SpaceX's freshly released IPO filing reveals a $1.75 trillion valuation, positioning what could be the largest IPO in history when it hits the Nasdaq under ticker SPCX later this year.
Musk will serve as CEO, CTO, and chairman of the board simultaneously.
The filing shows SpaceX generated over $18 billion in revenue last year while burning through $4.9 billion. The company has lost more than $37 billion since inception.
Starlink, the satellite internet division, pulled in around $11 billion — more than half of total revenue.
xAI, Musk's AI company that recently merged into SpaceX, consumed about 60% of capital spending — roughly $20 billion — in 2025, yet lost billions and grew revenue by only 22%.
SpaceX identifies a "largest actionable total addressable market in human history" of $28.5 trillion in the filing, with $22.7 trillion attributed to enterprise AI applications.
SpaceX faces legal battles inherited from absorbing Musk's AI and social media companies, expected to cost $530 million.
Investors are bracing for what could be the largest IPO debut ever, with an expected $75 billion raise. Only Nvidia's $5.4 trillion market cap currently outpaces what SpaceX is about to become.
