SpaceX Files for the Largest IPO Ever While Absorbing a $4.94 Billion Loss From Its xAI Merger

SpaceX has moved forward its IPO plans, aiming for a Nasdaq listing on June 12 under the ticker SPCX, weeks ahead of its original late-June schedule. The company now targets a roadshow launch on June 4, pricing on June 11, and plans to release its public prospectus as early as May 21. The filing, initially submitted to the SEC on April 1, 2026, seeks up to $75 billion at a valuation exceeding $2 trillion, the largest IPO in history. The offering is led by a 21-bank syndicate including Morgan Stanley, Goldman Sachs, JPMorgan Chase, Bank of America, and Citigroup. The IPO follows SpaceX’s February 2026 all-stock merger with Elon Musk’s AI company xAI, valued at $1.25 trillion. The combined entity reported $18.67 billion in revenue for 2025 but posted a net loss of $4.94 billion, a sharp decline from SpaceX’s standalone $791 million profit in 2024. xAI contributed $3.2 billion in revenue while burning approximately $14 billion in cash, offsetting profits from Starlink and SpaceX’s rocket launch business. Starlink remains the only profitable segment, generating $11.4 billion in revenue and $4.42 billion in operating income in 2025, with over 10 million subscribers across 160 countries. The rocket launch business added $4.1 billion in revenue, but xAI’s cash burn wiped out overall profitability. Up to 30 percent of the IPO’s shares are reserved for retail investors, a structure critics argue exposes ordinary investors to risks tied to the complex, opaque listing. The accelerated timeline comes as three major U.S. public pension funds raised concerns about SpaceX’s governance, warning that the IPO could grant CEO Elon Musk near-unchecked control over the company. The SEC’s faster-than-expected review is credited with enabling the revised schedule. The public prospectus will include the first audited financial statements of the combined SpaceX-xAI entity.