SpaceX is finally opening its doors to public investors, setting up what could become the largest IPO in market history and one of the biggest tests yet of Elon Musk’s influence over Wall Street.

The company’s newly filed S-1 offers the clearest look so far into the finances behind Musk’s sprawling space and technology empire. It also reveals a business that combines massive growth with heavy spending, mounting operational risks, and increasingly ambitious bets on artificial intelligence.

Record IPO ambitions

SpaceX plans to list on the Nasdaq under the ticker symbol SPCX. The offering could push the company toward a valuation near $2 trillion, putting it among the world’s most valuable firms. That figure would also move Musk closer to becoming the world’s first trillionaire. Investors now appear willing to test whether SpaceX can deliver the same market enthusiasm that once surrounded Tesla.

The filing shows why the company continues to attract attention. SpaceX generated $18.6 billion in revenue during 2025, a 33% jump from the previous year. Much of that growth came from Starlink, the satellite internet network that has expanded aggressively across rural America and international markets. Starlink now serves 10.3 million subscribers worldwide, according to the filing. That number doubled from a year earlier. Still, the company acknowledged that average revenue per user has started falling as it expands into lower-cost markets outside North America.

Rockets fuel expansion

The filing also exposed the cost of SpaceX’s rapid expansion. The company reported a net loss of $4.3 billion for the quarter ending March 31. SpaceX has poured enormous amounts of capital into Starship, its next-generation heavy-lift rocket system designed for lunar and Mars missions.

The company said it spent roughly $15 billion developing Starship. Another upgraded version of the rocket could launch later this week.

SpaceX’s rocket business remains central to its identity. The company launches satellites, cargo, and astronauts for NASA, the Pentagon, and commercial customers. It also continues building national security relationships through defense contracts tied to launch services and communications systems.

Yet the filing does not avoid the company’s troubles. A worker recently died after falling from scaffolding at a Texas facility. Reuters previously reported hundreds of workplace injuries tied to SpaceX operations.

Musk keeps firm control

The IPO also gives Musk tighter control over an even larger technology ecosystem. After the offering, Musk will retain roughly 85% voting control while serving as CEO, chairman, and chief technology officer.

SpaceX has increasingly become a holding company for Musk’s broader ambitions. The company absorbed xAI earlier this year and now oversees products tied to Grok, Musk’s artificial intelligence chatbot platform.

That move introduces new risks. The filing disclosed ongoing investigations related to Grok and alleged deepfake content. Regulators could pursue penalties or additional oversight tied to those issues.

Meanwhile, SpaceX also controls X, the social media platform formerly known as Twitter. The company reported 6.3 million paid subscribers across X Premium and related services.

Musk continues pushing his vision for an “everything app” that combines social media, payments, commerce, and communications into one platform.

The offering itself could eclipse Saudi Aramco’s record-breaking IPO from 2020. Goldman Sachs and Morgan Stanley are leading the deal alongside more than 20 major financial institutions.

Retail investors may also get direct access to the IPO through platforms including Robinhood, Fidelity, Schwab, SoFi, and E*Trade, potentially widening participation in one of the most anticipated public offerings in years.