Overview
- SpaceX published a public prospectus with the U.S. Securities and Exchange Commission in late May and is preparing a June initial public offering that media estimate could raise about $75 billion and value the company near $1.75–2.0 trillion.
- The filing shows 2025 revenue of roughly $18.7 billion driven mainly by Starlink, which contributed about $11.4 billion, while the company reported multibillion‑dollar operating losses tied to Starship and heavy AI infrastructure spending.
- Elon Musk would retain about 85.1 percent of voting power under the dual‑class share structure and would remain CEO, CTO and board chair, and SpaceX told investors it does not expect to pay dividends in the foreseeable future.
- SpaceX conducted a largely successful test flight of the redesigned Starship V3 on Friday, May 22, 2026, a near‑term operational signal that the company and investors see as material to Starship’s path to commercial missions.
- The prospectus ties IPO proceeds to accelerating Starship development, lunar and Mars ambitions and large‑scale orbital computing projects including the integration of xAI and reported cloud deals such as the Anthropic arrangement, and analysts are split between a high‑vision valuation case and skepticism about current fundamentals and thin public float.