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SpaceX plans to list on the Nasdaq under the ticker symbol ‘SPCX’ The company is targeting a valuation of around $1.75 trillion.
SpaceX is targeting a nearly $1.75 trillion valuation for its Nasdaq IPO under ticker SPCX.
KEY POINTS
Elon Musk’s bonus is tied to moving one million people to Mars, as disclosed in the filing.
Starlink now makes up 69% of SpaceX’s revenue, serving over 10 million subscribers globally.
Musk will retain 85.1% voting control via a dual-class share structure after the IPO.
SpaceX’s IPO could lead to rapid Nasdaq-100 inclusion, potentially triggering billions in index fund demand.
SpaceX has officially filed for its long-awaited Initial Public Offering (IPO), setting the stage for what could become one of the largest stock market debuts in history. The company plans to list on the Nasdaq under the ticker symbol “SPCX” and is targeting a valuation of around $1.75 trillion, a level that would place it among the world’s most valuable publicly traded firms. Investor roadshows are expected to begin on June 4, with trading potentially starting on June 12.
The filing outlines SpaceX’s rapid expansion, with the company reporting $18.64 billion in revenue in 2025, a 33% increase from the previous year. However, rising investments in artificial intelligence, satellite infrastructure and broader expansion plans pushed annual net losses to $4.94 billion, while capital expenditure climbed above $20 billion.
Satellite internet business Starlink continued to serve as the company’s biggest revenue driver, accounting for nearly 69% of quarterly revenue and serving over 10 million subscribers worldwide. The filing also highlighted SpaceX’s growing focus on AI infrastructure, including orbital data centres, computing systems and partnerships linked to the broader Elon Musk business ecosystem.
The IPO prospectus also revealed an unusual compensation structure tied to founder Elon Musk. Musk’s bonus package depends not only on SpaceX achieving valuation targets between $400 billion and $6 trillion, but also on an ambitious long-term goal involving human settlement on Mars.
The filing states that Musk’s bonus becomes eligible only if SpaceX moves one million people to Mars, a target the billionaire has repeatedly described as critical to humanity’s long-term survival, though experts believe such ambitions remain decades away. A second incentive package links additional shares to plans for developing orbital data centres capable of producing computing power at unprecedented levels.
Despite opening ownership to public investors, control of the company will remain heavily concentrated. The filing shows Musk retains 85.1% voting control through a dual-class share structure, giving him decisive influence over the company’s direction after listing.
Market participants are also watching the IPO because of expectations that SpaceX could qualify for rapid inclusion in the Nasdaq-100, potentially triggering billions of dollars in demand from index funds and institutional investors shortly after its debut. Analysts believe the listing could also reshape investor sentiment around future large-scale technology and AI public offerings.