SpaceX, the rocket and satellite company founded by Elon Musk in 2002, filed its S-1 prospectus with US financial regulators on Wednesday, launching what could become the largest initial public offering in history. The company is seeking to raise up to $75 billion and achieve a valuation of as much as $1.75 trillion when it lists on the Nasdaq stock exchange — expected as early as mid-June — under the ticker symbol SPCX. If achieved, that valuation would surpass Saudi Aramco's 2019 debut on Riyadh's exchange, currently the world's biggest IPO on record at $1.7 trillion, and would make SpaceX one of the most valuable publicly traded companies in the world. The listing would also, according to analysts, put Musk on course to become the first trillionaire in history.

The filing, an S-1 regulatory document that companies must submit to the US Securities and Exchange Commission before going public, marks the first time SpaceX has disclosed detailed financial information in its 24-year history. The company reported $18.7 billion in total revenue for 2025, with its Starlink satellite internet division — a network of approximately 10,000 satellites providing broadband to consumers, governments and businesses — generating $11.4 billion of that, up nearly 50 percent year-on-year. However, the company posted an overall operating loss of $2.6 billion for 2025, and a $1.94 billion operating loss in the first quarter of 2026, as it poured money into next-generation rocket development and artificial intelligence infrastructure. Its AI division alone recorded a $2.47 billion operating loss on $818 million in revenue in the first quarter, reflecting the enormous capital expenditure required to compete with rivals such as Google, Meta and Amazon in the AI race.

Much of SpaceX's stated future value rests on technology that does not yet fully exist. The company has outlined plans to build solar-powered AI data centres in orbit, beginning satellite deployments as early as 2028, and claims a total addressable market of $28.5 trillion across its businesses — excluding China and Russia — with the majority tied to AI. In a notable commercial disclosure, SpaceX revealed it had contracted rival AI firm Anthropic to pay $1.25 billion per month to use spare capacity at its Colossus and Colossus II data centre clusters in Memphis, Tennessee, through May 2029. The filing also confirmed that the company's board has tied much of Musk's compensation to targets including establishing a permanent human colony on Mars and building space-based computing capacity equivalent to 100,000 one-gigawatt nuclear reactors.

The offering confirms a dual-class share structure that will leave Musk holding around 85 percent of voting power while owning approximately 42 percent of equity, making it effectively impossible for outside shareholders to challenge his decisions. The filing explicitly acknowledges this poses risks for investors, noting that Musk