As anticipated, SpaceX will issue shares at a fixed price of $135 per share, at a valuation of around $1.75 trillion.
SpaceX will be pursuing the largest initial public offering (IPO) ever.
According to an amended S-1 filed with the Securities and Exchange Commission today, Space Exploration Technologies
Corp., a Texas corporation, is offering 555,555,555 of class A common stock. There are two classes of shares, and founder and CEO Elon Musk will control 82.4% of the voting power (82.3% if underwriters exercise the option to purchase more shares). This firmly places the control of the company in Musk’s hands.
The stated mission of the company is: To build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars.
SpaceX states that it has formed the most “ambitious, vertically integrated innovation engine on (and off) Earth with unmatched capabilities to rapidly manufacture and launch space-based communications that connect the world, to harness the Sun to power a truth-seeking artificial intelligence that advances scientific discovery, and ultimately to build a base on the Moon and cities on other planets.”
SpaceX is not just about cool rocket ships; it also includes the internet provider Starlink and the artificial intelligence (AI) company xAI.
Like many early-stage firms, SpaceX is losing money.
For the first quarter of 2026, revenue on a consolidated basis was $4.694 billion, along with a loss from operations of $1.943 billion and Adjusted EBITDA of $1.127 billion.
In 2025, Revenue was $18.674 billion, with a loss from operations of $2.589 billion and adjusted EBITDA of $6.584 billion.
Connectivity or StarLink generated most of the revenue at $3.257 billion.
The strengths of the company are listed as follows:
- Global Leadership in Orbital Launch Services
- Unrivaled Satellite and Connectivity Platform across Design, Manufacturing, Deployment, and Operations
- Truth-Seeking AI Model Enhanced by Real-Time Data
- Extreme Vertical Integration Enabling High Velocity and Superior Cost Efficiency at Scale
- Unique Ability to Scale New Trillion-Dollar Markets Across Space, Connectivity, and AI
- Business Models that Are Incredibly Difficult to Replicate
- Mission-Driven Culture and World-Class Talent
The outsized public offering matches Musk’s outsized ambitions to change the world and colonize space. Musk is widely viewed as the most impactful entrepreneur of our time, having founded multiple companies. He is also the wealthiest individual in the world.
The underwriters of the offering will now pitch it to investment banks and brokerages worldwide. Not everyone is on board. Morningstar recently pegged the valuation at a far lower $780 billion. Of course, underestimating Musk has typically not been a winning bet.
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