SpaceX’s massive IPO: all the latest news

Elon Musk, on the verge of becoming the world’s first trillionaire, is whipping up anti-immigration tensions amid ongoing riots in Belfast, Northern Ireland. Following a knife attack in the city on Monday, Musk declared support for Restore Britain, a hard-right populist political party that advocates for large-scale migrant deportation in the UK. He reposted statements from party leader Rupert Lowe calling for “a vast number of people” to be forced out of the country, as well as a promise from Lowe to “prosecute officials and politicians who knowingly placed dangerous third world savages in our communities.” “This is the way,” Musk added to his repost.

Musk also shared a list of protest locations in the city, saying, “Only by protesting REPEATEDLY and LOUDLY will there be any change!!”

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I haven’t seen anything as stupid as the WeWork IPO document in a very long time — that is, until Elon Musk filed to take SpaceX public. WeWork was a joke. SpaceX is a threat. And if Musk and his bankers have their way, you are going to be their bagholder.

Lots of the top-line details leaked long before the S-1 filing itself became public. There’s the rumored valuation of more than $1 trillion. That’s despite the nearly $5 billion in losses last year. The total addressable market (TAM) for SpaceX — the amount of revenue SpaceX thinks it could make if won over what it thinks is its entire customer base — was listed as $28.5 trillion. By way of comparison, the gross domestic product of the US as a whole was a hair over $24 trillion, according to the St. Louis Fed.

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The SpaceX IPO is here, and it’s more than just an historic public offering that could make Elon Musk the world’s first trillionaire. It also reveals more ways in which Elon Musk’s companies interact and overlap with each other, shuffling money around in ways that are often difficult to keep track of.

This is evident in ways that are both obvious and less so. A CTRL-F search for “Tesla” yields 87 results, “xAI” is mentioned 356 times, “Grok” 243 times, and “X” 267 times. Even the “Boring Company” (7 times), “Neuralink” (3), and “Optimus” (1) get a few mentions. Throughout its 330 pages of rocket launches and interplanetary wishes, you can trace the network of ways in which Musk’s companies deal with each other.

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Elon Musk’s final frontier is officially open for business now that SpaceX has formally filed its S-1 prospectus with the SEC. That kicks off what could be the largest initial public offering ever when it lists on the Nasdaq stock exchange with the ticker SPCX.

SpaceX generated $18.67 billion in revenue in 2025, driven largely by its Starlink satellite internet service, which brought in more than $11 billion, as reported by The Wall Street Journal. The company lost over $4.9 billion last year, with capital expenditures soaring to $20.7 billion last year, a leap from $11.2 billion in 2024, as reported by The New York Times. xAI, which recently merged with SpaceX, lost billions last year, while growing revenue by 22 percent, according to TechCrunch.

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The great SpaceX IPO is looming, allowing outside investors — including regular Joe Schmoes, or retail investors — to buy a stake in one of the buzziest and most controversial companies on the planet for the first time. Depending on who you ask, it’s either the best investment opportunity you’ll see this decade or a fool’s errand to rip off credulous Musk fanboys. With valuations of the company going to sky-high levels, over $1 trillion according to some estimates, there’s certainly a furor around the potential for rich returns.

But is there really any money to be made in space?

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What’s expected to be the biggest IPO in human history is reportedly underway. SpaceX has filed for an initial public offering with the Securities and Exchange Commission, according to a report from Bloomberg. But for now, the filing is confidential.

Under SEC rules, SpaceX isn’t required to make its S-1 prospectus public until 15 days before it begins pitching to investors on its roadshow. That means we’ll have to wait for details like Starlink’s subscriber revenue, the cash burn rate of the Starship program, and how the recently absorbed xAI fits into the corporate structure.

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I am excited about the SpaceX IPO for all the reasons investors shouldn’t be. Maybe it’ll be a real marquee moment for Silicon Valley, but I see the potential for a shitshow. After all, more than a decade ago, Musk said that SpaceX going public before going to Mars would be bad for the company.

Are private markets tapped out on cash to fund SpaceX ambitions? Elon Musk has been very clear about his feelings on publicly traded companies. Specifically: He doesn’t like them!

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