According to the Financial Associated Press, Musk's SpaceX may lower its listing valuation and change its target to US$1.8 trillion, down from April's valuation of more than US$2 trillion. Sources revealed that SpaceX lowered its target valuation after consulting with advisors and investors. Details such as the size and valuation of an IPO are typically adjusted based on stakeholder feedback before pricing, but SpaceX is seeking to raise up to $75 billion, which would still make it the largest IPO ever.
According to previous reports, SpaceX is expected to officially launch IPO promotion as early as June 4 and price the product as early as June 11. People familiar with the matter said the deal timeline may be pushed back by a few days, discussions are still ongoing, and SpaceX may decide whether to increase the target valuation based on investor feedback during the pitch.
On May 20, local time, SpaceX officially submitted the S-1 registration statement (prospectus) to the U.S. Securities and Exchange Commission (SEC) to start the IPO process. The company plans to list its Class A ordinary shares on the Nasdaq Stock Market (Nasdaq) and Nasdaq Texas (Nasdaq Texas), with the stock code "SPCX". The initial public offering price range and issuance size have not yet been determined, and stock sales are expected to start as soon as possible after the prospectus takes effect.
According to the prospectus, SpaceX completed its acquisition of xAI Holdings Corp. on February 2 this year. (xAI) merger. After the merger, SpaceX's business is divided into three major sectors: aerospace, satellite Internet, and artificial intelligence (AI).
The company's core financial data shows that in the first quarter of 2026, the company's consolidated revenue reached US$4.694 billion, operating loss was US$1.943 billion, and adjusted EBITDA was US$1.127 billion; for the full year of 2025, consolidated revenue was US$18.674 billion, operating loss was US$2.589 billion, and adjusted EBITDA was US$6.584 billion.
In terms of sectors, satellite Internet is the main force of its consolidated revenue. The satellite Internet business segment, mainly driven by Starlink, achieved revenue of US$3.257 billion in the three months ended March 31, 2026, operating profit of US$1.188 billion, and adjusted EBITDA of US$2.087 billion. For the full year of 2025, this business segment achieved revenue of US$11.387 billion, operating profit of US$4.423 billion, and adjusted EBITDA of US$7.168 billion, representing year-on-year increases of 49.8%, 120.4% and 86.2% respectively.
SpaceX's aerospace business segment achieved revenue of US$619 million in the three months ending March 31, 2026, operating losses of US$662 million, and adjusted EBITDA losses of US$351 million. For the full year of 2025, the aerospace business segment achieved revenue of US$4.086 billion, operating loss of US$657 million, and adjusted EBITDA of US$653 million.
SpaceX’s AI business segment is currently losing money. In the first quarter of 2026, the business achieved revenue of US$818 million, operating loss of US$2.469 billion, and adjusted EBITDA loss of US$609 million. SpaceX said that the AI sector will suffer losses of up to US$6.355 billion in 2025.
In terms of capital expenditure, in the first quarter of 2026,SpaceXThe total capital expenditure is US$10.107 billion, including US$1.052 billion for the aerospace sector, US$1.332 billion for the satellite Internet sector, and US$7.723 billion for the AI sector. The total capital expenditure for 2025 is US$20.737 billion, with the three major sectors being US$3.832 billion, US$4.178 billion, and US$12.727 billion respectively. Capital expenditures are mainly used for core technology research and development, facility upgrades and business expansion.
Some analysts believe that huge expenditures and unmatched profitability have inspired some investors to doubt the rationality of SpaceX's valuation. Some analysts believe that chasing SpaceX is not a wise move. According to research from 22V Research, IPOs with a size of more than $50 billion lose an average of 32% after one year.
In addition, in terms of equity, Musk controls the total by holding Class A shares and Class B shares.SpaceXWith about 85% of the voting rights, they will still have absolute control after listing.
SpaceXThe prospectus indicates multiple risks, including continued losses in the AI business, huge investment in R&D, and difficulty in making profits in the short term; space data centers face challenges in technology, supervision, cost, and radiation environment; there is a high degree of uncertainty in starship R&D and the Mars plan, and Musk's related performance equity may not be vested in the long term. The above risks may have a significant adverse impact on the company's business, financial status, and operating results.