SpaceX Files for IPO After $4.9 Billion 2025 Loss, Exposing $20.7 Billion Spending
Updated
Updated · CNN · May 20
SpaceX Files for IPO After $4.9 Billion 2025 Loss, Exposing $20.7 Billion Spending
12 articles · Updated · CNN · May 20
SpaceX’s IPO filing opened its books for the first time, showing 2025 revenue rose 33% to $18.7 billion even as the company swung from a $791 million profit in 2024 to a $4.9 billion loss.
The red ink reflects a huge investment push: SpaceX spent $20.7 billion in 2025, including $12.7 billion on AI, and has already posted a $4.3 billion loss on $4.7 billion revenue in the first quarter of 2026.
The filing did not say how much SpaceX plans to raise or what valuation it will seek, though it is widely expected to be the biggest IPO ever; the stock will trade under ticker SPCX.
SpaceX framed the offering as fuel for Starlink, AI infrastructure, lunar and Mars ambitions, while pitching a $28.5 trillion addressable market and disclosing a board led by Elon Musk and Gwynne Shotwell.
Musk retains 85.1% of voting power through supervoting shares, preserving control as the company goes public and potentially setting up one of the most consequential listings in U.S. market history.
Is SpaceX's IPO a visionary leap into an AI future or a historic gamble on one man's absolute corporate control?
Will SpaceX's record IPO launch a new tech boom, or will its sheer size drain the life out of the market?
SpaceX is preparing for a landmark IPO at a time when the broader market is rebounding from recent volatility caused by tariff policies and geopolitical uncertainties. This public debut is expected to attract significant investor attention, as many are eager to join the growing space economy. While the exact size and timing of the IPO are still being finalized, investors are closely watching for official updates. A unique aspect of this offering is SpaceX’s substantial bitcoin holdings, which add a new dimension to its public profile and may appeal to a wider range of investors.