finance
SpaceX Prepares for IPO Valued at Up to $2 Trillion
SpaceX plans to file paperwork next week for an initial public offering on June 12 under the ticker SPCX. The company, which merged with xAI and operates Starlink, reported $18.5 billion in sales and a $5 billion loss last year. Founded 24 years ago, SpaceX controls 80 percent of the launch market and transports astronauts to the International Space Station.
May 16, 6:49 AM·2m read1 source
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SpaceX is preparing to go public in what is expected to be one of the largest initial public offerings in history. The company is set to file paperwork next week for a listing on June 12 under the ticker SPCX that could value it at up to $2 trillion.
The offering follows the merger of SpaceX with xAI, which includes the social media platform X and an artificial intelligence lab. Elon Musk testified last month in a courtroom in Oakland, California, in a case against Sam Altman. " He said he generally thinks his companies are going to fail until proven otherwise and noted that anyone who was good would not have joined the company early on because he was just an internet guy from his previous business, PayPal.
SpaceX, based at Starbase on the Gulf coast in Texas, employs more than 17,000 people. It serves as the primary transport service for astronauts traveling to and from the International Space Station and controls 80 percent of the launch market, firing a rocket every other day.
The company also operates Starlink, which provides high-speed internet from the largest collection of satellites in history and accounts for roughly two thirds of group sales.
The company reported $18.5 billion in sales last year but recorded a $5 billion loss, largely due to spending on new data centers to power xAI. Starlink has tripled its customers to more than 10 million over the past two years as satellites are added weekly to expand coverage and speeds.
In February, Musk merged SpaceX with xAI, and last month the company struck a deal with the AI coding start-up Cursor that gives it the option to acquire the San Francisco company for $60 billion later this year. The investor roadshow for the offering is scheduled to begin on June 8.
