SpaceX moves toward historic IPO as valuation eyes $1.75tn despite rising losses

By Chinenye Anuforo,

Elon Musk’s SpaceX has formally confirmed plans for a long-anticipated public listing in the United States, setting the stage for what could become the largest initial public offering (IPO) in market history.

In a filing submitted to the United States Securities and Exchange Commission (SEC), SpaceX disclosed plans to list on the Nasdaq stock exchange under the ticker symbol SPCX, although the company did not reveal the size of the offering or its proposed valuation.

Market reports, however, suggest the listing could value the company at approximately $1.75 trillion, with the IPO potentially raising $75 billion, placing it among the most closely watched technology listings globally.

The offering is expected to be backed by some of the world’s leading investment banks, including Goldman Sachs, Morgan Stanley and Citigroup.

The planned listing marks a major milestone for Musk’s space and communications company, which has evolved beyond rocket launches into a broader technology and digital infrastructure enterprise spanning satellite internet, aerospace manufacturing and artificial intelligence.

SpaceX currently values itself at about $1.3 trillion, according to market estimates, with Musk’s personal stake reportedly worth more than $600 billion under that valuation framework.

Financial Snapshot Reveals Rising Revenue, Deeper Losses

As part of the regulatory filing, SpaceX provided an unusually detailed look into its financial performance.

The company reported $4.7 billion in revenue during the first quarter of 2026, representing a 15.4 per cent year-on-year increase.

Despite stronger sales, SpaceX posted a net loss of $4.3 billion for the quarter, significantly higher than the $528 million loss recorded during the same period in 2025.

For the full 2025 financial year, SpaceX generated $18.7 billion in revenue, reflecting 33 per cent annual growth as demand for its connectivity and space technology services continued to expand.

Starlink Emerges as SpaceX’s Growth Engine

A major driver of SpaceX’s growth remains its Connectivity division, led by satellite internet provider Starlink.

Subscriber growth has accelerated sharply over the past three years.

Starlink subscribers increased from 2.3 million in 2023 to 4.4 million in 2024, before nearly doubling to 8.9 million in 2025.

By the end of the first quarter of 2026, the satellite broadband platform had reached 10.3 million subscribers worldwide.

Connectivity revenue for Q1 2026 stood at $3.3 billion, representing 31.6 per cent growth, as rising adoption of satellite internet services strengthened the company’s recurring revenue base.

For the full year 2025, the Connectivity division generated $11.4 billion in revenue, up 50 per cent, while income surged 120 per cent to $4.4 billion.

Industry analysts say Starlink’s rapid expansion is increasingly positioning SpaceX as not only an aerospace company but also a significant player in global telecommunications and digital infrastructure.

Heavy Assets, Growing Debt

SpaceX’s balance sheet reflects the capital-intensive nature of its operations.

The company reported $102 billion in total assets, including rockets, launch infrastructure, satellites and other aerospace equipment.

Net debt stood at $60.5 billion, highlighting the significant funding requirements associated with scaling launch systems, satellite deployments and emerging AI capabilities.

Despite rising debt and widening quarterly losses, investors continue to view SpaceX as one of the world’s most strategically important technology companies due to its dominance in reusable rockets, satellite broadband and next-generation space infrastructure.

If completed, the IPO could reshape global capital markets, providing public investors with direct exposure to one of the most valuable privately held technology companies in history.