- SpaceX plans to raise $75 billion at a $1.77 trillion valuation when it debuts on Nasdaq under the ticker SPCX on June 12, in what would be the largest IPO in history.
- According to the S-1 filed with the SEC, SpaceX generated $18.7 billion in 2025 revenue but posted a $4.9 billion GAAP net loss. Only the Starlink connectivity segment is currently profitable.
- Elon Musk will retain over 82% voting control after the offering. Public investors receive economic exposure but no meaningful governance rights.
SpaceX prices at $135 a share for a $75 billion raise on June 12
SpaceX is pricing its IPO at a fixed $135 per share, with plans to sell 555.6 million shares on the Nasdaq under ticker SPCX on June 12. The roadshow launched June 4. The offering would raise $75 billion and value the company at $1.77 trillion, exceeding Saudi Aramco's $29.4 billion raise in 2019, the previous record for any public offering.
The S-1 disclosed that SpaceX generated $18.7 billion in total revenue in 2025, up 33% from $14.1 billion in 2024. Adjusted EBITDA was $6.6 billion. On a GAAP basis, SpaceX posted a net loss of $4.9 billion in 2025. The pace of losses has accelerated: the company recorded a $4.28 billion GAAP net loss in Q1 2026 alone. At $1.77 trillion and $18.7 billion in trailing revenue, the IPO price implies a revenue multiple of approximately 67 times. Nvidia's revenue multiple on its prior financial year was roughly 22 times.
The rocket that anchors SpaceX's entire next-generation ambition, Starship V3, completed its twelfth test flight on May 22, 2026 from Starbase, Texas. That launch is directly relevant to the valuation: Starship is the vehicle SpaceX needs to deploy its next-generation V3 Starlink satellites, its orbital AI compute infrastructure, and its ambitions in the lunar economy.
The S-1 is direct about the dependency: "If we are unable to successfully complete the development, testing, and deployment of Starship at scale in accordance with our anticipated schedule, or at all, our ability to execute our growth strategy would be materially and adversely affected."
Starlink is profitable. The other two segments are not.
SpaceX's S-1 breaks the business into three segments, and the financials within each matter as much as the headline revenue figure.
The Connectivity segment posted $4.4 billion in GAAP operating profit in 2025. It is the only segment that generates consistent cash. The Space segment spent nearly $3 billion on Starship R&D in 2025 alone. The AI segment, built around the acquired xAI business, is also not profitable, and carries the largest uncertainty of the three. SpaceX estimates its total addressable market at $28.5 trillion, of which $26.5 trillion is attributed to AI. The $1.77 trillion valuation is best understood as a weighted average of three separate investment theses, of which only one is currently supported by actual cash generation.
The unit economics problem inside Starlink
Starlink subscriber growth is strong. The problem is that adding subscribers is coming at the cost of revenue per subscriber.
According to the S-1, Starlink's average revenue per user fell from $99 per month in 2023 to $66 per month by the end of Q1 2026, a decline of 33% over three years. SpaceX has expanded into lower-income markets and introduced cheaper consumer tiers, growing its subscriber base from 2.3 million in 2023 to 10.3 million by March 2026. That is strong volume growth. But a business that grows by adding lower-paying customers requires substantial additional scale to maintain the operating margin that currently funds the other two segments.
"The actions and statements of Mr. Musk and his affiliated ventures, whether or not directly relating to us, may draw significant public attention and scrutiny to us and could potentially have a positive or negative impact on our business, relationships with customers and regulators, or stock price."
SpaceX S-1, Risk Factors, SEC filing, May 20, 2026.Morningstar has valued SpaceX at $780 billion, approximately 56% below the IPO target. Its analysts cited three primary concerns: the uncertain economics of the AI segment, ARPU compression in Starlink, and governance risk, a concern the S-1 itself addresses in the passage above. The S&P 500 also denied SpaceX fast-track index inclusion, removing one floor of post-IPO institutional demand that typically stabilizes large debuts.
What public investors are actually buying under controlled company rules
SpaceX will be a "controlled company" after the IPO, meaning Musk retains over 82% voting control. Under SEC definitions, controlled companies are not required to have a majority of independent directors or independent compensation and nominating committees. Public investors in SPCX are buying financial exposure to SpaceX's revenue trajectory with almost no ability to influence how the company is run, how capital is allocated, or what strategic decisions are made.
SpaceX is not asking the public to buy what the company earns today. It is asking the public to buy what all three of its businesses could earn if every bet lands simultaneously.
SpaceX is not asking the public to buy what the company earns today. It is asking the public to buy what all three of its businesses could earn if Starship reaches operational scale, if orbital AI compute becomes a real market, and if Starlink adds tens of millions more subscribers without further ARPU compression. Each of those conditions is possible. None is certain. The $1.77 trillion price treats them as though they are.
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