Elon Musk's SpaceX on Wednesday publicly filed for an initial public offering, revealing the financials of the company that has revolutionized rocket technology. The private rocket maker, satellite and AI company plans to trade under the ticker SPCX on the Nasdaq, with a listing expected in June.

The prospectus did not specify the amount to be raised, but media reports estimate it at $75 billion. If the company achieves a valuation of about $1.7 trillion, Musk's net worth would surpass 13 figures, making him the world's first trillionaire.

The filing shows SpaceX generated about $18.7 billion in revenue in 2025 but recorded an operating loss of $2.6 billion ($4.9 billion net loss) after heavy spending on AI technologies and a larger rocket. Its Starlink satellite business was the biggest revenue driver, generating over $11.4 billion, up nearly 50% year-on-year.

However, other units struggled. Social media platform X and AI business xAI, both acquired by SpaceX in February, recorded $3.2 billion in revenue but posted an operating loss of $6.4 billion.

The company has adopted provisions that severely limit shareholder rights and protect Musk from being fired by anyone but himself. Under the current structure, Musk would control about 85% of voting power while holding around 42% of equity, posing risks for outside investors.

SpaceX acknowledged in its filing that Musk's power could be risky. At Tesla, Musk has faced resistance from other shareholders. The road show is expected to begin June 4.

Source: www.dw.com