Mega IPOs on the way: SpaceX releases filing as OpenAI reportedly prepares for September listing

SpaceX Corp. today published the filing for its upcoming initial public offering.

The move came against the backdrop of reports that OpenAI Group PBC could submit the paperwork for its own IPO to regulators as early as Friday. According to the Wall Street Journal, the company may go public in September. But the paper’s sources cautioned that the time frame could still change.

The IPO updates from SpaceX and OpenAI come a day after a jury dismissed a high-profile lawsuit that Elon Musk had brought against the latter company. The litigation could have potentially complicated the ChatGPT developer’s efforts to go public. Anthropic PBC, OpenAI’s top rival in the AI market, is expected to file for an IPO of its own later this year.

SpaceX, which competes with OpenAI through its xAI unit, generated sales of $4.69 billion in the first quarter. That represents a 15% year-over-year increase, less than half the 33% sales gain it delivered in 2025. In the same time frame, SpaceX’s expenditures have increased significantly. It logged a net loss of $4.28 billion in the first quarter compared with $4.94 billion during all of 2025.

SpaceX’s biggest revenue source is its Starlink internet constellation. The satellite cluster generated sales of $3.25 billion in the first three months of 2025, a 27% increase from the same time a year earlier. Starlink accounts for all of SpaceX’s adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization.

The company’s plan to grow its connectivity business centers on an upcoming satellite design called V3. The system weighs about two tons and provides a terabit per second of download bandwidth, 10 times more than current Starlink units. V3 includes specialized antennas that will enable user devices to establish connections without a standalone terminal.

SpaceX plans to start deploying V3 satellites in the second half of 2026 using its newest Starship rocket (pictured). The company hopes to deploy 60 satellites per launch. According to SpaceX, that would enable it to add 20 times more download bandwidth per orbital trip than its current-generation Falcon rocket.

In the longer term, the company will also use Starship to launch satellites equipped with artificial intelligence chips. According to the IPO filing, the systems will be based on the V3 design but are expected to feature significantly larger solar arrays. The extra solar panels will enable each system to generate 100 kilowatts of power per ton.

SpaceX’s IPO filing also contains new details about its terrestrial AI infrastructure business. Earlier this month, the company inked a deal to provide OpenAI rival Anthropic with access to its Colossus supercomputer. The filing reveals that the agreement is worth $1.25 billion per month through May 2029 and will also encompass a second supercomputer called Colossus 2.

SpaceX plans to list its shares on the Nasdaq under the ticker symbol SPCX. The group of banks that is underwriting the IPO includes Goldman Sachs and Morgan Stanley, which are reportedly also helping OpenAI with its plans to go public.

According to today’s Journal report, the IPO paperwork that the ChatGPT developer is expected to submit as early as Friday will be filed confidentially. OpenAI received a $852 billion valuation in its most recent funding round. Reuters reported that the listing could give the company a market capitalization of up to $1 trillion.

Image: SpaceX