SpaceX filed its S-1 registration statement with the US Securities and Exchange Commission on Wednesday, moving Elon Musk’s rocket, satellite internet, and AI infrastructure company closer to one of the most closely watched IPOs in market history.
The company plans to list its Class A common stock on Nasdaq and Nasdaq Texas under the ticker SPCX, according to the preliminary prospectus. Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup, and J.P. Morgan are listed among the joint book-running managers for the offering.
The filing shows SpaceX generated $4.69 billion in first-quarter revenue and posted a $4.28 billion net loss, giving investors a first look at the scale of the company’s operations and the cost of its expansion. The company also disclosed holdings of 18,712 BTC at a cost basis of roughly $35,000 per Bitcoin, adding a crypto treasury angle to the IPO.
Musk will remain SpaceX’s chief executive, chief technical officer, and chairman of the board after the offering. The filing shows he owns 12.3% of Class A shares and 93.6% of Class B shares, giving him control through the company’s dual class structure.
Class A shares will carry one vote each, while Class B shares will carry 10 votes each. SpaceX said Musk will be able to control matters requiring shareholder approval, including board elections, and the company expects to qualify as a controlled company under Nasdaq rules.
The IPO filing positions SpaceX as a company spanning launch services, reusable rockets, satellite internet, AI, and long term orbital infrastructure. A highlights page in the prospectus says SpaceX had completed roughly 650 total launches as of March 31, 2026, with more than 85% of missions flown using one or more reused boosters.
The same filing says SpaceX accounted for more than 80% of global mass sent to orbit in 2025 and had flown 78 crewmembers as of the end of March. Those figures underscore the company’s dominance in launch, where reusable rockets remain central to lowering the cost of access to orbit.
The filing also gives investors a clearer view of the tradeoff behind SpaceX’s valuation. Starlink and launch services remain the company’s core operating engines, while AI, Starship development, and long-term Mars ambitions are expected to keep spending elevated.
The Bitcoin disclosure adds another layer to the offering. At 18,712 BTC, SpaceX’s holdings would make the company one of the more notable corporate Bitcoin holders entering public markets, though the filing frames the position as part of a much larger infrastructure and technology story.
The IPO valuation is still expected to land well above the company’s last major private benchmark. Reuters reported that SpaceX is targeting a potential $1.75 trillion valuation for the listing, up from the combined $1.25 trillion valuation assigned to SpaceX and xAI after their February merger.