SpaceX has filed to go public in what could become the largest U.S. IPO on record, revealing a company with sweeping artificial intelligence ambitions and billions of dollars in recent losses.
The space company, founded by Elon Musk in 2002, plans to trade on the Nasdaq under the ticker symbol SPCX. Goldman Sachs is listed as the lead underwriter, and the company could begin its investor roadshow in early June.
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Musk’s control and SpaceX’s losses
Following a recent merger with Musk’s artificial intelligence venture, xAI, SpaceX was valued at approximately $1.25 trillion. A dual-class stock structure will leave Musk with 85.1% of the company’s combined voting power, giving him control over key corporate decisions.
SpaceX generated almost $18.7 billion in revenue in 2025, but heavy capital spending and losses tied to xAI helped drive a $4.9 billion net loss for the year. That financial strain continued into the first quarter of 2026, when the company posted a nearly $4.3 billion loss.
The filing shows a sharply divided business. CNBC reported that Starlink accounted for 69% of SpaceX’s first-quarter revenue, while the broader connectivity segment was the company’s only profitable unit. The space business and AI unit posted steep operating losses. The company also disclosed a deal to provide Anthropic with access to SpaceX computing capacity, a contract expected to generate $1.25 billion a month for three years.
A bigger bet on AI infrastructure
Executives project a total addressable market of $28.5 trillion, a figure rivaling the U.S. gross domestic product. Artificial intelligence services account for $26.5 trillion of that estimate, far exceeding the markets tied to SpaceX’s traditional aerospace and connectivity businesses.
SpaceX may not be the only AI-linked company heading toward a major public listing. The Wall Street Journal reported that OpenAI is preparing to file confidential IPO paperwork in the coming days or weeks, possibly as early as Friday, with Goldman Sachs and Morgan Stanley helping draft the prospectus. The Journal reported OpenAI could be ready to go public as early as September, though the timing could change.
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