Elon Musk’s space and satellite company SpaceX has unveiled long-awaited plans to go public, offering an unusually detailed look into its finances, leadership structure, and operations.
The proposed listing, which will trade under the ticker symbol “SPCX,” marks a major step for one of the world’s most secretive private companies, though key details such as valuation and expected funds to be raised were not disclosed.
Those figures are expected to be revealed closer to the public offering, which analysts believe could become one of the largest IPOs in history.
In its 277-page prospectus, SpaceX outlined its mission “to build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars.”
The company also described broader ambitions, saying it aims to “harness the Sun to power a truth-seeking artificial intelligence that advances scientific discovery, and ultimately to build a base on the Moon and cities on other planets.”
Despite its rapid expansion, the firm continues to burn cash at a significant rate. SpaceX reported $18.7 billion in revenue last year, a 33% increase from the previous year, but swung into losses after posting a $4.9 billion deficit in 2025, following a $4.6 billion loss in 2023.
The company also disclosed that it has already lost $4.3 billion in the first quarter of 2026 on $4.7 billion in revenue, highlighting ongoing financial pressure.
SpaceX said its spending has surged due to aggressive investment in artificial intelligence, Starlink expansion, and rocket development. Total capital expenditure reached $20.7 billion last year, including $12.7 billion directed toward AI, $4.2 billion for Starlink, and $3.8 billion for rocket and space operations.
In the first three months of this year alone, it spent $10.1 billion, with $7.7 billion allocated to AI infrastructure.
Despite the heavy losses, the company projected a massive long-term opportunity, estimating a total addressable market of $28.5 trillion.
It broke this down into $370 billion in space-based services, $1.6 trillion in connectivity markets, and $26.5 trillion in artificial intelligence-driven opportunities, including data centers in space, enterprise solutions, and digital advertising.
SpaceX also linked its AI ambitions to its broader strategy, following Elon Musk’s merger of SpaceX with his artificial intelligence firm xAI earlier in February, a deal that valued the combined entity at $1.25 trillion.
The filing also revealed the company’s leadership structure for the first time. Musk serves as chairman, alongside President and COO Gwynne Shotwell. Other board members include CFO Bret Johnsen, venture capitalists Randy Glein, Steve Jurvetson, Luke Nosek and Ira Ehrenpreis, private equity executive Antonio Gracias, and Google executive Donald Harrison.
Musk remains the dominant shareholder, controlling about 85.1% of voting power through a combination of common shares and high-vote Class B stock, effectively ensuring continued control after the IPO.
Investors also include Antonio Gracias’ Valor Entities, which holds 7.3% of the company’s common stock, making him the second-largest shareholder.
While the valuation remains undisclosed, expectations are high that the IPO could become one of the largest in history and further cement Musk’s influence across space, AI, and global technology markets.
