SpaceX’s prospectus for an initial public offering includes financial scale indicators, details about Musk’s control of the company, and long-range mission goals that extend beyond near-term rocket launches. The filing, described by the Associated Press as running more than 250 pages, comes as the company seeks to take its public-market debut next month and asks investors to weigh large losses and heavy spending against a valuation that could reach into the trillions.
The filing’s disclosures, as summarized by AP, say the offering’s proceeds are reported at about $75 billion and that an expected valuation after the public debut could fall between $1.75 trillion and $2 trillion. AP reported that the filing describes the company’s mission in sweeping terms, including using its rockets to help establish an interplanetary human presence, starting with plans to send men to the moon and then potentially aiming at Mars.
The prospectus also lays out multiple figures that AP said appear to connect SpaceX’s financial performance and investment plans to Musk’s compensation structure. AP reported SpaceX had a $4.9 billion loss for the full year 2025 and spent $20.7 billion in 2025 across its units, including rockets, satellites and artificial intelligence technology, with the connectivity segment accounting for just under $11.4 billion of that spending, according to AP’s description of the filing.
AP’s breakdown of the documents also places Musk’s personal finances and incentives in the center of the story. AP reported Elon Musk’s net worth as of May 20, citing Forbes, and said the prospectus describes Musk as a major SpaceX owner with control that is tied to the company’s share classes. AP said Musk controls 85.1% of SpaceX voting power by owning more than 90% of the company’s Class B shares, which give the holder 10 votes per share, and it said Musk also holds a 12% stake in Class A shares, which carry one vote.
The filing’s details also include restrictions on when insiders can sell, AP reported. AP said Musk faces a 366-day lock-up period before he can sell or transfer the shares covered by the arrangement, while it said other top SpaceX investors would wait 180 days. AP also noted that the company’s filings describe the length of those lockups as a way to prevent insiders from quickly cashing out after the IPO.
AP further reported that the prospectus describes a Mars-related requirement aimed at Musk’s compensation, including that he would need at least 1 million inhabitants in a Mars colony for part of the compensation plan to apply. AP said the filing also lays out a top-market-capitalization threshold of $7.5 trillion for Musk to receive his full compensation, delivered in pieces as market value rises to specified milestones.
In addition to the mission and ownership disclosures, AP reported on SpaceX’s scale of satellite operations. AP said the company has approximately 9,600 Starlink satellites in orbit, and it contrasted that with UPS’s fleet size and Delta Air Lines’ aircraft fleet count when regional airline partners are included, in AP’s explanation of how SpaceX’s satellite deployment compares with other large logistics and airline operators.
The prospectus also addresses spending across Musk’s corporate ecosystem, according to AP’s summary. AP reported that SpaceX spent $131 million in 2025 on Tesla Cybertrucks, adding that the base model price cited by AP was $69,990—figures AP used to illustrate the number of vehicles represented by that spending. AP said that the link between Musk’s businesses has led to speculation that SpaceX and Tesla could eventually merge, though AP framed that as speculation rather than a stated plan.
Overall, the prospectus leaves investors with a detailed picture of how SpaceX’s near-term public-market debut may intersect with its longer-term goals, its financial losses, and the incentives and constraints in its ownership structure—elements that AP said are laid out across the document’s more than 250 pages.