SpaceX is planning a major initial public offering valued at $1.75 trillion, according to details revealed in a flotation prospectus. The aerospace company, led by Elon Musk, aims to raise capital for its ambitious plans to make life "multiplanetary" while expanding its existing business operations.
The company encompasses multiple business segments: the core rocket launch business serving clients like NASA, the Starlink satellite broadband service, the xAI artificial intelligence startup, and the social media platform X, formerly Twitter. Each segment shows different financial performance and growth trajectories.
SpaceX reported a net loss of $4.9 billion on revenues of $18.7 billion in 2025, though revenue grew by a third compared to 2024. Losses have actually widened since the start of the year, with the company losing $4.3 billion in the first quarter alone compared to $528 million in the same period last year. Capital expenditure reached $20.7 billion, with the xAI unit accounting for $12.7 billion, primarily for building large datacentres.
Breaking down the segments, connectivity generated the most revenue at $11.4 billion, followed by the space business at $4.1 billion and AI at $3.2 billion. Starlink was the only profitable segment in the first quarter of this year, while the AI unit lost $6.4 billion in 2025 due to computing expenses for developing and operating AI models.
The prospectus includes ambitious future plans extending beyond typical business projections. SpaceX envisions markets in space tourism, energy production and manufacturing on the moon and Mars, and asteroid mining. The company acknowledges these markets "do not exist today" but expects them to develop over time. More near-term ambitions include launching datacentres in space powered by solar energy, with plans to launch these as soon as 2028.
Musk will retain substantial control of the business following the IPO, maintaining voting power of just over 85 percent through majority ownership of class B shares, which carry ten votes per share compared to class A shares held by other investors. This structure makes it extremely difficult to remove him from leadership.
The IPO positions Musk to accumulate additional wealth, though the exact amount depends on specific conditions. He has been granted one billion class B shares that vest only if SpaceX establishes a permanent human colony on Mars with at least one million inhabitants and achieves market cap targets reaching $7.5 trillion. He also received another 302 million class B shares granted in March that vest upon completing space-based datacentres delivering 100 terawatts of compute annually.
Despite his vast wealth and these potential earnings, Musk maintains a base salary of $54,000 annually, unchanged since 2019.