SpaceX files for Nasdaq listing, reports $4.3B net loss and 18,712 BTC treasury
SpaceX on Wednesday filed an S-1 registration statement with the U.S. Securities and Exchange Commission, advancing what could become one of the most closely watched IPOs in market history for Elon Musk's rocket, satellite-internet and AI infrastructure business.
In a preliminary prospectus, the company said it intends to list Class A common stock on Nasdaq and Nasdaq Texas under the ticker SPCX. Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup and J.P. Morgan are named as joint bookrunning managers.
The filing shows SpaceX generated $4.69 billion in first-quarter revenue and recorded a $4.28 billion net loss, offering a clearer view of the scale of operations and the cost of expansion. SpaceX also disclosed holdings of 18,712 BTC with a cost basis of about $35,000 per bitcoin, introducing a crypto-treasury element to the deal.
Musk is set to remain chief executive, chief technical officer and board chair after the offering. According to the filing, he holds 12.3% of Class A shares and 93.6% of Class B shares, retaining control through a dual-class structure. Class A shares carry one vote each, while Class B shares carry 10 votes each. SpaceX said Musk will be able to control matters requiring shareholder approval, including director elections, and expects to qualify as a "controlled company" under Nasdaq rules.
SpaceX positioned itself as spanning launch services, reusable rockets, satellite internet, AI and long-term orbital infrastructure. A prospectus highlights section says the company had completed about 650 total launches as of March 31, 2026, with more than 85% of missions using one or more reused boosters. The filing also says SpaceX accounted for more than 80% of global mass sent to orbit in 2025 and had flown 78 crewmembers as of the end of March.
Starlink and launch services remain the main operating engines, while AI efforts, Starship development and longer-term Mars ambitions are expected to keep spending high. The bitcoin position, the company noted, sits within a broader infrastructure and technology strategy.
A final valuation has not been set. Reuters reported SpaceX is targeting a potential $1.75 trillion valuation for the listing, compared with a combined $1.25 trillion valuation assigned to SpaceX and xAI following their February merger.
