In what could become the largest initial public offering in history, SpaceX made its IPO filing public this week, revealing detailed financial information for the first time ever.
Documents filed with the U.S. Securities and Exchange Commission (SEC) show that Elon Musk’s aerospace company generated $18.7 billion in revenue in 2025. The company plans to list on the Nasdaq under the ticker symbol SPCX, with a targeted debut in June. While SpaceX has not disclosed how much it hopes to raise, some reports peg the figure at up to $75 billion.
But the filing wasn’t all good news. Brazilian outlet O Globo highlighted that the documents also revealed a $4.28 billion loss in the first quarter, along with details about Musk’s rigid control over the company’s governance structure. Investors will now weigh the enormous revenue — driven by the Starlink satellite internet service and commercial launch contracts — against the company’s continued heavy spending and the concentration of power in a single individual who simultaneously runs Tesla, X (formerly Twitter), and serves in a senior U.S. government advisory role.
