SpaceX just filed for what could be the biggest IPO ever

Elon Musk’s final frontier is officially open for business now that SpaceX has formally filed its S-1 prospectus with the SEC. That kicks off what could be the largest initial public offering ever when it lists on the Nasdaq stock exchange with the ticker SPCX. SpaceX generated $18.67 billion in revenue in 2025, driven largely by its Starlink satellite internet service, which brought in more than $11 billion, as reported by The Wall Street Journal . The company lost over $4.9 billion last year, with capital expenditures soaring to $20.7 billion last year, a leap from $11.2 billion in 2024, as reported by The New York Times . xAI, which recently merged with SpaceX, lost billions last year, while growing revenue by 22 percent, according to TechCrunch . According to the WSJ , Musk’s supervoting shares will give him 85 percent control over the company. In addition to Musk, SpaceX president Gwynne Shotwell, and CFO Bret Johnson, the SEC filing lists several other members on SpaceX’s board of directors, including Google executive Donald Harrison, Tesla board member Ira Ehrenpreis, and investors Randy Glein, Antonio Gracias, Steve Jurvetson, and Luke Nosek. SpaceX describes its mission to investors as: Our mission is to build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars. …