Key Points
- SpaceX filed its S-1 on May 20, seeking a Nasdaq listing under ticker SPCX.
- Reporting points to a roughly $1.75 trillion target valuation.
- 2025 revenue reached $18.7B, with Starlink contributing $11.4B, about 61%.
- Elon Musk would hold 42% equity and 85% voting control.
The most-anticipated public offering in a generation finally has paperwork. SpaceX filed its S-1 on May 20, setting up a Nasdaq listing under the ticker SPCX. Reporting points to a Nasdaq debut around June 12, with the price range in the filing still blank.
The number everyone is circling is the valuation. Reporting points to a target around $1.75 trillion, with some discussion pushing past $2 trillion — a figure that would rank as the largest IPO in history. For context, that is roughly double the private valuations that have defined this AI cycle, including Anthropic's reported $900 billion round.
The engine underneath that number is Starlink. SpaceX posted $18.7 billion in 2025 revenue, and Starlink generated $11.4 billion of it — about 61% of the total. Subscribers more than doubled year over year, from 5.0 million in Q1 2025 to 10.3 million in Q1 2026, even as average revenue per user slipped 23% as the network pushed into lower-cost markets.
The S-1 also surfaces the cost of building two capital-intensive businesses at once. SpaceX reported a $4.28 billion net loss in Q1 2026 alone and an accumulated deficit of $41.3 billion. And the control structure is pure Musk: he would hold roughly 42% of the equity but 85% of the voting power, meaning public shareholders buy economic exposure to Starlink and Starship, not a say in how either is run.
That is the trade on offer. For the first time, retail investors can own a piece of the company that has come to define commercial spaceflight — on terms that keep the founder firmly in command.
Source: Yahoo Finance, The VC Corner
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