The company finally has predictable revenue and needs capital at scale.
After a decade of resisting public markets, SpaceX has chosen this moment — when its revenue streams have matured and its ambitions have grown planetary — to invite the world into its story. The company is offering 555.6 million shares at $135 each, seeking to raise $75 billion in what may be the most consequential IPO of the decade. Behind the numbers lies a deeper wager: that humanity's expansion into space, its hunger for connectivity, and its race toward artificial intelligence can be financed together, under one roof, by a single company willing to absorb enormous losses in pursuit of an enormous future.
- A $75 billion IPO — one of the largest in history — is set to price on June 11 and begin trading on Nasdaq the following day under the ticker SPCX, with a syndicate of over twenty global banks coordinating the offering.
- Despite $18.7 billion in revenue last year, SpaceX posted a $4.9 billion loss as capital expenditures nearly doubled to $20.7 billion, signaling a company spending aggressively ahead of the returns it is promising.
- Goldman Sachs projects SpaceX will burn $120 billion in cash through 2027 and roughly $350 billion through 2030, with 80 percent of that directed toward AI infrastructure — a scale of investment that dwarfs most sovereign budgets.
- Starlink, the company's most profitable engine, grew from 2.3 million to 10.3 million users in two years and generated $4.4 billion in profit, offering investors a concrete anchor amid the broader speculative ambition.
- Musk has signaled this may be SpaceX's last equity raise, with future capital needs met through debt markets — a posture that frames the IPO less as a fundraising event and more as a permanent transfer of ownership to public shareholders.
SpaceX is going public. After a decade of pressure from venture capitalists, Elon Musk's aerospace and technology company filed to raise $75 billion through an initial public offering — one of the most closely watched in history. Shares are priced at $135 each, with trading set to begin June 12 on the Nasdaq under the ticker SPCX.
The underwriting syndicate spans more than twenty global banks, led by Goldman Sachs and joined by Morgan Stanley, JP Morgan, Bank of America, and others. Orders from China and Hong Kong have been rejected due to U.S. technology export restrictions. In a notable gesture, JP Morgan's Jamie Dimon personally pitched the offering to ultra-high-net-worth clients at a New York event attended by 350 investors, where Musk appeared via video call and his mother, Maye Musk, offered surprise remarks.
Musk has explained the timing plainly: the company has entered a phase of broad growth, and revenue has become more predictable. Last year SpaceX generated $18.7 billion in revenue, though it posted a $4.9 billion loss as capital expenditures surged to $20.7 billion. Management projects gross margins will climb from 49 percent to 70 percent as Starlink scales and AI monetization accelerates.
The company operates three divisions. Its Space unit has launched more than 80 percent of all mass placed in orbit since 2023 and is developing Starship V3, designed to return humans to the moon. Starlink, its connectivity business, now reaches 164 countries and 10.3 million subscribers, generating $11.4 billion in revenue and $4.4 billion in profit last year. Its AI division, built around xAI and the Colossus supercomputer in Memphis, brought in $3.2 billion in revenue but posted a $6.4 billion loss.
The financial projections are staggering. Goldman estimates SpaceX will burn $120 billion in cash through 2027 and another $230 billion through 2030, with roughly 80 percent of projected capex directed toward AI. Musk has told investors the company may not need to raise equity again, turning instead to debt markets. SpaceX claims a current addressable market of $5.7 trillion, rising to $28.5 trillion as AI advances. Whether the market will fund that vision at the proposed valuation is the question the offering now puts to the world.
SpaceX is going public. After a decade of pressure from venture capitalists, Elon Musk's aerospace and technology company filed to raise $75 billion through an initial public offering—one of the most closely watched in history. The company will issue 555.6 million shares at $135 each, with pricing set for June 11 and trading beginning the following day on the Nasdaq under the ticker SPCX.
The scale of the underwriting syndicate reflects the ambition of the offering itself. Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, JP Morgan, Barclays, Deutsche Bank, RBC, UBS, and Wells Fargo are coordinating the deal, joined by a second tier of banks including Allen & Company, Cantor, Needham & Company, Raymond James, Société Générale, Stifel, William Blair, ING, Macquarie Capital, Mirae Asset Securities, Mizuho, Santander, and BTG Pactual. The underwriters have been instructed to reject orders from China and Hong Kong due to U.S. restrictions on exporting critical technology. Even Jamie Dimon, whose JP Morgan is not the lead bank on the offering, has taken the unusual step of personally selling the IPO to the bank's ultra-high-net-worth clients. At a New York event for 350 investors, Musk appeared via video call while his mother, Maye Musk, surprised the room with remarks praising her son.
Musk has been candid about why the timing makes sense now. Venture capitalists have been pushing him to take SpaceX public for a decade, but the company has only recently entered a phase of broad growth and capital expansion. Revenue projections have also become more predictable. Last year, SpaceX generated $18.7 billion in revenue, up from $14 billion in 2024, though the company posted a $4.9 billion loss compared to an $800 million profit the year before. Capital expenditures surged from $11.2 billion to $20.7 billion. Management projects that gross margins will climb from 49 percent to 70 percent as artificial intelligence monetization accelerates and Starlink's margins expand with next-generation satellites.
The company operates three distinct business units. The Space division, active since 2002, has launched more than 80 percent of all mass placed in orbit since 2023 and operates the only fleet of reusable rockets in the world. Last year it generated $4.1 billion in revenue but posted a $700 million loss. The division is now developing Starship V3, designed to carry 200 tons and intended to return humans to the moon by decade's end. Starlink, the connectivity business launched in 2020, controls 75 percent of active, maneuverable satellites in orbit and reaches 164 countries and 3.3 billion people. Its user base grew from 2.3 million to 10.3 million between 2023 and 2025. The division also operates roughly 650 mobile network satellites used by 30 carriers and covering approximately 1.9 billion people. Starlink generated $11.4 billion in revenue last year with $4.4 billion in profit, and is developing a third generation of satellites that will increase bandwidth from 96 gigabytes per second to 1,204 gigabytes per second. The AI division, built around xAI—acquired by SpaceX in February—constructed the Colossus supercomputer in 122 days in Memphis, Tennessee. It generated $3.2 billion in revenue last year but posted a $6.4 billion loss.
The financial projections underlying the IPO are staggering. Goldman Sachs, the lead underwriter, estimates that SpaceX will burn through $120 billion in cash between 2026 and 2027, with another $230 billion through 2030. The company plans to increase capital expenditures significantly, particularly in artificial intelligence. Goldman projects total capex of roughly $360 billion through 2028, with 80 percent directed toward AI. Musk has told potential investors that SpaceX may not need to raise additional equity after this offering, instead turning to debt markets to fund its ambitions. The company claims a current addressable market of $5.7 trillion, expanding to $28.5 trillion as AI development advances. Its stated mission is to make life multiplanetary while connecting more than 3 billion people without internet access and using artificial intelligence to accelerate social progress. Whether the market will fund that vision at the proposed valuation remains to be seen.
Citações Notáveis
The IPO makes sense now because the company is entering a phase of broad growth and capital expansion, and revenue projections have become more predictable.— Elon Musk
SpaceX may not need to raise additional equity after this offering and could instead turn to debt markets to fund its ambitions.— Elon Musk, to potential investors
A Conversa do Hearth Outra perspectiva sobre a história
Why now? Musk has resisted going public for years.
The company finally has predictable revenue and is entering a phase where it needs capital at a scale that public markets can provide. Ten years of VC pressure finally aligned with the company's actual readiness.
The losses are striking—$4.9 billion last year. How does that justify a $75 billion valuation?
The losses are largely capex-driven. Starlink is actually profitable and growing fast. The company is betting that as it scales, margins will expand dramatically—from 49 percent to 70 percent—as AI monetization kicks in and satellite costs fall.
Goldman projects $360 billion in capex through 2028. That's enormous. Where does that money come from?
The IPO raises $75 billion. Musk says they can use debt markets for the rest. But that assumes the company can service that debt, which depends entirely on whether the AI and Starlink revenue projections hold.
What's the real business here? Space launches, satellites, or AI?
All three, but they're interconnected. Starlink provides the connectivity layer. Space provides the launch capability. AI is the new frontier—they're building supercomputers and planning to launch AI satellites by 2028. It's a vertically integrated bet on the future.
Musk's lockup is 366 days. That's relatively short. What does that signal?
Confidence, maybe. Or pragmatism. He's not locking himself in for years, but he's not dumping shares immediately either. Other investors and directors have staggered lockups through mid-2027.
The underwriting syndicate is massive. Why so many banks?
This is a $75 billion deal. You need that many hands to distribute it. But there's also a geopolitical dimension—they're explicitly excluding China and Hong Kong because of U.S. export controls on critical technology. That shapes who can buy and who can sell.