Overview
- SpaceX is preparing a Nasdaq listing under the ticker SPCX with investor roadshows set to begin in early June and pricing targeted around June 11 followed by trading shortly afterward.
- The company seeks to raise as much as roughly $75 billion and has trimmed its headline valuation target to at least about $1.8 trillion from earlier plans above $2 trillion.
- SpaceX reported $18.7 billion of revenue in 2025 but a $4.94 billion net loss driven mainly by roughly $12.7 billion of capital spending on AI and data‑center projects folded in from xAI.
- Starlink supplied the bulk of revenue and is the only consistently profitable division, with more than 10 million subscribers, while xAI and data‑centre investments are currently loss making.
- Investors and some pension funds have raised governance and market‑structure concerns over Musk’s super‑voting control, a proposed small free float, large retail allocations, and index‑entry mechanics that could concentrate early flows and amplify volatility.