SpaceX filed its first comprehensive prospectus with the SEC this week, ahead of a planned Nasdaq listing under the ticker SPCX. The filing has been anticipated for months, with earlier reporting from the New York Post pegging the valuation around $1.5 trillion. The prospectus puts that number higher, targeting a valuation that could reach $2 trillion, which would surpass Saudi Aramco as the largest IPO in history. Elon Musk retains 85% of voting control after the listing, and if the valuation holds, he becomes the world's first trillionaire.

So, how's business? SpaceX posted a net loss of $4.3 billion in Q1 2026 on $4.69 billion in revenue, broken across three units: Space (rockets), Connectivity (Starlink), and AI (xAI, Grok, Colossus data centres). Starlink is carrying the company right now, bringing in $1.19 billion for the quarter, while the Space unit lost $619 million and the AI unit lost $2.5 billion. The big question is the fact that Musk's 1 billion performance-based shares won't vest unless SpaceX establishes a permanent Mars colony of at least 1 million people. Mars colonies and Starships... does it feel like the future yet? We were supposed to get flying cars by 2015 according to Robert Zemeckis, but all we have today are TikTok 'influencers' telling you what products to buy.

Zooming out, this is likely the first of three massive public offerings expected this year, with OpenAI and Anthropic expected to follow. The prospectus gives the clearest picture yet of a company that is simultaneously one of the most ambitious and most cash-intensive businesses on the planet. A barren planet, a stock ticker, and a chatbot do not have much in common on the surface; right now though, they are all pointing in the same direction.

Sources: https://nypost.com/2026/05/21/business/new-details-revealed-in-spacex-ipo-that-could-make-elon-musk-a-trillionaire/