Overview
- The company publicly filed its S‑1 with the SEC on Wednesday and named Goldman Sachs as lead left with Morgan Stanley, Bank of America, Citigroup and JPMorgan as co‑runners for an expected Nasdaq listing under the ticker SPCX.
- SpaceX disclosed $18.7 billion in revenue for 2025 and about $4.69 billion in first‑quarter revenue while reporting large net losses, heavy capital spending and roughly $60 billion of debt on its balance sheet.
- The prospectus formalizes the February merger with xAI and shows the business is shifting into AI infrastructure, including an agreement to rent Colossus data‑center capacity to Anthropic for about $1.25 billion per month through May 2029.
- Elon Musk would retain overwhelming voting control under the proposed dual‑class structure and his potential compensation is tied to long‑range targets such as building space data centers and establishing a human presence on Mars.
- Reports say SpaceX is targeting a June roadshow and a listing in early June with a possible valuation near $1.75 trillion and proceeds of tens of billions, a structure that could produce a small public float, large retail allocations and early trading volatility that may shape other AI IPO plans.