion in revenue but recorded an operating loss of $2.6 billion ($4.9 billion net loss) after heavy spendings on AI technologies and a bigger rocket.
SpaceX's biggest financial engine was its Starlink satellite business that generated more than $11.4 billion in revenue in 2025, up nearly 50% year-on-year.How reliable is Starlink as a wartime communications line?
But SpaceX's other units have been struggling.
Its social media platform X and artificial intelligence business xAI, both of which were acquired by SpaceX in February recorded $3.2 billion in revenue for the full year 2025 but posted an operating loss of $6.4 billion.
Musk is the only who can fire himself
The company has adopted numerous provisions that, taken together, severely limit shareholder rights and protect Musk from being fired by anyone other than the billionaire himself.
That also poses a challenge amid concern regarding the power that Musk has over the company and whether there are enough safeguards to keep him in check.
Under the current structure, Musk would control some 85% of the company's voting power while holding around 42% of equity.
SpaceX acknowledged in its filing that this could pose risks for outside investors. It noted that the world's richest person, set to become the company's CEO, CTO, and Chairman of the Board after the IPO, "will have the power to control the outcome of matters requiring shareholder approval, including election of all our directors."
At Tesla, another of Musk's ventures where he is the company's largest individual shareholder, he has repeatedly faced resistance from other shareholders.Tesla approves $1 trillion pay deal for CEO Elon Musk
SpaceX will be able to pitch the offering to investors — in what’s known in Wall Street parlance as a "road show" — 15 days after making its prospectus public. In this case, that works out to June 4.
Edited by: Rana Taha
