SpaceX, which reportedly filed for an IPO confidentially last month, has now filed for its IPO officially and publicly. The company says it has filed paperwork to be a Class A common stock trading as “SPCX” on the Nasdaq and Nasdaq Texas exchanges.
Interested parties who are considering investing in this possible new security can now read the full prospectus for Space Exploration Technologies Corp. (Or did you forget that was SpaceX’s real name?). It’s prettier than Tesla’s old prospectus, containing infographics, diagrams, and dozens of full color photos of rockets, office lobbies, data centers, and much more.
The prospectus is fittingly expansive, containing passages promoting—as well as disclosing the risks around—the disparate and far-flung enterprises now being conglomerated into a single, publicly-traded company.
To evoke the sheer hugeness of SpaceX, here’s a bulleted list of excerpts to serve as a sort of mood board:
- “[…]We are the only private company that is certified by NASA to send human missions to orbit.”
- “[…]Our strategy for Terafab is to vertically integrate across design of lithography masks, fabrication of logic and memory chips, design of advanced packaging and rapidly test and iterate in order to improve chip design and performance.”
- “[…]’Service Line’ refers to an individual instance of Starlink broadband internet service provisioned under a subscription plan, generally associated with a specific Starlink User Terminal or group of terminals, and billed according to Starlink’s service plans and terms of service.”
- “[…]Our consumer products are powered by Grok, including Grok language and coding models, Grok image and video generation models (more commonly known as Grok Imagine), and Grokipedia.”
- “[…]We believe AI infrastructure in space can utilize the virtually limitless power of the Sun and thereby enable the use of AI as a transformative force for understanding the universe and improving the daily lives of all humans.”
- “[…]Our social media and AI-related activities expose us to a variety of risks related to harmful, misleading or illegal content, accuracy, misinformation and deepfakes, bias, discrimination, toxicity, sycophancy, AI deception, consumer protection and notification, products liability, intellectual property infringement or misappropriation, defamation, data privacy, cybersecurity, and sanctions and export controls.”
- “[…]In March 2016, non-practicing entity Youtoo Technologies filed suit against Twitter, Inc. in the United States District Court for the Northern District of Texas alleging its Vine and Periscope products infringe Youtoo’s video-sharing patents”
This last one is your reminder that SpaceX owns everything contained within Twitter when Elon Musk bought it including the defunct social media platform Vine—meaning, fun fact, buying SpaceX stock would make you the proud owner of a tiny fraction of Vine.
The prospectus claims there’s a $28.5 trillion market for SpaceX. Aren’t big numbers fun? SpaceX is claiming to see a market valued at 42% of the S&P 500’s total market capitalization ($67.470 trillion as of this writing).
Forbes notes that SpaceX is targeting an IPO valuation of 1.75 to 2 trillion dollars. CNBC says it could be the biggest IPO ever, raising $75 billion. NBC News says it “could make CEO Elon Musk the world’s first trillionaire.”
The company has had to disclose its finances for the first time due to the IPO filing. It took a loss in 2025 despite pulling in $18.7 billion in revenue. Its capital expenditures totaled $20.7 billion.
SpaceX will reportedly be structured in such a way that shareholders—and even the company’s board—will not have the ability to fire Elon Musk under any circumstance.
