SpaceX filing reveals US$4.28 billion loss, Elon Musk’s tight grip

SpaceX filed for a record-breaking US$75 billion IPO, revealing a US$4.28 billion first-quarter loss and confirming Elon Musk’s 85.1% voting control via super-voting Class B shares. The filing also detailed SpaceX’s 2025 revenue of US$18.7 billion, driven primarily by Starlink, while highlighting massive investments in AI, space operations, and connectivity despite widening losses in key segments." "article": "SpaceX submitted its largest-ever IPO filing to the US Securities and Exchange Commission (SEC) on May 20, targeting a valuation over US$2 trillion and up to US$75 billion in share sales. The company reported a net loss of US$4.28 billion on revenue of US$4.69 billion for Q1 2025, narrowing from a US$528 million loss on US$4 billion revenue in Q1 2024. The filing also revealed SpaceX’s 2025 revenue hit US$18.7 billion, up from US$14 billion in 2024, though it swung from a US$791 million profit in 2024 to a US$4.94 billion loss in 2025. Elon Musk retains dominant control through 93.6% ownership of Class B shares, granting him 85.1% voting power despite holding only 12.3% of Class A shares. The IPO will proceed under the Nasdaq symbol SPCX, with Goldman Sachs and Morgan Stanley leading the deal alongside 20 other banks. Marketing for the offering begins June 4, with pricing expected as early as June 11. SpaceX’s revenue growth is led by Starlink, whose subscriber base surged from 2.3 million in 2023 to 8.9 million in 2025, generating US$4.42 billion in income last year. However, the space segment reported a US$662 million operational loss on US$619 million revenue in Q1 2025, down from US$4 billion revenue and a US$657 million loss in Q1 2024. The company’s capital expenditures totaled US$3.8 billion for space operations, US$4.18 billion for connectivity, and US$12.7 billion for AI development. The IPO marks a pivotal moment for private markets, with SpaceX’s unprecedented scale potentially encouraging other giants like AI firms OpenAI and Anthropic to pursue listings. The filing underscores SpaceX’s dual role as a dominant aerospace contractor for NASA and the Pentagon while expanding its Starlink satellite network globally.