SpaceX filed its long-awaited S-1 registration statement with the Securities and Exchange Commission on Wednesday, formally kicking off what is set to be one of the most consequential—and closely watched—initial public offerings in corporate history.
The company, officially registered as Space Exploration Technologies Corp., is seeking to list its Class A common stock on both Nasdaq and Nasdaq Texas under the ticker symbol SPCX, with Goldman Sachs, Morgan Stanley, and Bank of America leading a sprawling syndicate of more than 20 underwriters. Specific share counts and price ranges were left blank in the preliminary prospectus, as is standard for an initial S-1 filing.
The Numbers
The S-1 reveals, for the first time publicly, the true scale of SpaceX’s business. The company generated $18.7 billion in consolidated revenue in 2025, driven overwhelmingly by its Starlink satellite internet division. The Connectivity segment alone—anchored by Starlink—posted $11.4 billion in 2025 revenue, growing nearly 50% year-over-year, with segment operating income of $4.4 billion.
The company posted a consolidated loss from operations of $2.6 billion in 2025, largely due to the heavy capital demands of its Starship rocket program, which consumed $3 billion in research and development spending last year alone. Adjusted EBITDA, a non-GAAP metric SpaceX emphasized, came in at $6.6 billion for 2025.
Musk Keeps Control
The dual-class share structure ensures that going public will not meaningfully dilute Musk’s grip on the company. Class A shares, which are being sold to the public, carry one vote per share—while Class B shares, which Musk holds, carry 10 votes per share. Class B shareholders are also entitled to elect a majority of the board of directors regardless of the overall vote. SpaceX explicitly states it will qualify as and intends to operate as a “controlled company” under Nasdaq rules, exempting it from certain governance requirements.
SpaceX’s mission statement in the filing is ambitious, to say the least: “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 company also bluntly stated that it believes it has identified “the largest actionable total addressable market in human history” — and then put a number on it: $28.5 trillion.
The breakdown is staggering in its scope. SpaceX pegs $370 billion in addressable Space revenue from space-enabled solutions, and $1.6 trillion in Connectivity — split between $870 billion in Starlink Broadband and $740 billion in Starlink Mobile, with additional enterprise and government opportunity on top. But the overwhelming majority of the claimed TAM sits in AI: $26.5 trillion, spanning $2.4 trillion in AI infrastructure, $760 billion in consumer subscriptions, $600 billion in digital advertising, and a staggering $22.7 trillion in enterprise applications.
The company notes, almost as an aside, that these global estimates exclude China and Russia.
The claim will almost certainly draw scrutiny from analysts and investors — TAM figures in S-1 filings are notoriously optimistic, and $28.5 trillion represents roughly the entire annual GDP of the United States and more than that of the EU. But for a company that spans rockets, satellite internet, the world’s largest AI training cluster, a social media platform with hundreds of millions of users, and ambitions to colonize Mars, the argument that it is competing across every major technology market of the next century is, at minimum, not easily dismissed.
The prospectus includes concrete milestones to back up the vision. As of March 31, 2026, Starlink had 10.3 million subscribers across 164 countries and territories, and operated approximately 9,600 satellites in low-Earth orbit. SpaceX says it has launched more than 80% of all mass to orbit globally each year since 2023 (approximately 7,400 metric tons), with a 99%-plus mission success rate across its Falcon rockets. Starship—the fully reusable rocket still in flight testing—is expected to begin payload delivery to orbit in the second half of 2026.
Looking further out, the company says it plans to begin deploying orbital AI compute satellites as early as 2028, effectively positioning space as the next frontier for data center infrastructure, powered by solar energy collected in Sun-synchronous orbit.
For this story, Fortune journalists used generative AI as a research tool. An editor verified the accuracy of the information before publishing.
This story was originally featured on Fortune.com
