SpaceX Files for Nasdaq IPO as Elon Musk Controls 85.1% Voting Power

SpaceX filed for an initial public offering with the U.S. Securities and Exchange Commission, setting up a Nasdaq listing under the ticker symbol SPCX.

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The filing shows Elon Musk controlling 85.1% of SpaceX’s voting power through dual-class shares, with Musk holding 12.3% of Class A shares and 93.6% of Class B shares, and with Class B shares carrying 10 votes per share while Class A shares carry one.

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SpaceX also disclosed that it will trade under the ticker symbol SPCX and that Musk will serve as CEO, CTO, and chairman of the board after the IPO, while President and Chief Operating Officer Gwynne Shotwell remains one of the company’s directors.

In its prospectus, SpaceX said its mission is “to build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars.”

The filing did not put a dollar figure on the IPO size or expected valuation, but DW reported the filing could pave the way for a June listing and that several media reports put the amount at $75 billion.

Multiple outlets tied SpaceX’s IPO documents to governance provisions that concentrate decision-making power in Musk’s hands, including the company’s “controlled company” status that exempts it from maintaining a majority independent board.

TechCrunch highlighted that SpaceX tells prospective investors: “This will limit or preclude your ability to influence corporate matters and the election of our directors.”

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TradingKey reported that SpaceX’s articles require shareholders to “irrevocably and unconditionally” waive the right to a jury trial, prohibit class action lawsuits against the company and its controlling shareholders, and mandate that all disputes be submitted to arbitration.

TradingKey also said Musk can only be removed from the roles of Chairman, CEO, and CTO through a vote of Class B shareholders, and that the Texas Business Organizations Code effective September 2025 allows extremely high thresholds for shareholder proposals.

In parallel, Fortune framed the IPO as a referendum on Musk’s plan to colonize Mars while noting that “Musk will have 85% of voting rights, making him virtually impossible to dislodge.”

Beyond governance, the IPO filing described SpaceX’s financial trajectory, with Open Magazine reporting that SpaceX generated USD 18.7 billion in revenue last year and swung from a USD 791 million profit in 2024 to a USD 4.9 billion loss in 2025.

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Open Magazine also said SpaceX spent USD 20.7 billion in 2025 alone, including USD 12.7 billion on AI initiatives, and that in the first three months of this year SpaceX already spent USD 10.1 billion, with USD 7.7 billion of that on AI.

DW reported that SpaceX generated about $18.7 billion in revenue but recorded an operating loss of $2.6 billion and a $4.9 billion net loss after heavy spendings on AI technologies and a bigger rocket.

Bloomberg Línea said SpaceX aimed to raise up to US$75 billion and that it posted a net loss of US$4.28 billion on revenue of about US$4.69 billion in the first quarter, citing a filing with the U.S. Securities and Exchange Commission.

In the same filing context, Open Magazine reported that investor optimism around SpaceX’s AI ambitions helped drive Musk’s decision to merge SpaceX with xAI earlier this year, valuing the combined company at USD 1.25 trillion at the time.