SpaceX submits S-1, paving the way for what could become the largest IPO in history.

      The prospectus indicates $18.7 billion in revenue for 2025, a $4.27 billion net loss in Q1, an accumulated deficit of $41.3 billion, and a balance sheet that includes 18,712 bitcoin valued at $1.29 billion at the end of the quarter. SpaceX plans to list on Nasdaq under the ticker SPCX.

      SpaceX has submitted its S-1 form to the US Securities and Exchange Commission, paving the way for what, according to the company's stated valuation, could be the largest initial public offering in financial-market history.

      The prospectus, dated May 20, confirms the company's Nasdaq listing under the ticker SPCX and follows a confidential S-1 filing first reported in April.

      According to the numbers in the prospectus, as reported by Fortune, SpaceX recorded $18.7 billion in revenue for 2025, which represents an increase of approximately 33% from the $14.1 billion reported in 2024. The same filing indicates a $4.27 billion net loss in the first quarter of 2026 and an accumulated deficit of $41.3 billion throughout the company’s history.

      While SpaceX is profitable within its Starlink line of business on a contribution-margin basis, it remains unprofitable at the consolidated group level as it continues funding its Starship and AI infrastructure programs.

      The valuation in marketing materials and discussions among underwriters has shifted from an initial range of $1.5 trillion to $1.75 trillion toward a target exceeding $2 trillion.

      According to The Wall Street Journal regarding the underwriters’ positioning, the company seeks to raise up to $80 billion at a $1.7 trillion valuation. The actual price will be determined during the roadshow expected to begin in early June, with formal pricing anticipated as soon as June 11 and trading potentially starting on June 12, as outlined in the same report.

      Among the notable disclosures, SpaceX holds 18,712 bitcoin on its balance sheet at the end of the quarter, valued at $1.29 billion at the Q1 mark. This amount is unchanged from the company’s last public bitcoin disclosure in 2021, according to available documents, although its fair-value mark fluctuates with the spot price.

      Recognizing bitcoin as a balance-sheet asset aligns with the disclosure framework adopted by Tesla in 2021, a practice that several other large US public companies have since standardized.

      Elon Musk's voting control will, as detailed in the published S-1 governance section, continue post-IPO through a multi-class share structure that allows him to retain roughly 80% of the voting rights even after the public float is established.

      This structure has drawn comparisons to the dual-class arrangements of Tesla and Meta; commentary from activist investors has highlighted the governance lock-in as the main risk factor for institutional buyers, along with the concentration of customers within the Starlink and government-services revenue streams.

      The SpaceX IPO comes during a notably active two-week period for AI and space infrastructure investment. The $25 billion TPU-cloud joint venture between Google and Blackstone announced last week, along with the broader US AI infrastructure capital expenditure cycle, have created an environment conducive for what could become the largest IPO in history.

      Musk's other ventures have faced challenges recently: xAI's $420 tax-return commitment to employees has passed its expected payment window, and procedural decisions against him in the OpenAI litigation by the Delaware court have compounded the situation.

      Currently, the SpaceX filing is the aspect of Musk's portfolio making progress.

      SpaceX has not announced the final share distribution between institutional and retail investors, the specific valuation that underwriters will present during the roadshow, the indicative range that will feature in the red herring once the marketing period commences, or the secondary-offering conditions for existing employees.

      The board has not yet publicly named the lead underwriter, though a standard disclosure regarding the SpaceX banking syndicate is anticipated ahead of the roadshow launch. The next significant milestone will be the price-range filing expected in the first week of June, in preparation for the targeted pricing and listing window of June 11-12.