SpaceX just filed for what could be the biggest IPO ever

52 minutes ago 12

Thomas Ricker

is a deputy editor and Verge co-founder with a passion for human-centric cities, e-bikes, and life as a digital nomad. He’s been a tech journalist for 20 years.

Elon Musk’s final frontier is officially open for business now that SpaceX 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, SpaceX generated $18.67 billion in revenue in 2025, driven largely by its Starlink satellite internet service. SpaceX 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.

SpaceX describes its mission to investors as:

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 SpaceX 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 xAI and the dredges of Twitter into its orbit.

This is a developing story….

Follow topics and authors from this story to see more like this in your personalized homepage feed and to receive email updates.