SpaceX on Wednesday revealed new details about its financials and how Chief Executive Elon Musk will try to grow a sprawling enterprise dedicated to advancing cutting-edge technologies in space and back on Earth.
The company disclosed the information in an investor prospectus posted to the Securities and Exchange Commission’s website.
Publication of the document sets SpaceX on course to potentially raise $80 billion or more from a stock sale as soon as next month. At that level, SpaceX’s IPO would eclipse the Saudi Aramco offering that raised $26 billion when it went public in 2019.
Musk has publicly touted out-of-this-world objectives for the company, from deploying a huge number of AI satellites in the future to eventually colonizing Mars.
Texas-based SpaceX has distinct businesses, ranging from rocket-launch and satellite operations to a nascent AI unit that is racing to catch up with rivals.
Founded by Musk in 2002, SpaceX revolutionized the commercial space industry. The company has grown from a startup with a handful of employees that almost went out of business to one of the world’s most valuable private companies with over 22,000 workers as of March 31. It controls technologies that rivals—and even nation states—haven’t been able to fully match.
SpaceX reported its revenue last year at $18.67 billion, up 33% from the prior year. However, it swung to a net loss of $4.94 billion, driven by sharp increase in costs including those for research and development. In 2024, SpaceX said its profit was $791 million.
SpaceX had a valuation of $1.25 trillion after its combination with xAI earlier this year, The Wall Street Journal has reported.
SpaceX successfully developed a fleet of partially reusable Falcon 9 rockets that allowed it to dominate the global launch market. The company’s Starlink satellite-internet business has grown quickly in recent years and boasts the largest satellite fleet in history.
Earlier this year, Musk transformed SpaceX by folding his xAI startup into the company, and recasting a big part of the combined enterprise’s future around developing data centers in orbit to handle computing needed for AI.
“You want to wake up in the morning and think the future is going to be great—and that’s what being a space-faring civilization is all about,” Musk said in the filing. “It’s about believing in the future and thinking that the future will be better than the past.
SpaceX is now tracking to begin selling shares in mid-June. It said Goldman Sachs is leading the offering along with Morgan Stanley, Bank of America, Citigroup and JPMorgan.
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