A figure that would shatter the existing record held by Saudi Aramco
En un momento que podría redefinir la escala de los mercados financieros, SpaceX —la empresa aeroespacial fundada por Elon Musk en 2002— ha presentado ante la SEC su solicitud para cotizar en el Nasdaq bajo el símbolo SPCX, con miras a recaudar unos 75.000 millones de dólares en junio. Si se concreta, superaría el récord histórico de Saudi Aramco y convertiría a una compañía nacida del sueño de colonizar Marte en uno de los activos públicos más valiosos del planeta. Es el momento en que la ambición privada pide permiso al mundo para volverse colectiva, aunque el control siga siendo de uno solo.
- SpaceX apunta a recaudar 75.000 millones de dólares, más del doble del récord mundial de Saudi Aramco en 2019, con una valoración que oscilaría entre 1,5 y 1,75 billones de dólares.
- La empresa reportó pérdidas netas de casi 5.000 millones en 2025, lo que tensiona la narrativa de una compañía lista para el escrutinio público de los mercados.
- Musk blindó su control mediante acciones Clase B con diez votos cada una, asegurando que la salida a bolsa no signifique ceder el timón estratégico.
- El segmento de inteligencia artificial —con Grok, publicidad en X y licencias de datos— aportó 581 millones adicionales, señalando una diversificación que puede tranquilizar a los inversores.
- Con más de 9.000 satélites Starlink en órbita y el contrato vigente con la NASA, SpaceX llega al mercado con infraestructura real y clientes institucionales de peso.
SpaceX presentó el miércoles su solicitud de oferta pública inicial ante la SEC, con planes de listar en el Nasdaq bajo el ticker SPCX en junio. La compañía no reveló aún el rango de precio por acción, pero fuentes financieras apuntan a una meta de recaudación de aproximadamente 75.000 millones de dólares —cifra que pulverizaría el récord de Saudi Aramco de 2019, cuando la petrolera saudí captó 29.000 millones—. La valoración buscada se sitúa entre 1,5 y 1,75 billones de dólares.
El perfil financiero que emerge del documento es singular. En 2025, SpaceX registró ingresos de 18.674 millones de dólares pero acumuló pérdidas netas de 4.937 millones, reflejo del enorme capital que exige construir cohetes y desplegar constelaciones de satélites. La comparación con gigantes tecnológicos como Meta —que ganó 60.000 millones ese mismo año— resulta inevitable, aunque no del todo justa: SpaceX opera en una industria donde la infraestructura se mide en toneladas de acero y kilómetros de altitud.
Para preservar su autoridad tras la apertura al público, Musk diseñó una estructura de doble clase accionaria: las acciones Clase A tienen un voto cada una, mientras que las Clase B otorgan diez. Es un mecanismo conocido entre fundadores que desean mantener el control estratégico sin importar cuántos inversores entren. La cúpula directiva incluye a Gwynne Shotwell como presidenta y directora de operaciones, Bret Johnson como director financiero, y Antonio J. Gracias como miembro del consejo.
Un dato que alivia las dudas sobre la concentración del negocio: el área de inteligencia artificial generó 581 millones de dólares adicionales en 2025, impulsada por publicidad en la red social X, suscripciones al chatbot Grok y acuerdos de licencia de datos. Fundada en 2002, SpaceX es hoy el principal proveedor de lanzamientos orbitales para la NASA y opera Starlink, con más de 9.000 satélites activos. Si el IPO prospera, será el momento en que la empresa más audaz de la era espacial privada le pida al mercado que le ponga precio a sus sueños.
SpaceX filed for its initial public offering on Wednesday, marking what could become the largest capital raise in stock market history. The aerospace company, controlled by Elon Musk, submitted paperwork to the Securities and Exchange Commission seeking to list on the Nasdaq under the ticker symbol SPCX, with a June launch date penciled in. The company withheld the specific price range for now, but earlier reporting from financial outlets had already signaled the ambition: SpaceX is aiming to raise approximately $75 billion, a figure that would shatter the existing record held by Saudi Aramco's 2019 offering, which brought in $29 billion.
The filing reveals a company with an unusual financial profile. In 2025, SpaceX reported a net loss of $4.937 billion against revenues of $18.674 billion—numbers that look thin compared to other tech giants. Meta, for instance, turned a $60 billion profit in the same year. Yet SpaceX is not a conventional technology company, and its losses reflect the capital-intensive nature of building rockets and launching satellites. The company is seeking a valuation between $1.5 and $1.75 trillion, according to Bloomberg's reporting.
The structure of the offering reveals Musk's intention to maintain control. SpaceX will issue two classes of ordinary shares: Class A shares carry one vote per share, while Class B shares grant ten votes per share. This dual-class arrangement is a familiar tool for founders seeking to preserve decision-making power after going public. The filing also lists the company's leadership: Gwynne Shotwell serves as president and chief operating officer, Bret Johnson as chief financial officer, and Antonio J. Gracias, founder of Valor Equity Partners, as a director.
One bright spot in the financials comes from the company's artificial intelligence division, which generated an additional $581 million in revenue during 2025. This growth came through multiple channels: advertising on the X social network, subscriptions to Grok (Musk's AI chatbot), and data licensing agreements. These numbers suggest that SpaceX's business is diversifying beyond its core aerospace operations.
The company itself, founded in 2002, has become the dominant provider of orbital launch services for NASA and owns Starlink, the satellite internet constellation that now has more than 9,000 satellites in orbit. The IPO, if it proceeds as planned, would represent a watershed moment for commercial spaceflight—transforming a private venture into a publicly traded entity while maintaining the founder's grip on strategy and direction. The market will soon decide whether the valuation matches the ambition.
Notable Quotes
SpaceX is seeking a valuation between $1.5 and $1.75 trillion— Bloomberg reporting on SEC filing
The Hearth Conversation Another angle on the story
Why does SpaceX need $75 billion? That's an extraordinary sum.
The company is capital-intensive by nature. Rockets, satellites, ground infrastructure—these things cost enormous amounts to build and operate. The money also signals growth plans, likely for Starlink expansion and next-generation launch systems.
But the company lost nearly $5 billion last year. How does that square with a trillion-dollar valuation?
Investors are betting on future profitability, not current earnings. SpaceX has a monopoly on certain NASA contracts and Starlink is a growing revenue stream. The losses reflect heavy investment in R&D and infrastructure, not operational failure.
The dual-class share structure—that's Musk keeping control, right?
Exactly. Class B shares have ten votes each, while Class A has one. It's a way to raise capital without diluting decision-making power. Musk can remain the ultimate authority even as public shareholders own a piece of the company.
What about that AI revenue number? $581 million seems almost incidental.
It's not incidental—it's a signal. Grok and X are relatively new revenue streams. If they grow at the rate the company expects, they could become significant. It also diversifies SpaceX beyond aerospace, which appeals to investors.
Is this IPO actually going to happen in June?
The filing is real and the intent is clear, but markets move. If conditions shift or valuation expectations change, timelines slip. What matters now is that SpaceX has formally announced its ambition to go public.