Musk eyes Wall Street record with SpaceX public offering

NEW YORK

Elon Musk's SpaceX has rocketed toward Wall Street, filing plans for what could become the largest initial public offering in history as the company seeks to raise up to $75 billion on the public markets.

If successful, the listing of the rocket and satellite giant would dwarf any IPO in history and cement Musk's status as one of the most consequential entrepreneurs of his generation.

After the IPO, Musk would be the CEO, CTO, and chairman of the board, the filing revealed.

SpaceX is hoping to raise $75 billion and win a valuation of as much as $1.75 trillion when it begins trading as early as next month.

The filing of the S-1 prospectus marked the first time SpaceX has publicly disclosed detailed financials in its 24-year history.

It revealed that the company generated $18.7 billion in revenue in 2025 and posted an operating loss of $2.6 billion as it poured money into next-generation rocket development and artificial intelligence.

SpaceX's Starlink satellite internet business is the clear financial engine of the company, generating $11.4 billion in revenue in 2025, up nearly 50 percent year-on-year.

The AI segment, which includes xAI and X, recorded $3.2 billion in revenue for the full year 2025 but posted an operating loss of $6.4 billion as the company raced to build out AI training data
centers.

Capital expenditure for the segment alone reached $12.7 billion in 2025 and $7.7 billion in just the first quarter of 2026, reflecting the enormous sums necessary to keep pace in the AI race against deep-pocketed rivals including Google, Meta and Amazon.