SpaceX IPO filing shows $4.3B quarterly loss, Musk’s grip on voting power

• Elon Musk has 85.1% voting power in company, filing shows

Elon Musk’s SpaceX filed publicly for an initial public offering on the Nasdaq stock index, revealing billions of dollars in losses, rapid revenue growth and a super-voting share structure that would keep the billionaire firmly in control of the company.

The rocket, satellite internet and artificial intelligence company, formally known as Space Exploration Technologies Corporation, plans to list under the symbol SPCX, according to its filing with the US Securities and Exchange Commission.

The planned listing is targeted to raise as much as $75 billion and could become the largest IPO on record if completed at that scale.

The filing showed SpaceX posted a net loss of $4.28 billion on revenue of $4.69 billion in the first quarter of 2026, compared with a net loss of $528 million on revenue of about $4 billion in the same period a year earlier.

For 2025, the company generated $18.7 billion in revenue, up from $14 billion in 2024. However, it swung to a full-year loss of $4.94 billion after recording a profit of $791 million the previous year.

SpaceX said its Starlink satellite internet business remained its largest revenue contributor, accounting for about two-thirds of sales in the first quarter.

Starlink subscribers rose sharply in recent years, from 2.3 million in 2023 to 4.4 million in 2024 and 8.9 million in 2025. Income from Starlink operations reached $4.42 billion last year, compared with $2 billion a year earlier.

The filing also showed that SpaceX’s space segment remains loss-making on an operating basis despite its dominant role in rocket launches for commercial customers, NASA and the Pentagon.

For the three months ending March 31, the space segment generated $619 million in revenue and an operating loss of $662 million.

- Rising losses from AI operations

SpaceX’s AI business, added after its acquisition of xAI this year, has become a major cash-consuming unit. Losses from AI operations rose to $6.36 billion in 2025 from $1.56 billion in 2024.

The company’s capital spending nearly doubled to $20.74 billion last year, with more than half allocated to AI-related investments, the filing showed.

SpaceX also outlined highly ambitious long-term goals, including building data centers in space and supporting a human settlement on Mars with at least 1 million people.

The company described its total addressable market as $28.5 trillion, while its IPO valuation could reach as much as $2 trillion.

The filing said Musk owns 12.3% of SpaceX’s Class A shares and 93.6% of its Class B shares, giving him 85.1% of the company’s voting power. Class B shares carry 10 votes each, allowing Musk to retain control after the IPO.

The company also disclosed that Musk could receive as many as 1 billion additional shares if he meets certain performance goals, including milestones tied to Mars settlement plans.

SpaceX warned that delays or failures in developing its Starship rocket could pose a major risk to its future strategy. The vehicle is central to the company’s plans for Mars missions, next-generation Starlink satellites and space-based data centers.

Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase are among the banks leading the offering. Formal marketing for the IPO could begin in early June, with pricing possible later in the month.