SpaceX files S-1, opening the path to what would be the largest IPO in history
The prospectus shows $18.7bn of 2025 revenue, a $4.27bn Q1 net loss, an accumulated deficit of $41.3bn, and a balance sheet that includes 18,712 bitcoin worth $1.29bn at quarter-end. SpaceX will list on Nasdaq under the ticker SPCX.
SpaceX has filed its S-1 with the US Securities and Exchange Commission, opening the path to what would, on the company’s published valuation framing, be the largest initial public offering in financial-market history.
The prospectus, dated 20 May, confirms the company will list on Nasdaq under the ticker SPCX and follows the confidential S-1 filing first reported in April.
The numbers in the prospectus, on the reporting from Fortune’s read of the documentshow SpaceX recorded $18.7bn of revenue in 2025, up roughly 33% from the $14.1bn it booked in 2024. The same filing shows a $4.27bn net loss in the first quarter of 2026 and an accumulated deficit of $41.3bn...
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