SpaceX IPO filing points to enormous valuation, losses and Mars ambition
SpaceX filed prospectus documents for an initial public offering that the company says could rank as the largest ever, pairing the anticipated market-scale of a stock debut with figures tied to Elon Musk’s control of the company and his compensation prospects. The filing, described by the Associated Press as running more than 250 pages, places a heavy emphasis on large numbers and long-range plans for human travel beyond Earth.
The Associated Press reported that the proposed IPO would raise “reportedly $75 billion or so,” and that, if the offering proceeds without delays, SpaceX’s expected valuation after the public offering is described in the prospectus as in the range of $1.75 trillion to $2 trillion. In the filing, SpaceX also compares the scale of the deal to other major market landmarks, including the current valuation of Nvidia and the timing of Nvidia’s own move above $2 trillion market value.
The prospectus lays out financial performance as well as deal structure. Associated Press’s summary of the filing says SpaceX posted a $4.9 billion loss for full-year 2025, and it reports that SpaceX spent $20.7 billion across its units in 2025, including rockets, satellites and artificial intelligence technology. The filing’s figures also identify which part of the company’s operations accounted for the most of that spending: the connectivity unit, including Starlink satellites, received just under $11.4 billion.
The AP also reported that the prospectus gives a view into how much voting power Musk controls at SpaceX and how investor incentives are structured. According to the filing summary, Musk controlled 85.1% of SpaceX voting power because he owns more than 90% of the company’s Class B shares, which give 10 votes per share, while he also holds a 12% stake in Class A shares, which carry one vote. The documents also describe lockup rules intended to limit immediate selling after the IPO, including a 366-day lockup for Musk’s holdings and a 180-day lockup for other top SpaceX investors.
Musk’s personal wealth and the prospectus’s compensation benchmarks are also central to the AP’s description. Associated Press reported that Musk’s net worth was $839 billion as of May 20, according to Forbes, and it said the prospectus includes a compensation package tied to SpaceX stock price and business metrics. The AP reported that the top market capitalization SpaceX would need to reach for Musk to receive his full compensation is $7.5 trillion, with payments expected to be made in stages as the market value hits milestones.
The filing’s longer-term story is framed through the company’s Mars aspirations and its plans to build an interplanetary presence. Associated Press reported that the prospectus calls for transporting at least 1 million human inhabitants to live in a Mars colony as part of the conditions for Musk’s compensation, and it noted that the prospectus describes a lack of current capability to transport one person to Mars, let alone 1 million. The AP’s summary also described how Musk’s plans begin with sending men to the moon before expanding toward Mars, where the company hopes to build a permanent colony.
In addition to Mars and human spaceflight plans, the prospectus ties SpaceX’s ambitions to its satellite network footprint and related technology spend. The AP reported that the filing lists approximately 9,600 Starlink satellites in orbit. It also described a comparison in the filing between SpaceX’s Starlink satellite count and the scale of logistics vehicle fleets at UPS and Delta Air Lines, among others.
The AP’s summary of the prospectus also highlighted the potential overlap between Musk’s companies, including Tesla. It reported that SpaceX spent $131 million in 2025 on Cybertrucks from Tesla, and it said the filing’s numbers include the base price of the Cybertruck and the number of vehicles implied by that spending. The prospectus summary further reported speculation that Tesla and SpaceX could eventually merge, based on how the two companies’ businesses interact.
While the AP’s description focuses on the large numbers in the prospectus and what they imply for investors, the filing’s internal safeguards—such as the lockup periods—also shape how soon insiders could convert IPO paper value into sellable stakes. Musk’s 366-day lockup and the 180-day lockup for other top investors, as summarized by AP, are intended to slow immediate insider liquidity after the public debut, even as the documents sketch a path toward compensation outcomes tied to a dramatically higher future market capitalization.