SpaceX Reports $4.28 Billion Net Loss Amid Concerns Over Elon Musk's Control

SpaceX Files for Largest-Ever IPO, Revealing Billions in Losses and Control by Elon Musk

SpaceX, the world's largest private company and a leader in space transportation, has filed publicly for an initial public offering (IPO) that could eclipse the record set by Saudi Aramco in 2019. The company, led by the world's richest person, Elon Musk, is targeting as much as $75 billion in its listing at a valuation of more than $2 trillion.

According to a filing with the US Securities and Exchange Commission, SpaceX had a net loss of $4.28 billion on revenue of $4.69 billion for the first quarter, compared with a net loss of $528 million on revenue of about $4 billion a year earlier. The audacious plan by Musk, 54, for an IPO of unprecedented size is set to transform both the public and private markets if it succeeds.

The IPO will give Musk an opportunity to maintain control over the company, as he currently owns 12.3% of the company's Class A shares and 93.6% of its Class B shares, which gives him 85.1% of the voting power in the company. The Class B shares carry 10 votes each, and Musk will continue to control the company after the IPO, according to the filing.

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Comparison of SpaceX's net loss and revenue for the first quarter of 2025 and 2024.

The listing will also open the door for other private giants to plan their own mega-IPOs. AI firms OpenAI and Anthropic PBC are preparing for listings as soon as this year, with OpenAI capturing a greater share of chatbot website traffic than SpaceX's Grok, according to Similarweb.

Goldman Sachs Group Inc. and Morgan Stanley are leading SpaceX's IPO, with Bank of America Corp., Citigroup Inc., and JPMorgan Chase & Co. also working on the deal, along with 18 other banks. Formal marketing is expected to begin as early as June 4, ahead of pricing as soon as June 11.

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Key Facts About SpaceX's IPO

• Target valuation: $2 trillion
• Target listing size: $75 billion
• Lead underwriters: Goldman Sachs Group Inc. and Morgan Stanley
• Expected IPO date: June 4-11

The filing depicts a conglomerate with a maturity practically unheard of in a pre-IPO company. Overall, SpaceX had $18.7 billion in revenue in 2025, up from $14 billion the previous year. The company swung from a profit of $791 million in 2024 to a loss of $4.94 billion last year, according to the filing.

SpaceX dominates the space transportation industry, and is a key rocket launch provider for both NASA and the Pentagon. The company derives the majority of its revenue from its Starlink satellite internet business, with subscribers roughly doubling over the past couple of years from 2.3 million in 2023 to 8.9 million in 2025.

However, SpaceX's AI operations lost $6.36 billion last year, compared with $1.56 billion in 2024, the filing shows. The company has moved to bolster its AI pitch to investors, with an agreement to acquire AI startup Cursor for $60 billion later this year or to pay $10 billion for the companies' work together.

SpaceX's Financial Performance

Comparison of SpaceX's revenue and loss from operations for the space and AI segments in the first quarter of 2025 and 2024.

The company has spent billions on each segment, including $3.8 billion in capital expenditures for space operations, $4.18 billion on connectivity, and about $12.7 billion for AI.

The listing's success will depend on the participation of retail investors, who could take as much as 30% of the shares in the IPO. SpaceX plans to offer shares to retail investors through Charles Schwab, Fidelity, Robinhood Markets, and SoFi Technologies, as selling group members.

Key Factors in SpaceX's IPO

• Retail investor participation: 30% of shares
• Lead underwriters: Goldman Sachs Group Inc. and Morgan Stanley
• Expected IPO date: June 4-11

The wave of potential mega-IPOs has sparked a cottage industry of funds and platforms offering exposure to coveted private shares before the listing turns small stakes into fortunes.