The filing marks the company’s first public disclosure of detailed financials in its 24-year history and comes as it targets a valuation of up to $1.75 trillion, according to US media reports.

The prospectus shows SpaceX generated $18.7 billion in revenue in 2025 but posted an operating loss of $2.6 billion as it invested heavily in next-generation rockets and artificial intelligence systems.

Its Starlink satellite internet division remained the main revenue driver, bringing in $11.4 billion in 2025, up nearly 50% year-on-year.

The AI segment, which includes xAI and the social media platform X, recorded $3.2 billion in revenue but posted a $6.4 billion operating loss, driven by heavy spending on AI infrastructure.

Capital expenditure in the segment reached $12.7 billion in 2025 and $7.7 billion in the first quarter of 2026.

The filing also disclosed a $1.25 billion per month deal with AI firm Anthropic to rent data centre capacity through 2029.

After the IPO, Elon Musk would serve as chief executive, chief technology officer and chairman, controlling around 85% of voting power while holding roughly 42% equity.

SpaceX warned that the structure would give Musk control over key shareholder decisions, including board elections.

The company also outlined long-term plans to build AI data centres in space, including deploying satellite-based computing infrastructure from 2028 and scaling toward 100 gigawatts of orbital compute capacity annually.

It described space-based solar-powered computing as “the only truly scalable solution” to rising global AI energy demand and estimated a total addressable market of $28.5 trillion, excluding China and Russia.

Reports suggest the listing could take place on Nasdaq under the ticker “SPCX” as early as June.

Wedbush analyst Dan Ives said the IPO could be followed by a potential merger with Tesla, describing it as an AI-driven “holy grail.”