SpaceX is moving forward with plans for a $1.75 trillion initial public offering, with the company targeting a share price of $135 according to Reuters. The offering would involve selling 555.6 million shares in what would rank among the largest IPOs in history.
The flotation marks a significant milestone for the private company founded by Elon Musk. SpaceX operates as a sprawling business encompassing the rocket launch company, Starlink satellite broadband service, the xAI artificial intelligence startup, and the social media platform X. These operations will now be subject to public market scrutiny and quarterly reporting requirements.
The financial picture reveals a company at an inflection point. SpaceX lost $4.9 billion in 2025 on revenues of $18.7 billion, though revenue grew by a third compared to 2024. Losses have accelerated in early 2026, with the company posting a $4.3 billion loss in the first quarter versus $528 million in the same period the previous year.
The company's three business segments show uneven performance. Connectivity, housing Starlink, generated the most revenue at $11.4 billion and was the only profitable segment in the first quarter of 2026. The space division, which includes rocket launches for clients like NASA, produced $4.1 billion in revenue. The AI unit contributed $3.2 billion in revenue but lost $6.4 billion last year, driven by computing expenses for datacentre operations and Musk's Grok AI tool. Total capital expenditure reached $20.7 billion, with xAI accounting for $12.7 billion.
The prospectus reveals ambitious long-term goals extending beyond traditional commercial space ventures. SpaceX is targeting space tourism, energy production and manufacturing on the Moon and Mars, and asteroid mining. While acknowledging these markets do not yet exist, the company plans to pursue orbital compute, or datacentres in space powered by solar energy, potentially launching them by 2028.
Musk's control of the company will remain virtually absolute following the IPO. The chief executive will maintain approximately 85 percent of voting power through a dual-class share structure, where his class B shares carry 10 votes each compared to one vote per share for class A stock held by other investors.
The offering presents substantial wealth accumulation potential for Musk. He has received grants of one billion class B shares contingent on achieving a permanent human colony on Mars with at least one million inhabitants and reaching a market capitalization of $7.5 trillion. An additional 302 million shares granted in March vest upon completing space-based datacentres delivering 100 terawatts of compute annually.
SpaceX's transition to public markets comes as the company demonstrates consistent technical achievements, including regular launches and progress on its Starship vehicle for deep space missions.