SpaceX Posts $4.9 Billion Loss on $18.7 Billion Revenue Ahead of $50 Billion-$75 Billion IPO
Updated
Updated · The New York Times · May 20
SpaceX Posts $4.9 Billion Loss on $18.7 Billion Revenue Ahead of $50 Billion-$75 Billion IPO
17 articles · Updated · The New York Times · May 20
A new SEC filing showed SpaceX swung to a more than $4.9 billion loss in 2025 from a $791 million profit in 2024, offering its first detailed public look at finances.
Revenue climbed 33% to $18.7 billion, but capital expenditures nearly doubled to $20.7 billion from $11.2 billion as the company spent heavily on artificial intelligence development.
The disclosure came after SpaceX publicly filed for a Nasdaq listing under ticker SPCX, with the company targeting a market debut as early as next month.
At a self-described $1.25 trillion valuation, SpaceX could seek to raise $50 billion to $75 billion in what may become one of the largest IPOs ever.
A strong debut could accelerate a broader wave of giant tech listings, with OpenAI and Anthropic also seen as potential candidates after Cerebras' recent IPO jump.
With experts calling orbital AI 'ridiculous,' can SpaceX’s $2 trillion valuation survive the harsh realities of space?
Elon Musk holds 80% voting power. Is SpaceX's historic IPO a visionary investment or a massive gamble on one man?
SpaceX is set to make a historic debut on Nasdaq as SPCX on June 12, 2026, with an expected $1.75 trillion valuation and up to $75 billion in shares offered. The IPO marks a major milestone for the private space industry, giving investors a rare chance to join a leader in space exploration and satellite internet. SpaceX will use a dual-class share structure, where public investors get standard voting rights, but Elon Musk and insiders keep greater control through special shares. Musk’s decision not to sell his shares signals strong confidence in SpaceX’s future and long-term vision.