Tesla CEO Elon Musk's space exploration company SpaceX (stock code: SPCX) recently updated and submitted its prospectus, preparing to go public on NASDAQ in the United States on June 12, 2026.
SpaceX has an issue price of $135 per share, issuing 555.6 million shares and raising a total of $75 billion. The shares issued by SpaceX this time only account for 4.2% of the total outstanding shares, with the remaining 95.8% held by CEO Musk and other insiders.
SpaceX authorizes underwriters to issue additional shares as necessary, raising a total of $85.7 billion in funds. Based on this stock price, SpaceX's assumed market value will be approximately $1.785 trillion.
SpaceX plans to use the funds raised this time for purposes such as expanding artificial intelligence (AI) computing infrastructure, upgrading launch infrastructure and launch vehicles, expanding the size and capacity of satellite constellations, and using the remaining funds for general enterprise purposes.
According to relevant filing documents, SpaceX also needs to use IPO financing and debt financing to repay a portion of the $20 billion bridge loan within at least six months.
SpaceX has revealed that it has invested over $15 billion in developing the next generation rocket, the Starship. This rocket is used for transporting a large amount of cargo and may be used as a lunar lander.
For Musk, SpaceX's initial public offering (IPO) is the pinnacle of his dream of building reusable rockets and colonizing Mars.
An important part of the SpaceX valuation story is the "Starlink" project - this satellite based Internet service was officially put into operation in 2019.
Starlink has contributed the vast majority of SpaceX's profits, and its strong growth momentum may be the key reason why SpaceX chooses to conduct an IPO at this time to obtain substantial returns.
2026 is a big year for IPOs in the US stock market. In addition to SpaceX, Anthropic and OpenAI are also preparing for IPOs. Currently, Anthropic has secretly submitted its prospectus, and it is not surprising that it may be a company with a market value of over trillions of dollars.
More than 9600 Starlink satellites have been deployed
SpaceX was founded in 2002 as a company that builds future integrated hardware and software infrastructure in the fields of space, connectivity, and artificial intelligence. SpaceX designs, manufactures, launches, and operates products and services based on cutting-edge technology, including the world's most advanced rockets and spacecraft. SpaceX safely and reliably transports astronauts, satellites, and other payloads to carry out missions that benefit life on Earth.
As of March 31, 2026, SpaceX also operates a high-speed, low latency global broadband data and communication network powered by approximately 9600 Starlink broadband and mobile satellites in low Earth orbit, providing connectivity to millions of consumers, businesses, and government customers in 164 countries, regions, and other markets.
SpaceX's core products include the Falcon 9, the world's first rapidly reusable orbital stage rocket. The Falcon 9 was first launched in 2010 and had a payload capacity of approximately 23 metric tons in low Earth orbit when fully depleted. As of March 31, 2026, Falcon 9 has completed approximately 620 orbital space launches with a mission success rate of over 99%.
Falcon Heavy. The Falcon Heavy rocket was first launched in 2018, when it sent a Tesla all electric sports car ("Tesla Sports Car") and its mannequin passenger, known as the Starman, into orbit around the sun. The Falcon Heavy carrier rocket has a payload capacity of approximately 64 metric tons and is a partially reusable super heavy carrier rocket designed to launch large payloads into orbit.
Dragon spacecraft. SpaceX's Dragon spacecraft was launched by Falcon 9 in 2012, becoming the first commercial spacecraft to travel to and from the International Space Station. The International Space Station is an orbital laboratory, a research facility and destination for human spaceflight. Eight years later, it became the first privately manufactured spacecraft to send humans to an orbital laboratory. Since 2020, SpaceX's Dragon spacecraft has safely carried 78 crew members from 20 countries.
Starship. Starship was first launched in 2023 with the aim of becoming a fully reusable super heavy launch vehicle. The Starship V3 is designed to transport 100 metric tons of cargo into Earth orbit in a fully reusable configuration, while achieving fast turnaround times similar to commercial aviation. The design goal for future generations of starships is to double their payload capacity.
So far, SpaceX has conducted 11 starship flight tests. SpaceX also plans to conduct its 12th flight test, which will make its debut with the next-generation spacecraft and super heavy boosters powered by the next-generation evolution of SpaceX Raptor engines, and launched from a newly designed launch pad at the interstellar base.
SpaceX expects the Starship to begin delivering payloads into orbit in the second half of 2026. SpaceX has achieved innovative milestones, such as catching boosters with chopstick arms on the same tower where they are launched. SpaceX expects this capability to facilitate rapid refurbishment and reuse, allowing for multiple launches at lower costs per day.
SpaceX also has xAI, which was founded in 2023 and acquired by SpaceX in early 2026. xAI's infrastructure supports Grok's training and inference.
Annual revenue of $18.7 billion, net loss of $4.9 billion
According to the prospectus, SpaceX's revenue for 2023, 2024, and 2025 will be $10.387 billion, $14 billion, and $18.674 billion, respectively; The operating profits are -3.5 billion US dollars, 466 million US dollars, and -2.589 billion US dollars respectively; The net profits were -4.628 billion US dollars, 791 million US dollars, and -4.937 billion US dollars, respectively.
SpaceX's revenue in the first quarter of 2026 was $4.694 billion, compared to $4.067 billion in the same period last year; The operating loss was 1.943 billion US dollars, compared to 27 million US dollars in the same period last year; The net loss was 4.276 billion US dollars, compared to -528 million US dollars in the same period last year.
SpaceX's operating losses in 2025 will be $657 million from Space, $4.423 billion from Connectivity, and $6.355 billion from AI, resulting in a total operating loss of $2.589 billion.
In the first quarter of 2026, SpaceX incurred operating losses of $662 million from Space, $1.188 billion from Connectivity, and $2.469 billion from AI, resulting in a total operating loss of $1.943 billion.
SpaceX's Adjusted EBITDA for 2025 is $653 million from Space, $7.168 billion from Connectivity, $-1.237 billion from AI, and $6.584 billion from SpaceX.
SpaceX's Adjusted EBITDA for the first quarter of 2026 was -351 million US dollars from Space, 2.087 billion US dollars from Connectivity, and -609 million US dollars from AI. SpaceX's Adjusted EBITDA for the first quarter of 2026 was 1.127 billion US dollars.
Although SpaceX primarily launches satellite rockets, its main capital expenditure is on AI. In the first quarter of 2026, AI capital expenditure reached $7.723 billion, with $1.052 billion coming from Space and $1.332 billion from Connectivity.
Musk will be the head of two companies with a market value exceeding trillions of dollars
Currently, Musk serves as the Chairman of SpaceX CEO、CTO。
Prior to the IPO, Musk held 849494440 Class A shares, accounting for 12.3% of the total Class A shares; Holding 5569053075 Class B shares, accounting for 93.6% of Class B shares and holding 85.1% of voting rights. Musk holds approximately 50% equity in SpaceX.
After the IPO, Musk holds 11.3% of Class A shares; Holding 93.6% of Class B shares and owning 84.4% of voting rights.
Prior to the IPO, SpaceX director Antonio J. Gracias held 7.3% of Class A shares, and after the IPO, he still holds 6.7% of Class A shares.
Once SpaceX's market value reaches $1.6 trillion, Musk will become the world's first trillion dollar millionaire. Musk will also become the head of two companies with a market value exceeding trillions of dollars.
The following is the SpaceX roadshow PPT (edited and processed by Leidi.com):
