Elon Musk’s SpaceX has officially filed for an initial public offering, setting the stage for what could become one of the largest IPOs in history at a $1.75 trillion valuation and potentially giving Musk control of two publicly traded trillion-dollar companies alongside Tesla.
In a prospectus filed with the US Securities and Exchange Commission on May 20, SpaceX said it plans to trade on the Nasdaq under the ticker symbol ‘SPCX.’
Founded in 2002, SpaceX has evolved from a rocket startup into NASA’s largest launch partner following the retirement of the US space shuttle programme in 2011. Beyond launch services and defence contracts, the company now operates the Starlink satellite internet network, manages a constellation of roughly 10,000 satellites, and houses AI unit xAI, which previously acquired social media platform X, formerly Twitter.
In its filing, SpaceX estimated its total addressable market at $28.5 trillion, describing the pursuit of trillion-dollar opportunities as part of its “repeatable business model.”
The company identified several major growth areas, including an $870 billion broadband opportunity for Starlink, a $740 billion market for Starlink’s mobile business, a $600 billion digital advertising opportunity tied to X, and a $2.4 trillion market for AI infrastructure.
SpaceX said the largest opportunity lies in enterprise applications, which it valued at $22.7 trillion based on estimates from the Digital Cooperation Organisation.
“We believe we are still in the early days of AI transforming enterprises, with AI-powered enterprise applications poised to reshape the digital economy,” the company said in the prospectus.
The filing also revealed that SpaceX is working with Tesla on an AI agent platform called Macrohard, designed to emulate digital work and potentially build an AI-operated software company.
SpaceX reported revenue of $18.67 billion in 2025, up 33% year-over-year. However, the company swung to a net loss of $4.94 billion amid a sharp rise in expenses, particularly research and development.
The company’s Starlink satellite internet business emerged as its primary revenue driver, generating $11.4 billion in 2025, up nearly 50% from a year earlier.
Meanwhile, SpaceX’s AI division—which includes xAI (now SpaceXAI) and social media platform X—brought in $3.2 billion in revenue during 2025 but recorded an operating loss of $6.4 billion as the company aggressively expanded AI training data centre capacity.
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