SpaceX IPO: 11 Key Takeaways From Its S-1 Filing

This article by Chris Morris was originally published on Inc.com.

SpaceX’s upcoming initial public offering (IPO) is expected to be the largest of all time, more than doubling the US$29 billion that Saudi Aramco raised in 2019. And founder Elon Musk is finally offering a peek at the company’s financials. The rocket company’s 277-page S-1 IPO registration document, runs down the risks, opportunities, and historical financials for SpaceX, Starlink, and xAI.

It’s the deepest look yet that investors and competitors have had at the profits and losses of the company, which has grown far beyond its rocket ship roots to include artificial intelligence (AI), internet service provider, and military contractor.

Companies typically amend an S-1 when their road show with investors gets underway, so there’s more to be learned, likely in a couple of weeks. For now, though, here are some of the big takeaways the company has given investors who are thinking of investing in SpaceX.

Is SpaceX profitable?

In 2025, SpaceX posted over $18.7 billion in revenue. For the year, however, it posted a $2.6 billion loss. That followed an $791 million profit in 2024.

How much is xAI spending?

A lot, but that’s not uncommon with AI companies. Capital expenditures for the parent of Grok jumped from $5.6 billion in 2024 to $12.7 billion in 2025. The money is being spent on things like infrastructure, graphics processing unit (GPU) clusters, and data centers, and engineering talent to compete with OpenAI, Anthropic, and other AI leaders. Investors could see these as wise investments in the sector, rather than operational weaknesses.

To put into perspective how much of SpaceX’s capital expenditures are focused on artificial intelligence, of the $10 billion spent in the first three months of 2026, $1 billion was spent on space, $1.3 billion was spend on connectivity (Starlink) and $7.7 billion was spent on AI.

How much does Starlink contribute to SpaceX’s income?

A lot. Starlink is a massively profitable operation for the company. With 10.3 million subscribers, Starlink brought in $3.3 billion in the first quarter of 2026 and $11.4 billion in 2025. Compare that to $619 million for the quarter and $4.1 billion for the year for SpaceX’s space division.

What will the IPO price at?

The final number won’t be decided until right before the stock begins trading on June 12—and the S-1 does not offer a potential price range or valuation for the company. Those are typically added in an amendment to the company when the road show kicks off. The company is expected to be valued at $1.5 trillion or more, however.

What ticker symbol will SpaceX trade under?

The company will trade on the Nasdaq market under the symbol SPCX.

Who are the current primary shareholders of SpaceX?

Elon Musk currently owns 12.3 percent of the company’s Class A common stock as well as 93.6 percent of the Class B stock, giving him more than 85 percent of the voting power for the company. Antonio Gracias, founder of Valor Equity Partners, owns 7.3 percent of the Class A common stock.

Other shareholders of note listed in the S-1 (who hold less than one percent of the stock) include Gwynne Shotwell, president of SpaceX; CFO Bret Johnsen and PayPal co-founder Luke Nosek.

Who is on the SpaceX board?

Eight people make up the board of director at SpaceX. Musk is chairman, as you would expect. Other members include Shotwell, Google’s Donald Harrison, Gracias, Nosek and Steve Jurvetson. Randy Glein, a longtime board observer, and Ira Ehrenpreis, a longtime Tesla board member are also on the board.

How much is SpaceX seeking to raise in this IPO?

Like the stock price and valuation, that information will be made public in a few weeks. It will, at that time, announce how many shares it plans to sell, which will give some indication of its expected raise. Current estimates put that at $80 billion or more.

Which banks are underwriting the SpaceX IPO?

Goldman Sachs has the lead left position, which is the lead investment bank managing the IPO. Morgan Stanley, though, was named the stabilization agent for the offering, meaning it is in charge of the early share trading.

How much control will Elon Musk retain of SpaceX?

When it comes to major decisions, the IPO won’t change anything at SpaceX. The company will adopt a “controlled company” status when it goes public. That means its board won’t need to have a majority of independent directors and there is no independent compensation committee.

The Class B shares Musk will hold carry 10 votes per share versus one vote for the Class A shares sold to public investors, effectively meaning he can’t be removed as head of the company and whatever actions he dictates are the direction SpaceX will go.

What will Elon Musk earn?

Musk’s compensation is similar to the deal he has at Tesla. It’s performance based and has certain tranches.

If SpaceX reaches a $7.5 trillion market capitalization, and the company establishes a permanent human colony on Mars with at least one million inhabitants, Musk will receive 200 million super-voting restricted shares (worth 10 votes per share). If the company successfully deploys non-Earth data centers that deliver 100 terawatts of compute per year, he’ll get another 60.4 million restricted shares.