Key IPO & Financial Figures:
- Record Valuation: SpaceX is targeting a historic $1.75 trillion valuation (including a greenshoe option) for the largest IPO in stock market history.
- Capital Raise: The company plans to raise at least $75 billion via an all-primary offering, funnelling 100% of the proceeds directly back into the business.
- Cash Cow vs. Cash Burn: Out of its three business arms, two are actively burning cash. The Starlink satellite connectivity segment is the sole profitable cash cow.
- Financial Balance Sheet:
- Full-Year 2025: Revenue jumped to $18.67 billion, but the company swung to a severe $4.94 billion net loss.
- Q1 2026: Revenue hit $4.69 billion, while net losses widened to $1.27 per share.
AI Strategy & Governance Risks:
- The xAI Merger: Following its earlier merger with Elon Musk’s xAI (valuing SpaceX at $1T and xAI at $250B), the company is pitching investors on a future of in-orbit data centers to capture global AI infrastructure spending.
- Timeline & Ticker: The official roadshow starts this Thursday, with plans to trade on the Nasdaq under the ticker “SPCX” as early as June 12, 2026.
- Core Risks: The IPO prospectus outlines a dual-class share structure that heavily concentrates absolute voting power in the hands of Elon Musk and insiders, raising corporate governance concerns. Valuation is also highly complex due to the total lack of clear public market peers.