finance
SpaceX Files for Nasdaq IPO Under Ticker SPCX
SpaceX filed its S-1 registration with the SEC to list on Nasdaq under the ticker SPCX. The filing shows first-quarter revenue of $4.69 billion and outlines three business segments.
May 20, 5:00 PM·1m read2 sources
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The filing includes preliminary financial results for the first quarter of 2026 and full-year 2025. Revenue reached $4.69 billion in the first quarter, with an operating loss of $1.94 billion and adjusted EBITDA of $1.13 billion.
For the full year 2025, the company reported revenue of $18.67 billion, an operating loss of $2.59 billion, and adjusted EBITDA of $6.58 billion. The filing notes heavy capital spending on Starship development and AI infrastructure. Starlink generated $3.26 billion in first-quarter revenue and $11.4 billion for 2025.
The segment serves approximately 10.3 million subscribers across 164 countries as of March 31, 2026.
The Space segment recorded $619 million in first-quarter revenue and $4.1 billion for 2025. SpaceX states it holds more than 80 percent of global mass-to-orbit capacity in recent years. The AI segment, which includes xAI and Grok models, posted $818 million in first-quarter revenue and $3.2 billion for 2025.
The filing describes plans for orbital AI compute satellites beginning around 2028. The company will maintain a dual-class share structure that gives Elon Musk majority voting control after the offering. Underwriters include Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and J.P. Morgan.
“We've got to get the SpaceX IPO stuff going here pretty soon.”
The filing follows a confidential submission in early April. Pricing is scheduled for June 11, with trading expected to begin June 12.
