SpaceX just filed for what could be the biggest IPO ever
We can finally look under the hood at Elon Musk’s rocket, space internet, and AI juggernaut.
by Thomas Ricker
May 20, 2026, 9:29 PM UTC
Image: Cath Virginia / The Verge, Getty Images
Thomas Ricker is a deputy editor and Verge co-founder with a passion for human-centric cities, e-bikes, and life as a digital nomad. He’s been a tech journalist for 20 years.
Elon Musk’s final frontier is officially open for business now that SpaceX has formally filed its S-1 prospectus with the SEC. That kicks off what could be the largest initial public offering ever when it lists on the Nasdaq stock exchange with the ticker SPCX.
According to the filing, SpaceX generated $18.67 billion in revenue in 2025, driven largely by its Starlink satellite internet service. SpaceX lost over $4.9 billion last year, with capital expenditures soaring to $20.7 billion last year, a leap from $11.2 billion in...
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