SpaceX Files for Record IPO at $1.75 Trillion Valuation

SpaceX filed paperwork for an initial public offering expected to raise about $80 billion at a $1.75 trillion valuation. The filing showed the company generated $18.67 billion in revenue during 2025, up 33 percent from the prior year. Most of that revenue came from its Starlink satellite broadband business.

SpaceX reported a $4.94 billion net loss for 2025. The loss stemmed from its merger with xAI, which absorbed roughly 60 percent of the company's capital spending last year. The filing stated that SpaceX spent about $20 billion on xAI during 2025. Revenue at xAI grew 22 percent year over year while the unit posted billions in losses.

SpaceX disclosed multiple business dealings with other companies affiliated with its leadership. The filing listed purchases of vehicles and battery systems from one affiliated company totaling hundreds of millions of dollars. The company stated it is highly dependent on the continued services of its chief executive.

The filing noted that the executive also leads other ventures and that conflicts of interest could arise between SpaceX and those entities. SpaceX warned that any loss or reduced involvement by the executive could have a material adverse effect on its business, financial condition, and future prospects.

The filing also described how the executive and affiliated companies may compete with SpaceX for investment or business opportunities.

The company projected substantial future growth from its Starship heavy-lift rocket, which it expects to enter service this year. Additional growth is anticipated from orbital data centers designed to meet rising demand for computing power. SpaceX was valued at $1.25 trillion earlier this year following the xAI merger. The new valuation reflects the scale of the planned public offering.