Elon Musk’s SpaceX has publicly filed its long-awaited initial public offering (IPO) documents with the U.S. Securities and Exchange Commission (SEC), setting the stage for what could be the largest IPO in history and marking a major milestone for the company’s transition from private rocket pioneer to a publicly traded leader in space, satellite broadband, and artificial intelligence infrastructure.
According to the S-1 prospectus filed on Wednesday, SpaceX reported revenue of $4.694 billion for the first three months of 2026, up from $4.07 billion in the same period a year earlier. The company posted an operating loss of approximately $1.943 billion in the quarter. For the full year 2025, SpaceX generated $18.67 billion in revenue while reporting an operating loss of $2.589 billion.
The filing highlights SpaceX’s diversified and rapidly expanding business lines, including reusable rocket launches, the Starlink satellite internet constellation (with over 10 million subscribers), and growing AI computing services. Musk has emphasized the company’s push into large-scale AI infrastructure, including plans for in-orbit data centers.
SpaceX is in discussions to provide AI computing services to multiple companies and has already secured a major agreement with Anthropic. Under the deal, Anthropic will pay SpaceX $1.25 billion per month for AI compute capacity through May 2029, with ramp-up beginning in May/June 2026.
The company also outlined ambitious future plans, including asteroid mining operations and the development of orbital data centers powered by abundant solar energy to support massive AI workloads at lower long-term costs.
Musk is expected to retain significant control post-IPO, with 85.1% of the combined voting power. The company will use a dual-class share structure, with Class B shares carrying 10 votes each.
While the exact size and valuation of the offering have not been finalized in the filing, earlier reports indicated SpaceX could target a valuation around $1.75 trillion and aim to raise approximately $75 billion. The shares are set to list on Nasdaq under the ticker symbol **SPCX**, with a potential pricing as early as June 11 and trading debut around June 12.
Musk addressed the AI opportunities on X, stating that SpaceX is providing large-scale AI computing services to Anthropic and negotiating similar deals with other firms. “As time goes on, especially with in-orbit data centers, we expect to provide AI services at extreme scale,” he noted.
The IPO comes as SpaceX continues to dominate the commercial space sector with reusable Falcon rockets and Starship development, while Starlink drives much of its recurring revenue through broadband services for consumers, enterprises, aviation, and maritime markets. Analysts see the public listing as a potential “halo effect” driven by Musk’s vision for Mars colonization and transformative AI-space infrastructure.
The offering is expected to draw massive investor interest, with plans to allocate a significant portion of shares to retail investors. Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and J.P. Morgan are serving as lead underwriters.
This filing opens the books on one of the most anticipated debuts in market history, positioning SpaceX at the intersection of the space economy and the AI boom.