Elon Musk’s SpaceX has, at long last, filed its prospectus for what’s expected to be the largest initial public stock offering ever. In a S-1 filing brimming with glossy color photos of rockets and space on Wednesday, the company disclosed plans to list its shares on the Nasdaq and Nasdaq Texas under the ticker “SPCX.”
The IPO prospectus, long-awaited for the much-hyped rocket maker that’s been around since 2002, brought forward financials that have long been speculated on. But now we know something that was perhaps suspected: SpaceX is growing rapidly, but its losses are also expanding.
The filing revealed that SpaceX brought in $4.69 billion in revenue in the first three months of 2026, which is up 15.4% from the first quarter of 2025, when the company’s revenue came in a little over $4 billion in revenue.
Simultaneously, SpaceX’s losses are also accelerating. In the first quarter of 2025, SpaceX’s net losses were roughly $528 million, a number that rocketed to more than $4.27 billion in the same period in 2026—a difference of more than $3.7 billion.
The filing also confirmed that Musk, also CEO of Tesla, has more than 50% control of the company. The filing reads: “Mr. Musk will control the voting power over the selection of our board. As a result, Mr. Musk will have the power to control the outcome of matters requiring shareholder approval, including election of all our directors.”
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