SpaceX, owned by Elon Musk, has officially submitted an S-1 prospectus to the U.S. Securities and Exchange Commission (SEC) to start the process of listing on Nasdaq. The stock code will be "SPCX" and is regarded by the industry as one of the largest initial public offerings in human history. Through this document, the outside world was able to systematically "lift the hood" for the first time and examine the true financial status and growth blueprint of this giant company that integrates rocket launches, satellite Internet, and artificial intelligence.
According to public documents and related reports, SpaceX will achieve revenue of US$18.67 billion in 2025, most of which will come from its "Starlink" satellite Internet business. Starlink alone contributed more than US$11 billion in revenue. However, despite the heavy investment, the company lost more than US$4.9 billion in the same year, and capital expenditures soared to US$20.7 billion, almost double from US$11.2 billion in 2024. The prospectus also reflects that xAI, which was incorporated after the merger with SpaceX, also recorded billions of dollars in losses in 2025, although its revenue still achieved a 22% growth.
Information from the Wall Street Journal shows that with the super voting shares in his hands, Musk will still control about 85% of the voting rights after SpaceX is listed, giving him overwhelming control over the company. In addition to Musk, SpaceX President Gwynne Shotwell and Chief Financial Officer Bret Johnson also appear on the core management list of SEC documents. Also on the board of directors are Google executive Donald Harrison, Tesla board member Ella Ellen Price, and a number of important investors Randy Gline, Antonio Gracias, Steve Jurveson and Luke Nosek.
In its "mission statement" for investors, SpaceX positions itself as a company that "builds the systems and technologies needed to make life a multi-planetary species." The goal is not only to send humans to the moon and other planets, but also to "understand the true nature of the universe and extend the light of consciousness to the stars." The company emphasizes that it has created "the most ambitious and highly vertically integrated innovation engine in history" that can rapidly manufacture and launch communication systems on the earth and in low-Earth orbit to connect the world, while using solar energy to drive "truth-seeking artificial intelligence" to promote scientific discovery and eventually establish bases on the moon and build cities on other planets.
SpaceX further claimed in the prospectus that it has locked in the "largest total operational addressable market (TAM) in human history" with a theoretical scale of US$28.5 trillion. This huge market is split into three parts: approximately US$370 billion comes from businesses directly related to space, approximately US$1.6 trillion comes from the global connectivity market centered on Starlink Broadband and Starlink Mobile, and the remaining approximately US$26.5 trillion belongs to the field of artificial intelligence, including AI infrastructure, subscriptions, advertising, and enterprise-level AI applications valued at US$22.7 trillion.
At the current business level, SpaceX is already one of the absolute leaders in commercial space launches in the world. The company's new generation of large launch vehicle "Starship" V3 has entered a new launch cycle after multiple tests. The latest flight plan was postponed to Thursday due to delays, causing continued concern in the industry. In addition, SpaceX also regards "orbital data centers" as one of the key pillars of future revenue: In January this year, the company applied for a license from the U.S. Federal Communications Commission (FCC), planning to deploy up to 1 million data center satellites in orbit to provide space infrastructure for the expansion of artificial intelligence computing.
However, SpaceX also listed a lengthy risk warning in its prospectus, admitting that many of its "anticipated market opportunities" are still highly uncertain. The document points out that many key business directions - including some artificial intelligence applications, orbital and lunar economic activities, and interstellar transportation and industrialization projects - are still "in the embryonic and evolutionary stages, and some do not even exist yet" and these markets "may not develop as the company expects, or even fail to form at all." The document also warned that the company's "huge debt levels may have a material adverse impact on its financial condition," which means that SpaceX will be under long-term pressure from high leverage and high risks in its capital-intensive aerospace and computing infrastructure layout.
Market rumors surrounding SpaceX's listing had been brewing for a long time before the prospectus was made public. It was previously reported that the company's valuation in the private equity market is expected to be as high as US$1.75 trillion, and its fundraising scale is expected to reach US$75 billion. If this figure is realized, it will break the global IPO record. This company, which has "normalized" space launches through reusable rockets, built a "quasi-monopoly" on satellite Internet, and absorbed the remaining assets of Musk's xAI and social network "Twitter" at the capital level, is now trying to push its business story into the spotlight of the public capital market. With the disclosure of the S-1 document, investors and the public are finally able to form a first impression based on data rather than rumors about this once highly mysterious aerospace giant with a skyrocketing valuation.
Currently, this IPO is still in its early stages, and regulatory review, market environment, and SpaceX's own business progress may have a significant impact on the final issuance pricing and fundraising scale. What is certain is that the capital feast surrounding "Starship", Starlink, Orbital Data Center and AI Empire has just begun, and subsequent developments remain to be seen.