Space Exploration Technologies Corp., or SpaceX, officially filed its prospectus with the SEC on Wednesday to go public, setting the stage for what is expected to be the largest initial public offering (IPO) in capital markets history. The company will list its Class A common shares on the Nasdaq exchange under the ticker symbol “SPCX.” The company is aiming to raise up to $75 billion, targeting a total valuation of about $1.75 trillion.
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Also, the underwriter lineup is one of the largest seen in recent tech IPOs, led by Goldman Sachs (GS), Morgan Stanley (MS), BofA Securities (BAC), Citigroup (C), and J.P. Morgan (JPM), alongside more than a dozen additional banks. The underwriters also have a 30‑day option to purchase additional shares.
SpaceX has also reserved a portion of the offering for a directed share program, allowing certain individuals or partners to buy shares at the IPO price.
The IPO date has not been finalized yet. The filing notes that shares will be ready for delivery on or about a future date in 2026, pending SEC approval and market conditions.
Dual‑Class Structure Keeps Control With Elon Musk
After the IPO, SpaceX will have two classes of common stock:
- Class A – one vote per share
- Class B – ten votes per share
Elon Musk will retain overwhelming control through his Class B holdings. The filing states that Musk will hold a majority of the company’s voting power immediately after the offering, giving him the ability to elect the entire board and control all major corporate decisions.
Because of this structure, SpaceX will be classified as a “controlled company” under Nasdaq rules and will rely on certain governance exemptions.
First-Ever Financial Disclosures
Since SpaceX has historically been a tightly controlled private company, the prospectus offered the first audited look at its massive financial scale.
In Q1 2026, the company generated $4.69 billion in revenue with an adjusted EBITDA of $1.13 billion. For the full year 2025, SpaceX reported $18.67 billion in revenue and an adjusted EBITDA of $6.58 billion. Primary drivers of the performance include the “Space” (rocket launches) and “Connectivity” (Starlink) segments, which represent the vast majority of all incoming revenue.