Musk's SpaceX discloses filing for blockbuster IPO

SpaceX's filing with US regulators was revealed Wednesday, laying out plans for what could become the largest initial public offering in history as Elon Musk's rocket and satellite company seeks to raise up to $75 billion on the public markets.

The filing with the US Securities and Exchange Commission (SEC) – the first time the company has disclosed detailed financials publicly – showed SpaceX generated $18.7 billion in revenue in 2025 while posting an operating loss of $2.6 billion as it poured money into next-generation rockets and AI.

The S-1 prospectus, a document companies are required to file with the SEC before listing on a public stock exchange, provides potential investors with detailed financial information, risk factors and business strategy.

It showed SpaceX's Starlink satellite internet business as the company's primary revenue driver, generating $11.4 billion in 2025, a nearly 50% year-on-year increase, with operating income of $4.4 billion.

The AI segment, which includes xAI and the X platform, recorded $3.2 billion in revenue for the full year 2025 but posted a $6.4 billion operating loss amid spending on AI training data centers. Capital expenditure for AI reached $12.7 billion in 2025 and $7.7 billion in the first quarter of 2026 alone.

The filing confirmed a dual-class share structure, leaving Elon Musk in control after the listing. Musk will hold about 42% of equity and 79% of voting power. SpaceX acknowledged this structure gives Musk the power to control shareholder matters, including director elections.

As expected, the filing laid out an ambitious road map to build data centers in space, arguing that solar energy captured in orbit represents "the only truly scalable solution" to the power demands of AI computing. It aims to begin deploying AI compute satellites as early as 2028, targeting 100 gigawatts of compute capacity in orbit annually, which would require thousands of rocket launches and roughly 1 million tonnes of material transported to orbit each year.

SpaceX estimated a total addressable market of $28.5 trillion across its businesses, excluding China and Russia. The company is reportedly targeting a June listing on the Nasdaq under the symbol SPCX.

(With input from AFP)