SpaceX moved closer to a public listing on Wednesday after unveiling long-awaited plans for an initial public offering, alongside new disclosures on its finances, leadership structure, and business operations. The company said it will trade under the ticker SPCX, though it has not yet revealed how much capital it expects to raise or what valuation it is targeting.
The filing comes in the form of a 277-page prospectus that opens a rare window into one of the most secretive and influential private companies in the world. It outlines SpaceX’s commercial performance, spending patterns, and long-term ambitions across space, satellite internet, and artificial intelligence.
At the center of the disclosure is a volatile financial picture. SpaceX generated $18.7 billion in revenue last year, a 33% increase year on year. However, profitability has swung sharply. The company posted a $791 million profit in 2024, followed by a $4.6 billion loss in 2023, and then reversed again with a $4.9 billion loss in 2025. Early 2026 figures show continued pressure, with $4.3 billion in losses on $4.7 billion in revenue in the first quarter alone.
Spending has accelerated even faster. The company reported $20.7 billion in expenditures last year, with $12.7 billion directed toward artificial intelligence infrastructure, $4.2 billion tied to Starlink operations, and $3.8 billion allocated to rockets and other space programs. In the first quarter of this year, spending already reached $10.1 billion, including $7.7 billion focused on AI.
The company’s ambitions extend far beyond current losses. SpaceX outlined a potential $28.5 trillion addressable market spanning space services, global connectivity, and artificial intelligence. That includes $370 billion in space-enabled services, $1.6 trillion in connectivity driven by its Starlink network, and $26.5 trillion in AI-related opportunities such as space-based data centers, enterprise tools, and digital advertising.
SpaceX also reiterated its long-term vision, which includes expanding its satellite internet system and developing off-Earth infrastructure. The filing describes goals ranging from lunar operations to future Martian settlement concepts.
Ownership remains highly concentrated. Elon Musk holds a 12.3% stake in common shares and 93.6% of Class B shares, giving him 85.1% of total voting power. That structure effectively ensures continued control even after the IPO. The company’s second-largest shareholder is Gracias, through Valor Entities, holding 7.3% of common stock.
Elon Musk has taken a relatively modest salary of $54,080 annually since 2019, according to the filing. His compensation plan includes large performance-based share tranches tied to valuation milestones that increase in $500 billion increments up to $7.5 trillion, as well as ambitious operational goals including establishing a permanent human settlement on Mars with at least one million inhabitants. Additional awards tied to post-xAI restructuring include up to 302 million shares linked to computing capacity targets of 100 terawatts per year.
Founded in 2002 as a rocket manufacturer, SpaceX expanded into satellite communications in 2021 with the launch of Starlink. Now, the company is positioning itself as a hybrid space, telecom, and AI infrastructure giant as it prepares for what could become one of the largest IPOs in history.
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