The prospectus shows $18.7bn of 2025 revenue, a $4.27bn Q1 net loss, an accumulated deficit of $41.3bn, and a balance sheet that includes 18,712 bitcoin worth $1.29bn at quarter-end. SpaceX will list on Nasdaq under the ticker SPCX.
SpaceX has filed its S-1 with the US Securities and Exchange Commission, opening the path to what would, on the company’s published valuation framing, be the largest initial public offering in financial-market history.
The prospectus, dated 20 May, confirms the company will list on Nasdaq under the ticker SPCX and follows the confidential S-1 filing first reported in April.
The numbers in the prospectus, on the reporting from Fortune’s read of the document show SpaceX recorded $18.7bn of revenue in 2025, up roughly 33% from the $14.1bn it booked in 2024. The same filing shows a $4.27bn net loss in the first quarter of 2026 and an accumulated deficit of $41.3bn over the company’s history.
SpaceX is profitable inside the Starlink business line on a contribution-margin basis, on the document’s own framing, but unprofitable at the consolidated group level as it continues to fund the Starship and AI-infrastructure programmes.
The valuation framing in the marketing materials and across the underwriters’ analyst conversations has moved from an initial $1.5tn-$1.75tn range toward a $2tn-plus target.
The Wall Street Journal reporting on the underwriters’ positioning has the company seeking to raise up to $80bn at a $1.7tn valuation. T
he actual price will be set during the roadshow window expected to begin in early June, with formal pricing as early as 11 June and trading as early as 12 June on the timeline summarised in the same coverage.
Among the more unusual disclosures: SpaceX holds 18,712 bitcoin on its balance sheet at quarter-end, valued at $1.29bn at the Q1 mark. The position is unchanged from the company’s last public bitcoin disclosure in 2021, on the available materials, but the fair-value mark moves with the spot price.
Treating bitcoin as a balance-sheet asset is consistent with the disclosure framework Tesla adopted in 2021 and that several other large US public companies have since standardised.
Elon Musk’s voting control will, on the published S-1 governance section, persist post-IPO through a multi-class share structure that gives the founder roughly 80% of the voting rights even after the public float is established.
The structure has drawn comparison to the Tesla and Meta dual-class arrangements; activist-investor commentary on the prospectus has flagged the governance lock-in as the primary risk factor for institutional buyers, alongside the customer-concentration exposure inside the Starlink and government-services revenue lines.
The SpaceX IPO arrives inside an unusually active fortnight for AI-and-space-infrastructure capital. The Google-Blackstone $25bn TPU-cloud joint venture announced last week and the wider US AI-infrastructure capex cycle have produced an environment in which the largest IPO in history can plausibly close into willing-buyer demand.
Musk’s other companies have had a less smooth fortnight: xAI’s $420 tax-return commitment to employees has slipped past the promised payment window, and the Delaware court’s procedural rulings against him in the OpenAI litigation have continued to compound.
The SpaceX filing is the part of the Musk portfolio currently moving forward.
SpaceX did not disclose the final share-allocation split between institutional and retail tranches, the specific valuation the underwriters will price into the roadshow, the indicative range that will appear in the red herring once the marketing period opens, or the secondary-offering provisions for existing employees.
The board has not publicly named the lead underwriter, though the standard SpaceX banking-syndicate disclosure is expected ahead of the roadshow launch. The next visible proof point will be the price-range filing expected in the first week of June, ahead of the targeted 11-12 June pricing and listing window.
Get the TNW newsletter
Get the most important tech news in your inbox each week.