SpaceX, the famous aerospace and artificial intelligence (AI) giant founded by Elon Musk, has filed for a public market listing. Reports of an imminent public listing emerged in recent months, with SpaceX said to seek up to $75bn at a $1.5 trillion valuation. If it raises that target amount, it’ll mark the largest public listing ever in history.

The S-1 filing with the U.S. Securities and Exchange Commission (SEC) reveals a lot of previously undisclosed details about SpaceX’s business. 

• Long known for ferrying payloads to space at highly competitive prices and for its Starlink satellite internet service, SpaceX merged with xAI, Elon Musk’s AI startup, this February. xAI also owns X (formerly Twitter), the popular social media platform.

SpaceX reported $18.7bn in revenue in 2025, compared to $14bn in 2024. In 2025, it reported a $4.9bn net loss, compared to a $791mn net profit in 2024.

Starlink brought in the majority of revenue – $11.4bn – in 2025, and the space business pulled in $4.1bn. xAI brought in the remaining $3.2bn.

Amid heavy spending on research & development, SpaceX has posted significant losses over the years. It disclosed spending $15bn so far on Starship, its mega-rocket designed to ferry over 100 tons (100,000 kg) to orbit in a reusable configuration. Starship is currently in the testing phase; it has flown 11 times, 6 successful and 5 failed.

xAI has also spent heavily on building out data center capacity, contributing to losses. The division lost $6.4bn in 2025.

• In the three months ended March 2026, SpaceX reported $4.7bn in revenue and a $4.9bn net loss. In the same period of 2025, it reported $4.1bn in revenue and a $528mn net loss.

Ultimately, SpaceX has a solid, fast-growing business but needs massive R&D spending to maintain its competitive edge. The company faces growing competition to its Starlink satellite internet service from the likes of Amazon Leo, although it remains dominant in the segment.

SpaceX also remains dominant in the spaceflight industry, but faces competition from the likes of Arianespace and the United Launch Alliance (ULA). 

However, in the AI sector, xAI lags behind heavily-funded rivals like OpenAI and Anthropic and has to spend massive amounts to catch up. 

• Elon Musk owns around 40% of SpaceX’s shares. If SpaceX lists at the targeted $1.75 trillion valuation, that stake will be worth a whopping $700bn. Adding to his $300bn worth of Tesla shares and options currently, Musk could become the world’s first trillionaire.

• SpaceX filed to list on the Nasdaq stock exchange under the ticker “SPCX.”

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