The prospectus highlights significant losses, high ownership control for the world’s richest individual, and revenue dependence on one of Musk’s own companies.
As per the prospectus, SpaceX plans to list under the symbol SPCX and is aiming to kickstart roadshows to market the IPO on June 8.
After merging with xAI earlier this year, SpaceX was valued at $1.25 trillion, setting itself up for a potentially record IPO in history.
SpaceX’s Mounting Losses
SpaceX reported a net loss of $4.28 billion in the first quarter of this year, having lost $4.94 billion in all of 2025.
Revenue for the quarter increased by 15% to $4.69 billion. For the full last year, SpaceX reported a 33% revenue growth to $18.64 billion.
Capex during the quarter totaled $10.1 billion, more than double from last year. Majority of that ($7.7 billion) was for AI, with the rest on space and connectivity.
Dependence On Musk Companies
SpaceX reported revenue of $4.69 billion during the most recent quarter. More than two-thirds (69%) of that came from Musk’s Starlink.
The company has three business divisions: Space, Connectivity and AI.
Starlink contributed to $3.26 billion of this quarter’s topline and has over 10.3 million Starlink subscribers as its customers. Starlink is a part of the connectivity business.
The connectivity business is also the only profitable part of the company. Space business reported a loss of $619 million, while the AI unit lost $2.5 billion.
The company spent $131 million on Tesla Cybertrucks in 2023. It also brought $697 million worth of Tesla’s battery energy storage systems across 2024 and 2025.
Under Musk’s Control
Musk, also the CEO at Tesla, controls 85% of SpaceX’s voting power with 849.5 million class A and 5.57 billion Class B shares.
Along with Musk, Antonio Gracias, the CEO of Valor Equity Partners, also a member of SpaceX’s board, owns 503.4 million Class A shares or 7.3% of the total outstanding.
SpaceX’s Class B shares will have 10 times the voting power of a Class A stock. The company’s president and COO Gwynne Shotwell owns 7.1 million Class B shares and is the fifth-largest owner of Class A shares.
Luke Nosek, a co-founder of Peter Thiel’s Founders Fund, owns 33 million Class A shares.
Goldman Sachs is lead left on the prospectus, followed by Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase.
