SpaceX, Elon Musk's rocket and satellite company, filed its prospectus Wednesday for a Nasdaq debut likely next month at a $1.75 trillion valuation, setting the stage for one of the most consequential tech IPOs in recent memory.
The company is seeking up to $80 billion in fresh capital, making it one of the largest offerings ever attempted. That's roughly equivalent to the GDP of Hungary or Portugal.
When SpaceX launched in 2002, the idea of a private company competing with government space programs seemed far-fetched. Now the firm is so dominant that it holds extensive contracts with the U.S. government and has become Musk's most valuable asset.
The financial disclosures provide rare insight into a company that has long guarded its numbers. SpaceX posted revenue of $18.7 billion in 2025, though it reported losses of over $4.2 billion in the first quarter of 2026. Capital expenditures topped $20 billion last year, underscoring the capital-intensive nature of the space and satellite business.
The financial engine, however, isn't rocket launches. Starlink, SpaceX's satellite internet service, generated more than $3.2 billion in revenue in the first three months of 2026 and $11.4 billion for all of 2025.
The prospectus reveals a company undergoing significant strategic changes. While Mars colonization remains part of the narrative, SpaceX is pouring billions into artificial intelligence infrastructure. The company acquired Musk's xAI in February, merging his AI venture into SpaceX's operations. SpaceX is exploring orbital data centers designed to support the explosive growth in AI computing needs.
The IPO arrives as a federal jury ruled against Musk in his lawsuit against OpenAI and Sam Altman, rejecting claims that Altman breached founding agreements. Notably, SpaceX's prospectus lists OpenAI as a key competitor.
SpaceX is no longer competing solely with traditional aerospace contractors. It's squaring off against OpenAI, Anthropic and other AI companies, all of which are expected to go public this year at high valuations.
Musk is already the world's richest person with a net worth around $807 billion. A successful SpaceX offering could push him closer to becoming the world's first trillionaire.
Despite enormous revenue, SpaceX remains unprofitable, suggesting profitability remains years away. The company is heavily dependent on government contracts and regulatory relationships.
Yet there is logic to the enterprise. Demand for satellite internet is real and growing. The need for AI computing infrastructure is voracious. And SpaceX has already achieved what once seemed impossible: reliable, cost-effective access to space.
