Investing.com — SpaceX officially filed for an initial public offering on Wednesday, revealing for the first time financial details of the rocket company founded by Elon Musk in 2002.
The filing disclosed that SpaceX generated $18.67 billion in revenue last year, with its first quarter revenue reaching $4.69 billion. The company reported an operating loss of $1.94 billion in the first quarter.
SpaceX’s revenue breakdown for the first quarter showed $3.26 billion from its connectivity segment, which includes Starlink satellite internet services, $619 million from space operations, and $818 million from its AI segment.
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Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and J.P. Morgan will serve as bookrunners for the offering. Additional underwriters include Barclays, Deutsche Bank Securities, RBC Capital Markets, UBS Investment Bank, Wells Fargo Securities, and others. The company plans to list on the Nasdaq under the ticker symbol SPCX. SpaceX said it also plans to list on Nasdaq Texas.
The company’s filing revealed that Musk owns 12.3% of Class A shares and 93.6% of Class B shares, giving him combined voting power of 85.1%. After the IPO, Musk will serve as CEO, chief technology officer and chairman of the board. SpaceX will have controlled company status, meaning it does not need a majority of independent directors on its board.
The filing stated that SpaceX does not expect to declare or pay dividends to holders of Class A stock in the foreseeable future.
The company disclosed plans to deploy its first modular orbital AI compute shells by the end of the decade and begin monetizing capacity through the sale of AI software and compute services. SpaceX stated it expects to scale to thousands of launches per year.
The filing also revealed plans to launch a money product offering payment, banking and other financial services. The company plans to deepen strategic collaboration with Tesla and Intel through a project called Terafab.
SpaceX disclosed plans to acquire Cursor after the IPO closes for consideration consisting of Class A common stock with an implied equity value of $60 billion. The company also stated plans to pursue asteroid mining operations to extract metals and resources from near-Earth and main-belt asteroids.
Largest U.S. IPO ever
The listing is set to become the first trillion-dollar U.S. market debut and could surpass Saudi Aramco’s 2019 offering, which set a record as the world’s biggest IPO with a $1.7 trillion valuation on Riyadh’s exchange.
Founded in 2002, SpaceX has grown into the world’s largest space enterprise by deploying thousands of Starlink internet satellites into the orbit, and reshaped the economics of private space launches by promoting rocket reusability.
If the offering proceeds as planned, SpaceX could fetch a valuation as high as $1.75 trillion. The figure would position founder Elon Musk to potentially become the first person ever to achieve trillionaire status, marking the culmination of years spent developing rockets capable of landing and being launched multiple times.
The company’s roadmap includes lunar and Mars missions alongside expansion of its Starlink satellite internet service, objectives that rely on its new rocket system. A test launch, initially set for Tuesday, has been rescheduled for later this week.
SpaceX completed a merger with Musk’s artificial intelligence company xAI in a transaction that assigned a $1 trillion value to the rocket manufacturer and $250 billion to the Grok chatbot developer.
The company intends to allocate a substantial portion of shares to retail investors and will host approximately 1,500 of them at a June event following the IPO roadshow.