Elon Musk’s final frontier is officially open for business now that SpaceX has formally filed its S-1 prospectus with the SEC. That kicks off what could be the largest initial public offering ever when it lists on the Nasdaq stock exchange with the ticker SPCX.
SpaceX just filed for what could be the biggest IPO ever
We can finally look under the hood at Elon Musk’s rocket, space internet, and AI juggernaut.
We can finally look under the hood at Elon Musk’s rocket, space internet, and AI juggernaut.
Image: Cath Virginia / The Verge, Getty Images
is a deputy editor and Verge co-founder with a passion for human-centric cities, e-bikes, and life as a digital nomad. He’s been a tech journalist for 20 years.
SpaceX generated $18.67 billion in revenue in 2025, driven largely by its Starlink satellite internet service, which brought in more than $11 billion, as reported by The Wall Street Journal. The company lost over $4.9 billion last year, with capital expenditures soaring to $20.7 billion last year, a leap from $11.2 billion in 2024, as reported by The New York Times. xAI, which recently merged with SpaceX, lost billions last year, while growing revenue by 22 percent, according to TechCrunch.
Image: SpaceX
According to the WSJ, Musk’s supervoting shares will give him 85 percent control over the company. In addition to Musk, SpaceX president Gwynne Shotwell, and CFO Bret Johnson, the SEC filing lists several other members on SpaceX’s board of directors, including Google executive Donald Harrison, Tesla board member Ira Ehrenpreis, and investors Randy Glein, Antonio Gracias, Steve Jurvetson, and Luke Nosek.
SpaceX describes its mission to investors as:
Our mission is 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. To do this, we have formed the most ambitious, vertically integrated innovation engine on (and off) Earth with unmatched capabilities to rapidly manufacture and launch space-based communications that connect the world, 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
It’s also telling them that SpaceX has “identified the largest actionable total addressable market (TAM) in human history,” potentially worth $28.5 trillion, with $370 billion from space, $1.6 trillion in connectivity with Starlink Broadband and Starlink Mobile, and $26.5 trillion in AI, which includes AI infrastructure, subscriptions, advertising, and $22.7 trillion in enterprise applications.
For months, rumors have swirled that SpaceX was preparing a historic market debut, with whispers of a $1.75 trillion valuation and a record-shattering $75 billion raise. Now that the paperwork is public, we finally have our first real look at the financials behind the company that normalized reusable rockets, built a space internet monopoly, and recently absorbed Musk’s xAI and the dredges of Twitter into its orbit.
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