SpaceX has revealed plans for what could be the largest initial public offering in history, as Elon Musk’s AI and satellite company kicks off a wave of major market debuts that could reshape Wall Street.
The company filed its long-awaited prospectus with U.S. regulators Wednesday evening, giving investors their first look at its financials, Musk’s influence over the company, and a sweeping set of risk factors, according to the Financial Times.
SpaceX announced it will list on the Nasdaq under the ticker SPCX in an offering underwritten by Wall Street’s biggest banks. Goldman Sachs secured the coveted lead-left position on the deal, a blow to rival Morgan Stanley.
While the size of the offering and the proposed valuation were not disclosed, the Financial Times has previously reported that the rocket maker has discussed raising around $75 billion at a valuation of $1.75 trillion.
SpaceX Kicks Off a Season of Major IPOs
The SpaceX filing fires the starting gun for what American bankers hope will be a blockbuster year, with OpenAI expected to file its own IPO documents as soon as this week, and Anthropic also planning to take its shares public shortly.
The three companies are expected to collectively raise tens of billions of dollars in proceeds at a time of relentless investor appetite for AI-linked stocks.
SpaceX disclosed in its filing that sales rose 15.4% in the first three months of 2026 compared to the same period last year, reaching $4.7 billion. It reported operating losses of $1.9 billion for the first quarter.
The listing will consolidate Musk’s control over two of America’s most valuable companies, SpaceX and Tesla, a position without precedent in the modern era. A special class of shares currently gives him an 85% voting stake in SpaceX.
Starlink: The Profit Engine
The disclosures make clear that Starlink, SpaceX’s satellite internet business, has rapidly become the company’s primary driver of profit and growth. The connectivity segment, led by Starlink, generated $11.4 billion in revenue in 2025, up nearly 50% year over year, and $4.4 billion in operating income, up 120%.
By contrast, SpaceX’s AI division posted operating losses of $6.4 billion last year on revenues of $3.2 billion. The company reported capital expenditures of $12.7 billion for the AI segment, as it participated in building massive data centers for training and running its models.
Nevertheless, SpaceX attributed the majority of its future potential to artificial intelligence, telling investors it is targeting the largest addressable market in human history, with a total opportunity of $28.5 trillion. The lion’s share of that figure, $26.5 trillion, was attributed to AI.
Musk’s recent deal aims to reverse the AI division’s losses, primarily through an agreement this month, extended on Wednesday, to provide computing capacity to Anthropic’s two leading AI data centers. The AI lab will pay SpaceX $1.25 billion per month through May 2029, according to the filing.
Risks for Investors
The company also laid out a range of risk factors for investors, including the possibility of its satellites colliding with space debris or other spacecraft, as well as more mundane regulatory hurdles and the challenge of recruiting top AI researchers to compete against rivals OpenAI and Anthropic.
Initiatives “to develop orbital AI computing at scale, manufacture AI chips at scale, create a lunar economy, develop human enhancement systems, and transport people and cargo to the Moon and Mars involve significant technical complexity,” the company warned. “Such initiatives may not achieve commercial viability.”
It noted that Musk’s control of SpaceX and his leadership of other ventures such as Tesla left the rocket maker vulnerable to “conflicts of interest” regarding business opportunities, related-party transactions, and the allocation of his time and attention.
