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 an 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 provided the first official look at the financials behind the much-hyped rocket maker that’s been around since 2002, as well as at several other businesses that Musk has folded into the company including AI, social media, and the Starlink satellite communications business. Taken together, the prospectus shows that SpaceX is growing rapidly—and that its losses are also expanding.
SpaceX generated $4.69 billion in revenue in the first three months of 2026, up 15.4% from the roughly $4 billion of revenue in the first quarter of 2025. 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, and the company said it has racked up an “accumulated deficit” of $41.3 billion as of March 31.
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.”
The company’s charter also gives Musk the freedom to engage in businesses that compete directly with SpaceX.
