SpaceX's road to landmark IPO filing
Reuters
Last updated: May 22, 2026
SpaceX's IPO filing exposes finances for a company pursuing leadership across rockets, satellites, AI, and data centers. Under Elon Musk, SpaceX seeks to raise about $75 billion at a valuation near $2 trillion, potentially the largest IPO ever.
- IPO details and valuation: The IPO presents a stark test for pricing SpaceX, whose blend of profitable satellite operations and costly futuristic ventures has few public-market analogues. Investors will weigh whether the deal can justify a near-$2 trillion valuation.
- Governance and ownership: Musk will hold 85.1% of combined voting power, and SpaceX will use a dual-class structure: Class B carries 10 votes per share, concentrating control with Musk and insiders, while Class A public shares carry one vote.
- Business mix and divisions: Among its divisions, Starlink dominates low-Earth orbit connectivity; only Starlink was profitable in Q1, while other units posted losses. The xAI acquisition broadened AI exposure but increased spending, with AI accounting for 76% of $10.1 billion first-quarter capex.
- Market implications and outlook: Outlook: SpaceX aims to make life multiplanetary. Banks stand to collect underwriting fees if the size holds; Nasdaq will host the listing. The deal could attract investor attention and liquidity, potentially crowding out other IPOs.
