SpaceX Files Nasdaq IPO Under SPCX, Reports $4.28B Q1 Loss

SpaceX confidentially filed a draft S-1 registration with the SEC to list on Nasdaq under the symbol SPCX. The filing schedules a roadshow around June 4, pricing on June 11 and a potential listing on June 12. The company indicated it may seek to raise up to $75 billion and put forward a valuation range of $1.75 trillion to $2 trillion. A 5-for-1 stock split is planned to lower the per-share price for retail investors.

The filing reports Q1 2026 revenue of $4.69 billion and a GAAP net loss of $4.28 billion. The revenue gain reflected growth in Starlink subscribers and a steady Falcon 9 launch cadence. The quarterly loss stems from spending on Starship development, expanded AI infrastructure following a February 2026 merger with xAI, and ongoing capital investment in manufacturing and launch systems.

For full-year 2025, SpaceX reported revenue of $18.67 billion, about 30% higher than 2024, and a net loss of $4.94 billion after a profit in 2024. Capital expenditures in 2025 totaled $20.7 billion, with roughly $12.7 billion allocated to AI-related projects.

The filing shows Elon Musk will remain chief executive officer, chief technology officer and chairman of a nine-member board. He owns roughly 42% of total equity and will hold combined voting power of 85.1% through a dual-class share structure in which Class B shares carry 10 votes each. Under that structure, only Class B shareholders can remove him.

The S-1 lays out a combined business that includes launch services, Starlink consumer and government broadband, X and xAI. Public Class A shares would provide economic exposure to Starlink’s recurring revenue, reusable-rocket launch services and Starshield government contracts, while offering limited governance rights compared with Class B shares. The filing anticipates a significant retail allocation in the offering.

Risks identified in the filing include potential technical delays to Starship, regulatory approvals for launches and satellite operations, the need for continued large capital injections, and the possibility that Musk’s responsibilities across multiple companies could divide his attention. The S-1 will be followed by a public prospectus and a formal roadshow scheduled to begin around June 4, with pricing expected June 11 and a Nasdaq listing targeted for June 12.