SpaceX to price $1.77T IPO as xAI merger deepens losses

SpaceX plans to offer shares at $135 each, valuing the company at about $1.77 trillion and roughly 94 times its projected 2025 revenue of $18.7 billion, according to its registration statement. The prospectus centers the IPO case on a $28.5 trillion total addressable market, with $26.5 trillion attributed to AI and $22.7 trillion to enterprise applications.

The prospectus states, “We believe we have identified the largest actionable TAM in human history.”

Financial statements filed with the prospectus show a swing after the all-stock xAI merger closed in February. SpaceX reported $791 million in net income in 2024 and a $4.94 billion net loss in 2025. The company recorded a $4.28 billion loss in the first quarter of 2026 and an accumulated deficit of $41.3 billion. The filing says the AI unit operated at a $6.36 billion loss in 2025 as the company invested in compute capacity and model development.

The filings show that launch services and Starlink satellite broadband have provided revenue while the company builds its AI business. Starlink subscribers more than doubled to about 10.3 million in the year to March 2026 and the service now reaches customers in roughly 155 countries. Average revenue per user declined to about $66 a month from $99 in 2023 as Starlink expanded into lower-priced markets.

The prospectus discloses large compute contracts as visible revenue sources. A Google agreement runs about $920 million per month for 110,000 NVIDIA GPUs through June 2029, and an agreement with Anthropic is listed at $1.25 billion per month. Combined, those contracts total roughly $2.17 billion in monthly revenue from the two companies. The filing notes either contract may be canceled on 90 days’ notice.

On governance, the filing shows Elon Musk would hold about 42% of SpaceX’s equity and about 85.1% of the voting power after the listing, and the company intends to assert controlled-company status. The offering reserves up to 30% of shares for retail buyers and includes provisions related to share sales by early investors.

The registration statement lists risks tied to the company’s business mix, accounting treatment and listing standards and notes that profitability rules could affect index inclusion. The prospectus contains detailed financials, commercial agreements and risk factors for investors to review.