SpaceX Files for the Biggest IPO in History: Everything Inside the S-1

SpaceX has officially submitted its S-1 filing to the US Securities and Exchange Commission, initiating what could become the largest initial public offering in financial history. The company plans to trade under the ticker symbol SPCX, and the numbers contained in the filing are nothing short of staggering.

SpaceX reported 2025 revenue of $18.7 billion, a 33% year-over-year increase driven primarily by Starlink's satellite internet business, which generated $1.2 billion in quarterly profit. The filing also reveals an accumulated deficit of $41.3 billion and a Q1 2026 net loss of $4.27 billion — figures that reflect the enormous capital investment required to build and maintain one of the world's most complex aerospace and AI infrastructure businesses.

Elon Musk will retain 85% voting control through Class B shares following the offering. His proposed compensation package includes one billion performance-based shares tied to achieving a permanent human colony on Mars with one million inhabitants — a compensation structure without precedent in corporate history.

The filing also discloses significant AI ambitions: a $60 billion option to acquire the coding startup Cursor, and $1.25 billion in monthly payments to Anthropic for cloud compute. SpaceX is no longer just a rocket company — it is positioning itself as a vertically integrated AI infrastructure and space economy conglomerate. For investors, the question is not whether the company is extraordinary but whether any valuation can adequately price in the ambition on display.