Space X just filed for what could be the biggest IPO in human history | The Verge

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Space X just filed for what could be the biggest IPO ever

We can finally look under the hood at Elon Musk’s rocket, space internet, and AI juggernaut.

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Elon Musk’s final frontier is officially open for business now that Space X has formally filed its S-1 prospectus with the SEC. That kicks off what could be the largest initial public offering ever when it lists on the Nasdaq stock exchange with the ticker SPCX.

According to the filing, Space X generated

18.67 billion in revenue in 2025, driven largely by its Starlink satellite internet service. Space X lost over

4.9 billion last year, with capital expenditures soaring to

20.7 billion last year, a leap from

11.2 billion in 2024, as reported by The New York Times. According to the Wall Street Journal, Musk’s supervoting shares will give him 85 percent control over the company.

Our mission is to build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars. To do this, we have formed the most ambitious, vertically integrated innovation engine on (and off) Earth with unmatched capabilities to rapidly manufacture and launch space-based communications that connect the world, to harness the Sun to power a truth-seeking artificial intelligence that advances scientific discovery, and ultimately to build a base on the Moon and cities on other planets

For months, rumors have swirled that Space X was preparing a historic market debut, with whispers of a

1.75 trillion valuation and a record-shattering

75 billion raise. Now that the paperwork is public, we finally have our first real look at the financials behind the company that normalized reusable rockets, built a space internet monopoly, and recently absorbed Musk’s x AI and the dredges of Twitter into its orbit.

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