SpaceX files blockbuster IPO, posts $4.28 bn quarterly loss and targets $2 trillion valuation

SpaceX filed for a $75 billion IPO on Nasdaq under the symbol SPCX, targeting a $2 trillion valuation while reporting a $4.28 billion quarterly loss, with Elon Musk retaining 85.1% voting control via Class B shares. The company, formally Space Exploration Technologies Corp., disclosed plans to integrate AI, satellite internet (Starlink), and rocket technology while listing Goldman Sachs and Morgan Stanley as lead underwriters, with marketing set to begin June 4." "article": "SpaceX has officially filed for an initial public offering (IPO) on Nasdaq, aiming to raise up to $75 billion at a valuation exceeding $2 trillion. The company, known formally as Space Exploration Technologies Corp., will debut under the ticker symbol SPCX, according to a filing with the U.S. Securities and Exchange Commission. Despite its massive ambitions, SpaceX reported a net loss of $4.28 billion on $4.69 billion in revenue for the first quarter, a significant increase from its $528 million loss a year earlier. Elon Musk will maintain control through Class B shares, holding 93.6% of them, which carry 10 votes each, ensuring he retains 85.1% of voting power. The IPO marks a pivotal moment for private markets, potentially encouraging other major firms like AI companies OpenAI and Anthropic to follow suit. Goldman Sachs and Morgan Stanley are leading the deal, with marketing expected to begin June 4 and pricing as early as June 11. SpaceX’s revenue primarily comes from its Starlink satellite internet business, though its Space segment generated only $619 million in revenue with a $662 million operational loss in Q1. Musk has outlined plans to merge AI, space infrastructure, and rocket technology, including deploying orbital data centers powered by solar energy and eventually building factories on the moon. He also announced a $60 billion agreement to acquire AI startup Cursor later this year, pending the IPO. The filing highlights SpaceX’s dominance in space transportation, serving as a key launch provider for NASA and the Pentagon. Musk’s vision includes next-generation Starship rockets delivering Starlink directly to mobile phones and advancing a Martian civilization. The company’s audacious IPO could reshape public and private markets, addressing concerns about inflated valuations in venture-backed firms.