SpaceX has filed for a long-awaited initial public offering, setting up a market debut that could raise tens of billions of dollars and give public investors a stake in Elon Musk’s rocket, satellite internet and artificial intelligence ambitions.
The company plans to list on Nasdaq under the ticker SPCX, Reuters reported, citing the filing. The offering could become the largest IPO on record, with SpaceX aiming to raise about $75 billion and reach a valuation near $1.75 trillion, according to earlier Reuters reporting.
The filing opens one of the most closely watched listings in years. SpaceX has remained private while becoming the dominant U.S. launch company, building Starlink into a global satellite internet network and expanding Musk’s industrial reach into artificial intelligence through xAI.
The registration statement did not set the final number of shares, price range or valuation. Those details are expected in later filings. The company has selected Nasdaq as its venue, confirming earlier Reuters reporting on the exchange choice.
The scale alone sets the deal apart. Saudi Aramco’s 2019 listing raised $26 billion, still the largest IPO completed to date. A SpaceX raise near $75 billion would move far beyond that benchmark and test whether public markets are ready to absorb a company valued closer to the largest technology platforms than to traditional aerospace firms.
SpaceX is not coming to market as a conventional rocket company. Its business now combines launch services, Starlink satellite broadband, mobile connectivity plans, government contracts and a set of AI-linked projects that include xAI and proposed space-based data centers.
The filing showed SpaceX generated $18.7 billion in revenue last year and reported a $2.6 billion operating loss, the Associated Press reported. Starlink produced $4.4 billion in operating income, making the satellite internet unit one of the clearest earnings engines inside the company.
Losses have continued. Reuters reported that SpaceX posted a $4.28 billion quarterly loss, driven by heavy spending across Starship development and AI-related infrastructure plans. The company also had a $41.31 billion accumulated deficit, according to Reuters.
That financial picture gives the IPO a sharper edge. SpaceX has revenue, customers and operational achievements that many frontier technology companies lack. It also has capital needs that remain large, technical bets that remain unsettled and business lines that depend on future markets developing at huge scale.
Starlink remains central to the case. AP reported the service reaches about 10 million people across 150 countries and territories through roughly 10,000 low-orbit satellites. The network gives SpaceX a recurring consumer and enterprise business alongside its launch operations.
The company’s public pitch also reaches into markets that are much less proven. Reuters reported that SpaceX is positioning itself around future opportunities in AI and space infrastructure, including space-based data centers. The company has warned that those data centers may not be commercially viable and face the harsh conditions of space.
Musk has promoted the idea of AI computing in orbit as a major opportunity, but the filing makes clear that investors will be buying into a company whose future plans depend on several linked projects working at once. Starship must scale. Launch costs must fall. Starlink must keep expanding. AI infrastructure must become a real commercial market.
The IPO also places xAI inside the market conversation. AP reported that SpaceX acquired Musk’s social media platform X and AI startup xAI earlier this year, and that xAI lost $6.4 billion from operations last year.
That gives SpaceX a wider story but also a more complicated one. A company known first for rockets is arriving with a pitch that includes communications, artificial intelligence, social media assets and future computing infrastructure beyond Earth.
Retail investors may receive an unusually large allocation. The Los Angeles Times reported that SpaceX planned to sell as much as 30% of the offering to retail traders, equal to about $22.5 billion in a $75 billion share sale.
That would widen access to one of Musk’s most anticipated companies. It would also expose individual buyers to a listing carrying large losses, high valuation targets and unusual governance terms.
Control is another issue. AP reported that Musk and certain other shareholders would hold a special class of stock with 10 votes per share, allowing them to elect a majority of directors. Reuters has also reported that SpaceX’s IPO structure would give Musk broad power and limit ordinary shareholder influence.
Such structures are not rare in technology, but SpaceX would bring them to a company of unusual scale. Public shareholders would get access to the business while accepting limited say over the direction of a company still closely tied to Musk’s personal leadership.
Government business adds another layer. AP reported SpaceX has won $6 billion in contracts from NASA, the Defense Department and other U.S. agencies over the past five years, with about a fifth of last year’s revenue coming from the federal government.
Those contracts have helped support SpaceX’s launch business and its national-security role. They may also draw scrutiny as the company enters public markets, particularly because Musk remains active across politics, transportation, AI, social media and space.
The IPO lands during a stronger moment for large technology listings. Public markets have shown renewed appetite for companies linked to artificial intelligence, infrastructure and advanced computing. SpaceX brings all three themes, but with a physical business that includes rockets, satellites and launch facilities.
Reuters described the IPO as a fresh AI play, reflecting the way SpaceX is now being framed beyond space transportation. That label may help draw demand from investors looking for exposure to AI infrastructure rather than only model developers or chipmakers.
The comparison with other AI-linked companies will be difficult to avoid. OpenAI has also been reported to be moving toward a possible public listing. Anthropic, Google, Meta and xAI remain central to the broader AI race. SpaceX enters the conversation from a different direction: infrastructure in orbit, data transmission through Starlink and Musk’s attempt to connect AI with space-based computing.
The company’s record gives the pitch credibility that pure concept companies do not have. SpaceX has reduced launch costs, landed reusable boosters and turned Starlink into a large communications network. Those achievements are part of the reason public investors may tolerate losses that would otherwise appear severe.
The same record does not erase execution risk. Starship delays, AI spending, xAI losses, governance limits, political exposure and a valuation approaching $2 trillion could all become pressure points once the shares trade publicly.
SpaceX is expected to begin investor presentations after the filing process advances. Final pricing will determine how much capital the company raises and how much demand exists at the target valuation.
The listing now moves from speculation into process. SpaceX has filed. Nasdaq has been chosen. Investors will soon get a fuller look at the numbers behind Musk’s most ambitious company.
The market will decide whether SpaceX is valued mainly as a launch provider, a satellite internet operator, an AI infrastructure company, or a rare combination of all three.