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Image Credits:Ethan Swope/Bloomberg / Getty Images1:52 PM PDT · May 20, 2026
SpaceX, the aerospace institution founded by Elon Musk 24 years ago, has yet made its IPO filing public.
The hefty filing, posted aft markets closed Wednesday, shows a institution that has developed acold beyond its archetypal pursuit of reusable rockets — though its semipermanent ngo to make a multi-planetary taxon remains intact. SpaceX is present a exertion conglomerate moving connected satellites and AI, and has go 1 of the world’s astir invaluable backstage companies.
When it goes nationalist aboriginal this twelvemonth connected the Nasdaq exchange, it volition go 1 of the astir invaluable publicly-traded companies. (Nvidia presently holds the crown with a marketplace headdress of $5.4 trillion.) SpaceX has chosen the ticker “SPCX” for the listing.
The regulatory filing, known arsenic an S-1, offers the astir vivid and financially illuminating nationalist dissection of SpaceX’s concern to date. And it comes conscionable weeks up of what’s expected to beryllium the largest IPO ever, some successful presumption of imaginable wealth raised (expected to beryllium astir $75 billion) and wide valuation (reportedly $1.75 trillion).
Many of the header details person been reported successful the weeks since SpaceX archetypal submitted a confidential version of its S-1 filing to the Securities and Exchange Commission connected April 1. The institution mislaid astir $4.9 cardinal successful 2025 on gross of much than $18 billion, arsenic Reuters reported past month.
The filing details a concern that is presently dominated by SpaceX’s Starlink outer net offering, which generated much than fractional of the company’s gross past year. It besides shows however overmuch SpaceX has burned to get to this point: much than $37 cardinal mislaid since inception, according to the S-1.
XAI, the artificial quality institution Elon Musk created and precocious merged into SpaceX, is not helping connected that front. The filing shows SpaceX directed astir 60% of its superior spending successful 2025 to its AI division, oregon astir $20 billion. And yet that part — which houses the chatbot Grok — mislaid billions past year, and lone grew gross by astir 22%. That’s acold beneath the reported gross maturation rates astatine frontier AI labs.
Despite SpaceX’s analyzable business, overmuch of its aboriginal is pegged to the occurrence of Starship, the fully-reusable dense assistance rocket that has had a bid of explosions and method revamps implicit the past respective years. The institution is expected to behaviour the 12th motorboat of Starship arsenic aboriginal arsenic this week.
S-1 filings are hundreds of pages long, and this 1 successful peculiar is apt to beryllium stuffed with absorbing numbers, hazard factors to SpaceX’s business, and different antecedently backstage information. TechCrunch volition beryllium pulling retired the astir absorbing details each day, truthful enactment tuned.
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Sean O’Kane is simply a newsman who has spent a decennary covering the rapidly-evolving concern and exertion of the proscription industry, including Tesla and the galore startups chasing Elon Musk. Most recently, helium was a newsman astatine Bloomberg News wherever helium helped interruption stories astir immoderate of the astir notorious EV SPAC flops. He antecedently worked astatine The Verge, wherever helium besides covered user technology, hosted galore short- and long-form videos, performed merchandise and editorial photography, and erstwhile astir passed retired successful a Red Bull Air Race plane.
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Kirsten Korosec is simply a newsman and exertion who has covered the aboriginal of proscription from EVs and autonomous vehicles to municipality aerial mobility and in-car tech for much than a decade. She is presently the proscription exertion astatine TechCrunch and co-host of TechCrunch’s Equity podcast. She is besides co-founder and co-host of the podcast, “The Autonocast.” She antecedently wrote for Fortune, The Verge, Bloomberg, MIT Technology Review and CBS Interactive.
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