A valuation nearly 100 times annual revenue, exceeding tech giants
In a moment that places private ambition squarely before public scrutiny, SpaceX has filed to list its shares on the Nasdaq, inviting the world to buy into a company that is simultaneously one of the most consequential ventures of the space age and one that is still burning more cash than it earns. The offering, projected at a $1.75 trillion valuation, reflects not what SpaceX is today but what its believers imagine it will become — a constellation of satellites, orbital computers, and AI infrastructure stretching from Earth's surface to low orbit. Yet the architecture of control embedded in the share structure ensures that whatever the market decides, Elon Musk remains the final word.
- SpaceX is asking investors to accept a $1.75 trillion valuation on a company that lost $1.9 billion operationally in a single quarter — a bet on trajectory, not on present earnings.
- Starlink is carrying the financial weight of the entire enterprise, generating $3.3 billion of the company's $4.7 billion in Q1 revenue and signaling where the real growth story lives.
- A dual-class share structure hands Musk ten votes per Class B share versus one for public investors, meaning the IPO opens the company's finances to the world while keeping its direction firmly in one pair of hands.
- A cloud services contract with Anthropic worth up to $1.25 billion per month through 2029, alongside plans for AI-capable orbital satellites beginning in 2028, frames SpaceX as a space-and-AI hybrid rather than a launch company.
- A mid-June debut on the Nasdaq could rank among the largest IPOs in American history, drawing comparisons that will test whether the market's appetite for visionary bets has any ceiling.
SpaceX has submitted filings to the Securities and Exchange Commission for a public stock offering on the Nasdaq under the ticker SPCX, and the documents paint a portrait of a company that defies easy categorization. In the first quarter of this year, it generated $4.7 billion in revenue while posting a $1.9 billion operating loss — a combination that would unsettle most investors but that SpaceX is presenting as the natural cost of building something unprecedented. Starlink, the satellite internet division, drove $3.3 billion of that revenue alone, while the launch and space services business contributed $619 million.
The ownership structure embedded in the offering is as significant as the financials. SpaceX is issuing two classes of shares: Class A shares carry one vote each for public investors, while Class B shares — held by Musk — carry ten votes each. The company will formally classify itself as a 'controlled company' after the IPO, exempting it from the requirement to maintain an independent board majority. In practical terms, the public is being invited to share in the financial upside while Musk retains unilateral authority over the company's direction.
The valuation of $1.75 trillion — nearly one hundred times last year's $18.5 billion in sales — exceeds the multiples commanded by Apple or Nvidia, and reflects investor conviction in what SpaceX intends to become rather than what it currently earns. The SEC filings point toward that future: beginning in 2028, the company plans to deploy satellites capable of running artificial intelligence workloads in orbit. A cloud services agreement with Anthropic could bring SpaceX up to $1.25 billion per month through May 2029, with capacity expanding in the near term.
The filings also disclose that Tesla holds nearly 19 million Class A SpaceX shares, and that an entity called Cursor carries a $1.5 billion termination fee and an $8.5 billion deferred service fee connected to a transaction tied to the IPO — an acquisition SpaceX intends to complete using Class A shares after the offering closes. Investors buying into the debut should note that no dividends are planned for Class A shareholders in the foreseeable future. What is on offer is a stake in rapid, uneven growth, underwritten by one man's continued control.
SpaceX has filed the paperwork for a public stock offering, and the documents reveal a company in an unusual position: massive revenue streams paired with operating losses, and a control structure designed to keep Elon Musk firmly in charge no matter what happens after the shares start trading.
The company plans to list on the Nasdaq under the ticker SPCX, according to filings submitted to the Securities and Exchange Commission. In the first quarter of this year, SpaceX brought in $4.7 billion in revenue but finished the period $1.9 billion in the red operationally. The bulk of that income came from Starlink, the satellite internet division, which generated $3.3 billion on its own. The space services side of the business—launches, cargo, crew transport—contributed $619 million.
The financial picture is one thing. The ownership structure is another. SpaceX is dividing its shares into two classes. Class A shares come with one vote each. Class B shares come with ten votes each. Musk holds the Class B shares. This means that even as the company opens to public investors, Musk retains the ability to control decisions that require shareholder approval. The company has also stated it will be classified as a "controlled company" after the IPO, which means it won't need to maintain an independent board majority—a requirement that typically applies to publicly traded American corporations.
The valuation being floated is $1.75 trillion. That number is striking when set against the company's actual earnings. Last year, SpaceX recorded $18.5 billion in sales. The projected valuation is nearly 100 times that figure—a multiple that exceeds what you see in tech giants like Apple or Nvidia. Musk has been signaling this number to the market, and the company's SEC filings reflect it. The offering is expected to debut in mid-June and could rank among the largest initial public offerings in recent American history.
Much of the investor enthusiasm centers on Starlink's trajectory. The satellite internet service already accounts for the largest share of company revenue and profit. But the SEC documents also sketch out future ambitions. Starting in 2028, SpaceX plans to deploy satellites designed for orbital computing—machines in space running artificial intelligence workloads. The company has also signed a cloud services contract with Anthropic, the AI research company. Under the terms disclosed in the filings, SpaceX could receive up to $1.25 billion per month from Anthropic through May 2029, with the contracted capacity expanding gradually beginning in May and June of 2026.
The filings also note that Tesla holds nearly 19 million Class A shares of SpaceX as of May 1st. There is mention of another entity, Cursor, which has negotiated a $1.5 billion termination fee and an $8.5 billion deferred service fee tied to a transaction related to the IPO. After the offering closes, SpaceX plans to pay for the Cursor acquisition using Class A shares.
The company has made clear it does not plan to pay dividends to Class A shareholders in the near term, meaning investors should not expect to receive a cut of profits anytime soon. What they are buying is a stake in a company that is growing rapidly in some divisions while burning cash overall, with a founder who will retain decisive control regardless of how many shares trade on the public market.
Citações Notáveis
SpaceX will be classified as a controlled company after the IPO and will not need to maintain an independent board majority— SEC filings
The company does not plan to distribute dividends to Class A shareholders in the near term— SpaceX SEC filing
A Conversa do Hearth Outra perspectiva sobre a história
Why would investors buy into a company losing nearly $2 billion a quarter, even if the top-line revenue looks impressive?
Because Starlink is profitable and growing fast, and the market is betting that the space services side will eventually turn around. The losses are real, but they're being absorbed by a company with deep pockets and a clear path to profitability in at least one major division.
The dual-class share structure—is that common in tech IPOs?
It's not uncommon among founders who want to stay in control. Google did it, Facebook did it. But it's a red flag for some investors because it means minority shareholders have limited say in major decisions. Musk gets ten votes per share while everyone else gets one.
So he could theoretically ignore what public shareholders want?
Exactly. As long as he holds Class B shares, he can block or approve anything that needs shareholder approval. The company even said it won't maintain an independent board majority, which is another way of saying the usual checks on founder power don't apply here.
What about that Anthropic contract—$1.25 billion a month is enormous.
It is. That's $15 billion a year if it runs at full capacity. It suggests SpaceX is betting big on being the infrastructure provider for AI companies that need computing power. It's a different business from launching rockets, but it leverages the same asset: satellites in orbit.
And the $1.75 trillion valuation—is that realistic?
It depends on whether you believe the growth story. At 100 times annual revenue, it's expensive by traditional standards. But if Starlink becomes a global internet backbone and orbital computing takes off, the math could work. If not, it's a bet on potential, not current earnings.
What happens if the IPO flops?
Musk still controls the company. That's the point of the share structure. Public shareholders might lose money, but Musk's voting power doesn't change.