Gotrade News - SpaceX filed its blockbuster IPO paperwork targeting a $1.75 trillion valuation on Nasdaq. The listing under ticker SPCX could launch as early as June 12.
This figure would surpass Saudi Aramco's $1.7 trillion record from 2019. It would also mark the first US market debut above $1 trillion in history.
Key Takeaways
- SpaceX targets a $1.75 trillion valuation on Nasdaq under ticker SPCX, debut as early as June 12.
- Elon Musk retains 85.1% of voting power through a dual-class share structure.
- Q1 filing shows a $1.94 billion operating loss despite $4.69 billion in revenue.
According to Reuters, only Starlink posted a quarterly operating profit of $1.19 billion. The AI division swung to a $2.47 billion loss on just $818 million in revenue.
xAI acquisition spending consumed 76% of SpaceX's $10.1 billion capital expenditure in the first quarter. The number signals how aggressively Musk is binding space and AI together.
SpaceX also locked in a compute capacity deal with Anthropic worth $1.25 billion per month through May 2029. The contract underscores the scale of AI infrastructure demand inside the empire.
Musk's dual-class structure gives Class B holders ten votes per share versus one for Class A. This concentration of control may discourage some institutional investors used to standard governance.
FAA And The 10,000 Launch Goal
As reported by Reuters, SpaceX President Gwynne Shotwell told FAA chief Bryan Bedford the company targets 10,000 launches annually within five years. SpaceX completed only 170 launches in 2025.
Bedford pushed back on the timeline, saying the agency needs to see far more reliability first. He also warned the FAA could become a bottleneck due to underfunded space oversight teams.
SpaceX already operates around 10,000 Starlink satellites and announced plans for a 1 million satellite mega-constellation in January. Such scale would dwarf any competitor in low Earth orbit.
The launch ambitions create direct competition for pure-play space names. Investors comparing exposure can weigh Rocket Lab (RKLB) as the leading public alternative to SpaceX in small launch.
Tangled Musk Empire Disclosures
Per Reuters, SpaceX and xAI together bought $650 million in goods from Tesla last year. xAI alone purchased $506 million in Megapack battery systems.
SpaceX also spent $131 million on Cybertrucks, equivalent to more than 1,000 vehicles at suggested retail prices. The disclosures deepen the financial overlap inside Tesla (TSLA) shareholders' exposure.
Tesla now owns nearly 19 million SpaceX Class A shares after a $2 billion investment. That gives TSLA holders an indirect stake in any post-IPO valuation upside at SpaceX.
The filing also flagged over $20 billion in related-party AI lease obligations through Valor Equity Partners. SpaceX paid $885 million in 2025 and another $857 million in just the first two months of 2026.
Reena Aggarwal of Georgetown University said the deal benefits from a halo effect around Musk. She noted that valuing SpaceX is difficult because no comparable peer group exists.
For diversified space exposure, broader vehicles like the ARK Space Exploration ETF (ARKX) may re-rate alongside SpaceX. Listing the largest private space company could lift the entire sector basket.
