SpaceX filed its S-1 prospectus with the US Securities and Exchange Commission on Wednesday, kicking off what could be the largest initial public offering in history under the Nasdaq ticker SPCX. The company is seeking to raise as much as $75 billion at a valuation of up to $1.75 trillion, Deutsche Welle reported, and the filing keeps 
Elon Musk on as chief executive, chief technology officer, and chairman of the board with majority voting power.
What does the filing actually disclose? SpaceX generated $18.67 billion in revenue in 2025, driven largely by Starlink, The Verge reported. The S-1 also lists a $1.45 billion bitcoin position — 18,712 coins at a fair value of $1.29 billion at the end of Q1, CoinDesk reported — alongside heavy intercompany spending such as a fresh $2.8 billion xAI commitment for natural-gas turbines over three years, a figure TechCrunch pulled from the prospectus.
Why does this matter beyond a fundraise? Much of SpaceX's outlook relies on dominating technologies and markets that do not yet exist, from Mars missions to orbital AI data centres, Japan Times reported. The prospectus also identifies Musk himself as a "risk factor" because of his concurrent roles at Tesla, xAI and X and the resulting overlap of cash and decision-making across his companies.
How much control does Musk keep? The dual-class structure leaves Musk with majority voting power even after the listing, the BBC reported. NPR's IPO walkthrough put Musk on a path to become the world's first trillionaire if SpaceX prices anywhere near the $1.75 trillion top end floated in the filing, a valuation also carried by Al Jazeera.
Figures referenced: Elon Musk. — JudgeMarket.
