# SpaceX 週三提交上市文件。

*aerospace · news · 2026-05-21 · Times Now*

## Key points

- SpaceX 在 2025 年報告了 49 億美元虧損，主要因投資其 xAI 部門所致。
- Starlink 去年貢獻了 114 億美元收入，成為 SpaceX 最大的收入來源。
- 截至 5 月 1 日，Elon Musk 透過超級投票權控制了 SpaceX 85% 的投票權。
- SpaceX 的 IPO 文件揭露估值計劃超過 1.5 兆美元，並將以 SPCX 代碼在納斯達克上市。
- SpaceX 與 Tesla 共同開發晶片工廠及名為 Macrohard 的 AI 項目。

Starlink, the satellite broadband service, brought in $11.4 billion last year and remains the company’s biggest revenue driver. SpaceX has taken the first formal step toward going public, filing paperwork that offers a rare look inside the world’s largest private space company — one that lost nearly $5 billion last year but is pushing aggressively into artificial intelligence and Mars exploration. The filing, made public Wednesday, shows SpaceX is aiming for what could be the largest US stock market debut ever, with expectations of a valuation above $1.5 trillion. The company plans to list on Nasdaq under the ticker SPCX. Deep Losses Driven by AI Push SpaceX reported revenue of $18.7 billion in 2025 but posted a $4.9 billion loss. The picture worsened in the first quarter of 2026, with a $4.3 billion loss on just $4.7 billion in revenue.The numbers reflect two very different parts of the business. Its traditional space operations and Starlink satellite internet service generated solid revenue, but massive spending on artificial intelligence through its xAI unit has driven the losses. xAI, which merged with SpaceX earlier this year, spent heavily on building large data centers. Starlink, the satellite broadband service, brought in $11.4 billion last year and remains the company’s biggest revenue driver. The core rocket launch business added another $4.1 billion. Musk Holds 85% Voting Power Elon Musk maintains ironclad control over SpaceX. He owns the vast majority of supervoting shares, giving him 85% of the voting power as of May 1.The filing shows Musk holds 849 million Class A shares and 5.6 billion Class B shares. Together with other insiders, company executives and board members control about 86% of the total voting power. Massive Pay Packages Tied to Mars and AI Goals Musk’s compensation is linked to extremely ambitious targets. In January, he received a package of 1 billion Class B shares that vest only if SpaceX establishes a permanent human colony on Mars with at least one million people and hits steep market value goals.In March, he was granted another 302 million shares tied to building large non-Earth data centers and reaching even higher valuation targets. Government Contracts and Related-Party Deals About 20% of SpaceX’s revenue last year came from US government contracts, including work with NASA, the Pentagon, and intelligence agencies. The filing also details extensive business ties with Musk’s other companies. SpaceX bought $131 million worth of Tesla Cybertrucks and $506 million in Tesla Megapack batteries in 2025. xAI paid Tesla hundreds of millions for services and equipment. SpaceX and Tesla are also collaborating on a major chip factory project and an AI initiative called Macrohard. IPO Timeline and Structure SpaceX is targeting a mid-June IPO, with a roadshow expected to begin around June 4. The company plans to set aside a significant portion of shares for retail investors.Musk and major early investors have agreed to a 366-day lockup period before they can sell shares. Other pre-IPO investors face a 180-day lockup, with some opportunities for earlier sales under certain conditions. The filing comes as SpaceX prepares for another Starship test flight, a critical vehicle for Musk’s long-term goals of reaching the Moon and Mars. This marks a major milestone for the company Musk founded in 2002 with the goal of making humanity multi-planetary. If the IPO succeeds at the expected scale, it would further reshape both the space industry and Musk’s already vast business empire. Latest News Samannay Biswas author Working as Copy Editor at the Business Desk of Times Now Digital. Dedicated towards crafting interesting financial stories. Previously covered financi ... View More News Business Companies End of Article

**Companies:** SpaceX, Starlink
**Countries:** USA

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