On May 20, local time, NBC News reported that SpaceX confirmed its intention to publicly sell shares to individual investors through a securities filing submitted that day.
The official name is Space Exploration Technologies Corp., and it is set to trade on NASDAQ under the ticker symbol 'SPCX.'
Given SpaceX's significant competitive advantages in the rocket launch and satellite internet sectors, the IPO is expected to attract considerable investor interest. If the company achieves its target valuation of $2 trillion, it could rank among the top 10 companies globally by market capitalization.
The size of the offering has not yet been disclosed. However, NBC News noted that this IPO could surpass the $29.4 billion record set by Saudi Arabia's state-owned oil company Aramco in 2020.
According to the filing, SpaceX reported revenues of $18.6 billion in 2025, a 33% increase from the previous year. However, the company incurred a net loss of $4.3 billion during the three months ending March 31 of this year.
Musk is expected to maintain significant control after the IPO, with SpaceX stating that he will hold 85% of the company's voting rights and continue to serve as CEO, chairman, and chief technology officer.
SpaceX's core businesses include rocket launch services and the Starlink satellite internet service. The company has provided launch services to government agencies, including NASA and the U.S. Department of Defense, sending satellites, equipment, and personnel into space.
However, there are concerns regarding the risks associated with the rocket business. SpaceX has invested $15 billion in developing its massive Starship rocket. Recently, a worker died after falling from scaffolding at its Texas facility, and Reuters previously reported that there have been hundreds of unreported worker injuries at SpaceX.
Starlink is rapidly increasing its subscriber base. According to the filing, Starlink currently has 10.3 million subscribers, more than double the 5 million reported a year ago. However, the average revenue per user has decreased as more subscribers come from regions outside North America and from lower-cost plans.
SpaceX is also involved in artificial intelligence (AI). In February, the company acquired Musk's AI startup xAI, and Musk announced earlier this month that SpaceX would manage all of its AI products without keeping xAI as a separate entity.
The AI business has also been flagged as a risk factor. The filing mentions that xAI's chatbot Grok is under investigation for issues related to non-consensual sexual deepfakes. The company indicated that these investigations could lead to legal liabilities, negative public sentiment, or sanctions.
SpaceX also owns the social media platform X (formerly Twitter). The company reported that as of March, it had 6.3 million active paid subscribers for consumer services, including X Premium and SuperGrok. The filing also outlines plans to develop X into an 'everything app' that integrates real-time information, communication, media, payments, banking, and commerce.
This IPO is expected to serve as a litmus test for investor sentiment toward Musk. While he is also the CEO of Tesla, the company has recently faced challenges, including declining sales, rising capital costs, and a lack of new products. Musk's political actions and controversies could also influence investor sentiment.
Given the unusually large size of this offering, 23 major global banks and investment firms will participate in the underwriting. Goldman Sachs will serve as the lead underwriter, followed by Morgan Stanley, which was also involved in Tesla's IPO in 2010.
* This article has been translated by AI.
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