Ethan Swope / Bloomberg via Getty Images
SpaceX publicly filed its S-1 registration statement with the Securities and Exchange Commission on Wednesday, formally beginning the process of listing on the Nasdaq $NDAQ exchange under the ticker symbol SPCX.
People with knowledge of the deal told Bloomberg the company is seeking to raise as much as $75 billion while pricing itself at over $2 trillion — a figure that, if realized, would supersede Saudi Aramco's $29.4 billion offering in 2019 as the largest IPO on record. According to the filing, the underwriting syndicate is led by Goldman Sachs $GS and Morgan Stanley $MS, with Bank of America $BAC, Citigroup $C, and JPMorgan $JPM Chase rounding out the bookrunner roster.
The S-1 shows SpaceX generated $18.67 billion in revenue in 2025, with its Connectivity segment — anchored by Starlink satellite internet — accounting for $11.39 billion of that total. The Connectivity unit posted income from operations of $4.42 billion for the year, more than double the prior year's figure. The company reported a loss from operations of $2.59 billion for full-year 2025, weighed down in part by its AI division, which lost $6.36 billion from operations on $3.2 billion in revenue.
