has revealed its plans for the largest initial public offering in history, as its sprawling artificial intelligence company embarks on a series of massive market debuts that could reshape the .
The company filed its long-awaited prospectus with US regulators on Wednesday night, giving investors a first look at its financials, Musk’s influence at the group and sweeping risk factors, according to the Financial Times.
SpaceX said it will list on the Nasdaq under the symbol SPCX in a bid that has been underwritten by Wall Street’s biggest banks. Goldman Sachs has secured the coveted lead-left position in Wall Street jargon, dealing a blow to rival Morgan Stanley.
While the size of the offering and the proposed valuation were not disclosed, the Financial Times has previously reported that the rocket maker has discussed raising around $75 billion at a valuation of $1.75 trillion.
SpaceX marks a start of major IPOs
SpaceX’s filing kicks off what US bankers hope will be a blockbuster year, with OpenAI expected to file its IPO documents as early as this week and Anthropic also planning to float shares soon.
The three companies are expected to raise tens of billions of dollars in revenue at a time of unrelenting investor appetite for stocks of AI-related companies.
SpaceX said in its filing that its sales rose 15.4 percent in the first three months of 2026 from the same period last year, to $4.7 billion. It reported an operating loss of $1.9 billion for the first quarter.
The IPO would cement Musk’s control over two of America’s most valuable companies – SpaceX and Tesla – a position unprecedented in modern times. His special class of stock currently gives him control of 85% of the voting rights in SpaceX.
The profitable Starlink
The revelations make it clear that Starlink, SpaceX’s satellite internet business, has quickly become the group’s main driver of profit and growth. The connectivity segment, led by Starlink, generated revenue of $11.4 billion in 2025, up nearly 50% year-on-year, and operating income of $4.4 billion, up 120%.
By contrast, SpaceX’s AI unit posted an operating loss of $6.4 billion last year on revenue of $3.2 billion. The group reported $12.7 billion in capital spending for its AI division, as it participated in capital spending for other AI companies as it built massive data centers to train and run its models.
But SpaceX has attributed most of its potential to AI, telling investors it’s targeting the largest addressable market “in human history,” with a total opportunity of $28.5 trillion. Most of that amount, $26.5 trillion, came from Artificial Intelligence.
Musk’s latest deal is aimed at reversing losses from AI, notably through a deal this month that expanded on Wednesday to provide computing capacity in its two top AI data centers to Anthropic. The AI lab will pay SpaceX $1.25 billion a month through May 2029, according to the filing.
The risks for investors
The company also presented a number of risk factors for investors, including the possibility of SpaceX satellites colliding with “space junk” or other spacecraft, as well as the emergence of more mundane regulatory hurdles and the challenge of hiring talented AI researchers to challenge rivals OpenAI and Anthropic.
Initiatives “to develop computational AI in orbit at scale, manufacture AI chips at scale, create a lunar economy, develop human augmentation systems, and transport people and cargo to the Moon and Mars involve significant technical complexity,” the company warned. “Such initiatives may not achieve commercial viability.”
He noted that Musk’s control of SpaceX and leadership of other groups such as Tesla left the rocket maker vulnerable to “conflicts of interest” over business opportunities, related party transactions and the allocation of his time and attention.
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