SpaceX files $1.75 trillion IPO, eyes record Wall Street debut

SpaceX unveiled its S-1 filing on May 20, disclosing its finances for the first time and setting up what could be the largest IPO in history at a targeted $1.75 trillion valuation, with shares expected to trade on the Nasdaq under the ticker "SPCX" as soon as June 12.reuters The filing revealed $18.67 billion in 2025 revenue, an accumulated deficit of $41.31 billion, and a $4.28 billion net loss in the March quarter alone — an eightfold jump from a year earlier.reuters +1 Elon Musk will retain 85.1% of voting power through a dual-class structure.reuters

Starlink carries the company while AI burns cash

Of three reporting segments, only the Starlink-powered connectivity unit is profitable. Starlink generated $3.26 billion in the March quarter, up nearly a third year-on-year, and posted $1.19 billion in operating profit — but it wasn't enough to offset a $1.94 billion total operating loss on $4.69 billion in revenue.reuters +1 The AI division, expanded by SpaceX's February acquisition of Musk's xAI, lost $2.47 billion on $818 million of revenue and accounted for 76% of the quarter's $10.1 billion in capital spending.reuters An Anthropic deal to pay $1.25 billion a month for compute at the Colossus data centers in Memphis through May 2029 anchors near-term AI revenue.reuters

The Starship bet underwrites everything

SpaceX's filing names Starship as the linchpin of its growth, warning that "our ability to execute our growth strategy is highly dependent on Starship" and that Falcon 9 and Falcon Heavy cannot deploy its next-generation satellites.reuters Space-segment revenue fell 28.4% in the March quarter as losses widened to $662 million, with more than $3 billion poured into Starship R&D in 2025.reuters +1 The company has pegged its total addressable market across space, connectivity and AI at $28.5 trillion, including plans to launch solar-powered AI compute satellites starting in 2028.reuters +1

Bankers bullish, strategists wary of a market top

Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and JPMorgan are leading the book, with a roadshow targeted for June 4 and as much as $75 billion in proceeds on the table — enough to eclipse Saudi Aramco's 2019 record.reuters But the timing has strategists drawing dot-com comparisons, as OpenAI and Anthropic queue up their own listings. AJ Bell's Dan Coatsworth notes the price tag would put SpaceX at 67 times sales, roughly three times Nvidia's multiple.cnbc Zacks chief equity strategist John Blank put it bluntly: "I see it as a market top… Back in 1999, we saw the same kind of thing where people were just rushing to get these IPOs out."cnbc