Products You May Like
WASHINGTON — SpaceX plans to raise at least $75 billion in its initial public offering, valuing the company at more than $1.75 trillion.
The company filed an updated prospectus for its IPO with the Securities and Exchange Commission on June 3, which included the number of shares and price of those shares it plans to sell. That information was not included in the original S-1 registration statement filed May 20.
SpaceX stated it will sell 555,555,555 shares of its Class A stock in the IPO at $135 per share. That would raise $75 billion for the company before expenses. Underwriters of the IPO will have the option to purchase an additional 83.3 million shares at the same price for up to 30 days after the IPO, generating an additional $11.25 billion.
The company estimates that, after expenses, it will have net proceeds of $74.4 billion from the IPO, or $85.7 billion if the underwriters purchase their additional allotment. That would make the SpaceX IPO by far the largest in history, far surpassing the $29.4 billion raised by oil company Saudi Aramco when it went public in 2019.
The shares being sold in the IPO represent less than 5% of the outstanding shares in SpaceX, according to the updated prospectus. At the IPO price of $135, SpaceX would have a valuation of about $1.77 trillion.
The prospectus provides only high-level details about how it plans to use that windfall. “We intend to use the net proceeds from this offering to fund our growth strategy, including the expansion of our AI compute infrastructure, enhancements to our launch infrastructure and launch vehicles, increases in the scale and capacity of our satellite constellations, and any remaining amounts for general corporate purposes.”
The company has large, cash-intensive ambitions outlined in the prospectus. They include development and production of its Starship launch vehicle, expansion of its Starlink connectivity constellation and growth of its artificial intelligence activities obtained through the acquisition of xAI in February. That includes eventual deployment of as many as one million orbital data center spacecraft.
The company reported $4.7 billion in revenue in the first quarter of 2026 and a net loss of nearly $4.3 billion. For all of 2025, the company had $18.7 billion in revenue and a net loss of more than $4.9 billion.
That net loss is driven more by SpaceX’s AI work than its launch and satellite systems. The company had $10.1 billion in capital expenditures in the first quarter, of which $7.7 billion was for its AI division. The company, by contrast, spent $930 million on Starship development in the quarter.
The updated prospectus also reveals the level of control that SpaceX founder Elon Musk will retain in the company after the IPO. The document states that Musk will hold 82.4% of the voting power of the company’s shares, thanks to ownership of Class B shares that have 10 times the voting power of Class A shares.
“As a result, Mr. Musk will be able to control the outcome of matters requiring shareholder approval,” the document states. SpaceX will be considered a “controlled company” under the rules of Nasdaq, the exchange where SpaceX will list its shares, meaning it does not need a majority of its board to be independent directors.
Applied Aerospace and Defense IPO
As SpaceX prepares for its IPO, expected to take place by mid-June, another company in the space field went public June 3. Applied Aerospace and Defense raised $650 million, selling 32.5 million shares at $20 each. That valued the company at $3.4 billion.
The company, based in Huntsville, Alabama, primarily supplies components for defense and space applications. Its space products range from propellant tanks and antennas to engine nozzles and payload adapters.
Applied Aerospace and Defense reported nearly $500 million in revenue in 2025, according to its prospectus, with its space work accounting for a little under one-quarter of that figure. The company had a net loss of $49 million.
Shares in the company closed at $19.01, a loss of nearly 5%, on its first day of trading on the New York Stock Exchange.