Here's a quick initial breakdown of some important parts I found in @SpaceX's 308 page IPO filing. Will keep digging.
Dual-Class Shares:
• Class A = 1 vote/share
• Class B = 10 votes/share
• The company plans to list on the Nasdaq under the ticker: SPCX
• Elon Musk retains majority voting control through Class B shares.
• SpaceX will qualify as a “controlled company.”
Q1 2026 financials:
• Revenue: $4.7B
• Operating cash flow: +$1.0B
• Net loss: -$4.3B
• CapEx: $10.1B in ONE quarter
• AI CapEx alone: $7.7B
• Total assets: $102B
• PP&E: $53.9B
• Cash on hand: $15.9B
Q1 2026 segment highlights
Space:
• 40 launches in Q1 alone
• 556 metric tons to orbit
Starlink:
• 10.3M subscribers
• $1.2B operating income in Q1
• $2.1B adjusted EBITDA
AI:
• 1 gigawatt compute cluster
• -$2.5B operating loss in Q1 alone
2025 financials:
• $18.7B revenue
• $6.8B operating cash flow
• $20.7B CapEx
• $7.2B Starlink EBITDA
• $12.7B AI CapEx in 2025
• 1 gigawatt AI compute cluster by Q1 2026
• $53.9B in PP&E/assets like data centers, factories, launch infrastructure, GPU clusters, etc.
Anthropic has agreed to pay SpaceX $1.25 billion per month through May 2029 for AI compute capacity, with capacity ramping in May and June 2026 at a reduced fee.
Underwriters:
• Goldman Sachs
• Morgan Stanley
• Bank of America
• Citigroup
• J.P. Morgan
• Barclays
• Deutsche Bank
• UBS
• Wells Fargo
• RBC Capital Markets
• Mizuho
• Santander
• Macquarie
• Raymond James
• William Blair
• and others.