SpaceX has filed for what is expected to be its largest IPO ever. The disclosed report offers a long-awaited insight into the financial situation of tech billionaire Elon Musk’s space company.
May 21, 2026, 09:07May 21, 2026, 09:07
Musk has no shortage of big and daring plans: He wants to colonize Mars, talks about a city on the moon and AI data centers in space. The multi-billionaire is betting that investors will believe in his visions: According to media reports, SpaceX wants to achieve a valuation of around two trillion dollars for its IPO. With expected proceeds of up to $80 billion, it would be by far the largest IPO.
SpaceX will provide information about this later. According to media reports, the IPO is targeted for mid-June. SpaceX initially applied for the share placement confidentially without presenting business figures.
SpaceX lives from Elon Musk’s visions.Image: keystone
SpaceX is making billions in losses
In the first quarter of this year, SpaceX posted a loss of $4.28 billion on sales of around $4.7 billion.
And last year there were red numbers of around $4.94 billion on sales of $18.67 billion. One reason for the minus is the high costs of developing the large Starship rocket.
Opposite BBC explains an expert: The fact that a project like this makes losses “is not surprising – even at the time of the IPO”. Because what matters is investors’ expectations of SpaceX’s plans. Whether these will be fulfilled cannot yet be estimated.
How Bloomberg reports, there are also numerous analysts and observers who consider the previously discussed valuations of well over $1.25 trillion to be difficult to justify. The reason for their doubts is SpaceX’s previous financial reports, which showed that its revenue came primarily from Starlink and that Musk’s AI company xAI had a high cash burn. This means that the company’s financial resources are used up very quickly before they have to be refinanced again. According to these reports, xAI’s cash burn averaged $1 billion per month before the acquisition.
Musk is in control
According to the prospectus, tech billionaire Musk controls SpaceX with a voting share of a good 85 percent. The basis for this is shares with more voting rights. According to the prospectus, Musk will continue to be in charge after the IPO.
Musk could become a trillionaire
Because of the shares he will hold in SpaceX, the IPO could make billionaire Musk, already the richest person in the world, a trillionaire.
SpaceX values itself at $1.25 trillion, and since Musk owns a majority stake in the company, his stake could be worth more than $600 billion. Last year, Musk, who is also the head of the electric car manufacturer Tesla, became the first person whose fortune exceeded the $500 billion mark. SpaceX’s IPO could bring its total assets to over $1 trillion.
The financial service Bloomberg currently estimates his assets at around $667 billion.
Missiles and AI
SpaceX plays a key role in the American space program with its rockets. The company also operates the Starlink satellite internet service. Musk also brought his AI company xAI and the online platform X into SpaceX. According to media reports, the group was valued at a total of $1.25 trillion during this merger.
Further details about the SpaceX business that have now become known for the first time:
- Starlink is a central moneymaker: In the first quarter, the satellite Internet business generated revenues of $3.26 billion. Starlink now has around 10.3 million customers in 164 countries.
- SpaceX invested a total of more than $15 billion in the giant Starship rocket. SpaceX expects the rocket to be ready for commercial flights after all tests are completed in the second half of the year. It is intended to significantly reduce the costs of transport into space. Starship will also be used to put Starlink satellites into orbit, which will enable Internet access from space to be used directly on smartphones.
- Starship, touted as the most powerful rocket ever, is crucial to Musk’s plans: the report notes that possible delays or failures in development could pose a risk to the company’s future.
- The AI company Anthropic, which recently rented an entire data center from SpaceX, is paying $1.25 billion a month for it. The deal initially runs until May 2029.
The latest version of SpaceX’s Starship mega-rocket is rolled to the launch pad at Starbase, Texas, on Tuesday, May 19, 2026, in preparation for a test flight.Image: keystone
The data centers in space
Musk recently announced that xAI would no longer be an independent company but would market its AI products such as the chatbot “Grok” under the SpaceXAI brand. The multi-billionaire holds out the prospect of AI data centers in space in the future. The idea is that the sun can provide a lot of energy there and cooling is easier in space. However, skeptics point to problems such as the significant construction costs and radiation that can damage circuits. (lak/sda/dpa)