🚨Breaking: SpaceX just officially filed for the largest IPO in human history
It'll be listed under the ticker $SPCX, dual listed on Nasdaq and Nasdaq Texas.
The company is targeting a valuation of $1.75 trillion and aims to raise $75 billion, more than double Saudi Aramco's $26 billion record from 2019.
The S-1 reveals the numbers for the first time.
In Q1 2026, SpaceX generated $4.69 billion in revenue and lost $1.94 billion from operations. In all of 2025, it generated $18.67 billion in revenue and lost $2.59 billion from operations.
Starlink is the only part of the business making money.
It generated $3.26 billion in revenue in Q1 2026 with $1.19 billion in operating income across 10.3 million subscribers in 164 countries.
The AI segment generated $818 million in revenue but lost $2.47 billion in the same quarter. In all of 2025, the AI segment lost $6.36 billion.
Of the $10.1 billion spent on capex in Q1 2026, $7.72 billion went to the AI division.
The S-1 also disclosed several things nobody knew before. SpaceX is building a platform called Macrohard, described as a fully AI-operated software company.
It is building Terafab, a chip manufacturing initiative targeting one terawatt of compute hardware per year. Its flagship AI data center called Colossus is already operating in Memphis Tennessee as a gigawatt scale training cluster, with Colossus II already under construction.
SpaceX plans to launch orbital AI data centers into space by 2028, using solar power for energy and the space environment for cooling.
Elon Musk will hold majority voting control through Class B shares that carry 10 votes per share versus 1 vote for the Class A shares being sold to the public.
He will control the outcome of every shareholder vote after the IPO regardless of how many shares the public owns.
Once listed, SpaceX joins the Nasdaq-100 after just 15 days of trading, forcing every index fund tracking the index to buy the stock.