Musk’s SpaceX Files For Blockbuster IPO As Starlink Profits Offset Deep Company Losses
SpaceX has formally launched plans for a massive public stock offering, opening its financial records to investors for the first time and revealing a business generating billions in revenue while still losing heavily on operations.
The filing, made public Wednesday, showed Elon Musk’s company lost $2.6 billion from operations in 2025 on revenue of $18.7 billion. The company also disclosed that losses continued into early 2026 as it expanded its satellite network, artificial intelligence operations and Starship rocket program.
The planned stock offering is expected to rank among the largest initial public offerings ever attempted. Various media reports have estimated the offering could raise roughly $75 billion, far surpassing the $26 billion Saudi Aramco IPO completed in 2019, Associated Press reported.
SpaceX did not disclose the exact size of the offering in its filing.
The IPO filing comes at a time when satellite communications and military launch systems have become increasingly important during conflicts in Ukraine and the Middle East, where governments and defense agencies have relied heavily on commercial satellite technology for communications, surveillance and battlefield coordination.
Starlink, SpaceX’s satellite internet division, has played a central role in Ukraine’s wartime communications infrastructure since Russia’s invasion in 2022. The company’s growing relationship with defense agencies has also helped turn SpaceX into one of the most important contractors tied to U.S. national security launches.
The filing stated that about one-fifth of the company’s revenue last year came from the federal government.
SpaceX has secured contracts worth billions of dollars from NASA, the Pentagon and other federal agencies in recent years. The AP report said the company received roughly $6 billion in government contracts over the past five years through NASA, the Department of Defense and other agencies.
The filing also showed Starlink has become one of the company’s strongest businesses financially. The satellite internet division generated $4.4 billion in operating income last year while serving around 10 million customers across 150 countries and territories through a network of about 10,000 satellites.
At the same time, several other Musk-linked businesses acquired by SpaceX are continuing to post major losses.
The filing disclosed that xAI, Musk’s artificial intelligence company, lost $6.4 billion from operations last year. Social media platform X, formerly Twitter, was also folded into the broader SpaceX structure earlier this year.
The filing revealed extensive financial ties among Musk-controlled companies, Reuters reported, including purchases of Tesla battery systems and Cybertrucks by SpaceX and xAI. The news agency added that the companies disclosed hundreds of millions of dollars in transactions involving infrastructure, stock investments and equipment purchases between Musk-owned entities.
The filing further detailed Musk’s compensation structure and long-term control over the company.
SpaceX said Musk and certain shareholders will hold a special class of shares carrying 10 votes each, allowing them to maintain control over board appointments and corporate decisions after the company becomes publicly traded.
The prospectus also outlined a compensation package tied to long-term company milestones, including goals connected to establishing a permanent human settlement on Mars.
“We do not want humans to have the same fate as dinosaurs,” the filing stated while describing the company’s broader mission.
The prospectus provided the public with its first detailed look at the finances and operations of one of the world’s most secretive private companies, according to CNN. The network also noted that SpaceX is seeking a valuation that would immediately place it among the world’s most valuable publicly traded firms.
According to BBC News, the filing arrives as SpaceX continues spending heavily on development of Starship, the company’s giant reusable rocket system designed for lunar and Mars missions. Starship has become central to NASA’s Artemis moon program while also serving as the centerpiece of Musk’s long-term space ambitions.
The company said it plans to use proceeds from the stock offering to fund projects tied to lunar missions, Mars development and space-based infrastructure.
The filing also highlighted SpaceX’s push into artificial intelligence infrastructure and orbital computing systems, including concepts involving large-scale data centers in space.
Meanwhile, Yahoo Finance reported that investor demand is expected to be strong because of SpaceX’s dominance in commercial launches and satellite internet services despite the company’s ongoing losses.
SpaceX is expected to begin meeting investors after June 4 ahead of the stock sale.
