SpaceX Files for Trillion‑Dollar IPO While Starship Test Looms

Overview

• SpaceX filed its public S‑1 with the U.S. Securities and Exchange Commission on May 20, launching an IPO process that could raise about US$75 billion and seek a valuation near US$1.75–2 trillion.
• The prospectus shows steep recent losses including a roughly US$4.28 billion net loss on about US$4.69 billion in revenue in Q1 and cumulative deficits driven mainly by Starship and AI investments.
• Starlink is the company’s main revenue engine with about 8.9 million subscribers in 2025 and multi‑billion dollar sales, but SpaceX says the next‑generation Starship must succeed to deploy V3 satellites at scale.
• The S‑1 discloses a dual‑class share plan that would leave Elon Musk with roughly 85% of voting power and names Goldman Sachs and Morgan Stanley as lead underwriters for the offering.
• SpaceX also revealed a conditional agreement to buy AI startup Cursor for US$60 billion this year or pay a US$10 billion termination fee, a deal tied to post‑IPO timing and broader AI and orbital compute ambitions.