SpaceX Files for Nasdaq IPO as Q1 Losses Reach $4.28B

SpaceX confidentially filed a draft S-1 to list on the Nasdaq under the ticker SPCX and disclosed a $4.28 billion GAAP net loss for Q1 2026 on $4.69 billion in revenue. The filing outlines plans to raise up to $75 billion at an implied valuation between $1.75 trillion and $2 trillion and proposes a 5-for-1 stock split.

The registration targets a potential public debut around mid‑June, with a roadshow expected in the first week of June, pricing planned for June 11 and trading possibly starting June 12. The prospectus presents the combined business formed by SpaceX, Starlink, X and xAI and provides detailed financials ahead of the offering.

Quarterly results show revenue growth driven by increased Starlink subscribers and a steady cadence of Falcon 9 launches. The filing attributes the Q1 loss to heavy spending on Starship development, investments in AI infrastructure following the February 2026 merger with xAI, and continued capital expenditures to expand networks and launch capacity.

For 2025, the company reported revenue of about $18.67 billion, a roughly 30% increase from 2024, and a net loss of $4.94 billion after a profit in 2024. Capital expenditures in 2025 were about $20.7 billion, with approximately $12.7 billion allocated to AI-related projects.

Elon Musk will remain chief executive officer, chief technology officer and chairman after the offering and will keep concentrated control through a dual-class share structure. The filing shows he holds about 42% of the company’s economic interest and will control roughly 85.1% of voting power, with Class B shares carrying 10 votes each; removal would be possible only by Class B holders.

Public Class A shareholders would receive economic exposure to Starlink’s recurring revenue, Falcon 9 reusable-rocket operations, government-focused Starshield contracts and potential synergies between AI and space operations while holding limited governance influence. The prospectus anticipates a substantial retail allocation in the offering.

The filing lists investor risks that include technical delays to Starship, regulatory and national security reviews, the need for sustained large capital commitments and the potential for Musk’s responsibilities across multiple companies to affect management attention. The documents underscore the capital intensity of developing large-scale launch systems, a global internet service and advanced AI infrastructure.

If completed as planned, the offering would be among the largest U.S. IPOs and could prompt rapid inclusion in major market indexes. The registration provides the first comprehensive public disclosure of the combined group’s operations and financial position and sets the terms for how retail and institutional investors can participate.