SpaceX files for a record IPO

On 20 May 2026, SpaceX publicly filed its Form S-1 with the SEC (after a confidential draft on 1 April), setting up what would be the largest initial public offering in history. The company targeted a Nasdaq listing at a reported valuation of approximately $1.75 trillion — anchored overwhelmingly by Starlink.

The filing gave the first detailed look at SpaceX's finances: consolidated 2025 revenue of about $18.7 billion (up ~30% year over year), with the Starlink/connectivity segment contributing $11.4 billion (~61%). The company reported a 2025 net loss of about $4.9 billion against heavy capital spending on Starship and the constellation, alongside adjusted EBITDA of roughly $6.6 billion.

An IPO of this scale would mark a watershed for the company Musk founded in 2002 with roughly $100 million of his own money. (Valuation and pricing terms are reported and remained provisional pending final pricing.)