SpaceX, the aerospace firm founded and led by Elon Musk, made its confidential IPO filing public on Wednesday, after submitting it to the U.S. Securities and Exchange Commission (SEC) in private on April 1, 2026. The filing shows the space company carrying billions of dollars in losses, largely driven by Musk’s push into artificial intelligence (AI). It also lays bare his tight grip on SpaceX, leaving shareholders with little say over his decisions and departure from the firm.
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xAI Merger Fuels Staggering Losses for SpaceX
SpaceX’s filing reported a $4.69 billion revenue in Q1 2026, but still posted a total operating loss of $1.94 billion. Most of that revenue decline came from xAI, the AI firm behind the Grok chatbot, which Musk merged with SpaceX in February 2026.
The purchase proved costly, with xAI alone losing $2.47 billion on just $818 million in revenue that quarter. It also accounted for most of SpaceX’s spending, representing 76% of the firm’s $10.1 billion in Q1 capital expenditures.
Meanwhile, only Starlink turned a profit among SpaceX’s three main revenue divisions, posting $1.19 billion in operating income. However, that gain was not enough to offset losses observed from the rest of the business.
SpaceX’s recently released IPO filing also shows Musk is betting on turning the company into an AI giant, with long-term plans tied to a potential $28.5 trillion market built around nonexistent tech. Those plans include solar-powered data centers in space, Mars missions, and AI systems built in orbit.
SpaceX IPO Could Hand Musk Near Total Control of Firm
The SpaceX filing shows that Musk will keep firm control over the aerospace firm after the IPO via a two-tier share structure. Public investors will receive Class A shares, which represent one vote each, while Musk and a small group of insiders will hold Class B shares, which hold 10 votes each.
That structure gives public shareholders little influence over major company decisions, while Musk and other insiders retain strong control. The SpaceX filing also says legal disputes must be settled through private arbitration rather than public courts, while set leadership rules make it very hard to remove Musk from power. This means only Musk can oust himself from SpaceX, giving him an unusually high level of control over the firm’s direction and leadership.
Which Big IPO Is Coming Soon?
SpaceX is the most likely candidate for an IPO in 2026, having already filed privately with the SEC, with a public listing expected as early as mid-June. The offering could raise up to $75 billion and value the firm at over $1 trillion, making it the largest IPO in history. Other firms eyeing possible listings include defense tech firm Anduril Industries, while Claude AI maker Anthropic is also reported to be targeting a public debut later in 2026.
