SpaceX has officially revealed plans to go public, opening up one of the world’s most secretive and ambitious private companies to investors for the first time.
The move could become the biggest initial public offering in history and potentially make Elon Musk the world’s first trillionaire.
The rocket and satellite company disclosed major details about its finances, leadership structure, operations, revenue, and future ambitions. The company will trade under the ticker symbol SPCX.
However, SpaceX did not reveal how much money it plans to raise or what valuation it expects ahead of the IPO. Those details are expected closer to the public launch.
In a detailed 277-page filing, the company described its mission as building technologies that could make human life multiplanetary while also advancing artificial intelligence and scientific discovery.
SpaceX said it plans to continue rapidly expanding Starlink, its satellite internet business, while investing heavily in AI infrastructure, moon exploration, and future cities on other planets.
The company admitted these ambitions come with enormous costs. SpaceX generated $18.7 billion in revenue last year, marking a 33% increase from the previous year. Despite the growth, the company reported a $4.9 billion loss in 2025 after posting a profit of $791 million in 2024. It also lost $4.6 billion in 2023.
According to the filing, losses are continuing in 2026. In the first three months of the year alone, SpaceX lost $4.3 billion while generating $4.7 billion in revenue.
Much of the company’s spending is tied to artificial intelligence. SpaceX spent $20.7 billion last year, with $12.7 billion directed toward AI-related infrastructure and development. Another $4.2 billion went into Starlink while $3.8 billion funded rocket and space operations.
That spending represented a massive jump from previous years. SpaceX spent $11.2 billion in 2024 and only $4.4 billion in 2023.
In the first quarter of this year alone, the company already spent $10.1 billion, including $7.7 billion on AI projects.
Despite the losses, SpaceX believes its future market opportunity is enormous. The company estimated a potential market worth $28.5 trillion, describing it as the largest actionable market opportunity in human history.
The company sees huge growth opportunities in satellite internet, mobile connectivity, AI services, enterprise applications, and space-based technologies.
SpaceX also believes AI could become one of its biggest businesses. Its projections include future space-based data centers, consumer subscriptions, digital advertising, and enterprise software systems powered by artificial intelligence.
The filing also revealed more information about the company’s leadership team.
Elon Musk serves as chairman, while President and Chief Operating Officer Gwynne Shotwell remains one of the company’s key executives. Other board members include top venture capitalists, executives, and technology investors.
Musk maintains overwhelming control of the company through his voting shares. The filing revealed he controls more than 85% of the company’s voting power through a combination of common shares and high-voting Class B shares.
The report also disclosed Musk’s compensation structure. Although his annual salary has remained at just over $54,000 since 2019, he could receive massive stock rewards if the company reaches specific valuation targets and successfully establishes a permanent human colony on Mars.
Additional compensation packages tied to AI and computing milestones were also included following SpaceX’s merger with xAI earlier this year.
Founded in 2002, SpaceX originally focused entirely on rocket launches and space transportation before expanding into telecommunications through Starlink in 2021. Today, the company has become one of the most influential forces in both the space and technology industries.
