SpaceX revealed its long-awaited plans to go public on Wednesday, shedding mild on the funds and management of one of many largest, best-known and but most secretive personal firms in historical past.
Elon Musk’s rocket and satellite tv for pc firm revealed beforehand undisclosed particulars, together with its board members, gross sales, revenue, bills and the way it does enterprise. It will commerce beneath the ticker image SPCX.
One factor it didn’t disclose: How a lot the corporate expects to boost and what the corporate could be value in what’s broadly predicted to be the biggest-ever preliminary public offering, maybe by a issue of three.
SpaceX is a fast-growing firm. It introduced in $18.7 billion in income final yr, up 33% from the earlier yr. But the corporate doesn’t make cash. After turning a $791 million revenue in 2024, it swung again to a $4.9 billion loss in 2025. It misplaced $4.6 billion in 2023.
Those losses will nearly actually proceed in 2026: SpaceX mentioned it has already misplaced $4.3 billion within the first three months of this yr on $4.7 billion of income.
The rocket enterprise is pricey, however SpaceX doesn’t anticipate to be shedding cash without end. The firm outlined a large potential income alternative that it says could complete $28.5 trillion – a possibility that SpaceX referred to as “the largest actionable total addressable market in human history.”
Included in that market are $370 billion in “space-enabled solutions,” $1.6 trillion in connectivity, which incorporates $870 billion in broadband and $740 billion in cell from its low-earth-orbit Starlink satellites and $26.5 trillion in AI.
That AI alternative consists of $2.4 trillion for its plan to launch knowledge facilities into house and $760 billion in potential client subscriptions. SpaceX additionally believes it has a $600 billion digital promoting potential and $22.7 trillion in what it calls “enterprise applications.”
Those beyond-wild numbers are typical of Musk’s showmanship. But his firm additionally launches rockets into house and lands boosters upright after they arrive careening again to earth on floating platforms for reuse, so traders in Musk’s firms have some proof of his surreal achievements as a foundation for hope.
Musk gained’t be alone main the corporate.
For the primary time, the corporate disclosed who’s main the corporate’s board. Musk is the SpaceX’s chairman, with President and Chief Operating Officer Gwynne Shotwell serving alongside him as a director. Other board members embody CFO Bret Johnsen, enterprise capitalists Randy Glein, Steve Jurvetson, Luke Nosek and Ira Ehrenpreis – who additionally serves on Tesla’s board – personal fairness CEO Antonio Gracias and Google govt Donald Harrison.
The blockbuster IPO could herald large quantities of cash for what’s now dominant private-sector house firm. And it could make Musk the world’s first trillionaire.
He owns a appreciable chunk of the corporate and has taken the identical $54,080 in wage yearly since 2019, the corporate revealed Wednesday.
But SpaceX additionally mentioned that he will probably be compensated in 15 tranches of 66,666,665 shares every if the corporate achieves numerous stock market valuation milestones in $500 billion increments as much as $7.5 trillion – and establishes a everlasting human colony on Mars with a minimum of million inhabitants.
Musk will solely get these shares if the corporate achieves each targets – and if he stays employed with the corporate.
Musk based SpaceX in 2002, initially fully targeted on constructing rockets and delivering payloads to outer house. It turned a telecommunications firm in 2021, with its first clients for Starlink, its satellite-based web service.
In February, Musk merged SpaceX with xAI, his synthetic intelligence firm, which incorporates his social media platform, X.
This is a growing story and will probably be up to date.