SpaceX has launched its public listing on Nasdaq. This offering, valued at approximately $75 billion, is among the largest IPOs in history according to international media. As trading begins, market attention is focused on the company’s financials, Musk’s control, and the future performance of its businesses related to Starlink, Starship, and xAI.
Funding size reached $75 billion
According to disclosed data, SpaceX issued 555.6 million shares at $135 per share, raising approximately $75 billion. The article states that, at this price, the transaction further increased projections of Elon Musk’s personal wealth.
In addition to the fundraising size, the official trading price on the first day of listing, opening performance, and subsequent volatility will remain key focus areas for the market. TechCrunch noted that the Nasdaq page will be updated with the official listing price, and major financial media outlets are continuously tracking the latest developments.
The prospectus discloses losses and revenue.
SpaceX's S-1 filing provided the first relatively comprehensive look at the company's financial status and business structure. The filing revealed that SpaceX generated over $18 billion in revenue in 2025 but incurred a net loss of $4.9 billion for the year.
Over the long term, the company has accumulated losses exceeding $37 billion since its founding. This data reflects that SpaceX remains in a high-investment phase, with substantial capital expenditures on rockets, satellite networks, and related infrastructure.
- Revenue exceeding $18 billion in 2025
- Net loss of $4.9 billion in 2025
- Since its establishment, cumulative losses have exceeded $37 billion.
Another closely watched metric is employee ownership. According to the report, citing The New York Times, approximately 4,400 SpaceX employees are expected to become millionaires due to the IPO.
Musk still holds absolute control.
The equity and voting rights structure is another focal point of this listing. According to the prospectus, as CEO, Musk holds approximately 85.1% of the voting rights. This means that even after the company completes its public listing, his control over SpaceX will remain significantly greater than that of most tech company founders.
The article also notes that some lower-tier investors participating in SpaceX through SPVs still find it difficult to accurately determine the final value of their holdings before the lock-up period ends. Such investment structures may involve fees, settlement delays, and other issues.
Starlink's collaboration with AI draws attention
From a business structure perspective, Starlink remains one of SpaceX’s most core commercial segments. TechCrunch believes the prospectus also provides greater clarity that the company’s future growth narrative continues to revolve around satellite internet, advancements in Starship reusability, and AI-related computing services.
Before its listing, SpaceX also entered into several AI-related computing power agreements with multiple AI companies. The report states that Anthropic will pay xAI $1.25 billion per month for computing power, and Google will pay SpaceX $920 million per month to meet its short-term demands from AI products.
These partnerships help improve the balance sheet, but the market is now more focused on whether SpaceX can integrate its capital-intensive space business, Starlink cash flow, and AI computing demands to meet post-IPO growth expectations.