SPACEX FILES FOR NASDAQ IPO UNDER $SPCX
The filing gives the first full public look at the combined SpaceX, Starlink, X and xAI company.
2025 revenue: $18.67B, up 30%
2025 net loss: $4.94B, vs. $791M profit in 2024
2025 capex: $20.7B, with $12.7B directed toward AI
Q1 revenue: $4.694B
Q1 loss from operations: $1.943B
Q1 segment revenue:
Space: $619M
Connectivity: $3.257B
AI: $818M
Operating metrics disclosed:
~650 total launches
85%+ missions flown with reused boosters
80%+ of 2025 global mass to orbit
9,600+ Starlink satellites
~10.3M Starlink subscribers
164 countries
1GW+ AI compute nameplate draw
~350M daily posts
~550M monthly active users
Governance:
Elon Musk has 85.1% combined voting power
Musk owns 12.3% of Class A shares and 93.6% of Class B shares
After IPO, Musk will be CEO, CTO and chairman
SpaceX will be a “controlled company,” meaning it does not need a majority-independent board
Musk can control matters requiring shareholder approval and can elect, remove or fill Class B director vacancies
SpaceX does not expect to pay Class A dividends in the foreseeable future
Lead underwriters:
Goldman Sachs, Morgan Stanley, BofA, Citi and JPMorgan
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