SpaceX unveils highly anticipated IPO plans; Will trade under SPCX ticker symbol: Report

New Delhi [India], May 21 (ANI): SpaceX revealed its long-awaited plans to go public on Wednesday, shedding light on the finances and leadership of the company. Elon Musk's rocket and satellite company revealed previously undisclosed details, including its board members, sales, profit, expenses and how it does business, according to a CNN news report. The company will trade under the ticker symbol SPCX.
However, the report mentioned that the filing did not disclose how much the company expects to raise and what the company could be worth in what is widely predicted to be the biggest-ever initial public offering (IPO). Those details will come later, just before it's set to go public.
In the meantime, the report said, SpaceX delivered a compelling 277-page report about its business operations. Musk serves as the chairman of SpaceX, with President and Chief Operating Officer Gwynne Shotwell serving alongside him as a director.
The report highlighted that in its prospectus, SpaceX outlined a bold mission: "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."
To accomplish that, SpaceX said it will continue to rapidly manufacture and launch its fleet of satellites to power its Starlink communications technology.
The company stated that it will "harness the Sun to power a truth-seeking artificial intelligence that advances scientific discovery, and ultimately to build a base on the Moon and cities on other planets."
The general consensus is that the IPO could bring in massive amounts of money and could make Musk the world's first trillionaire. The belief in SpaceX's AI capabilities led Musk to merge SpaceX with xAI, his artificial intelligence and social media company, in February. "That deal valued the combined company at USD 1.25 trillion at the time," the report mentioned.
As per the report, Musk owns a considerable chunk of the company. Musk controls 85.1 per cent of the company's voting power with his 12.3 per cent stake in common shares and 93.6 per cent in Class B shares, which count for 10 votes each."Pretty much guaranteeing he'll maintain control of at least a plurality of the votes after the IPO," the report said.
Gracias, through his Valor Entities firm, is the company's second-largest shareholder, with 7.3 per cent of SpaceX's common stock.
The report noted that the company brought in USD 18.7 billion in revenue last year, up 33 per cent from the previous year, but it does not make money. After turning a USD 791 million profit in 2024, it swung back to a USD 4.9 billion loss in 2025. It lost USD 4.6 billion in 2023.
"Those losses will almost certainly continue in 2026: SpaceX said it has already lost USD 4.3 billion in the first three months of this year on USD 4.7 billion of revenue," the report stated.
SpaceX also spent USD 20.7 billion last year, the bulk of which (USD 12.7 billion) was for AI. The company spent USD 4.2 billion on Starlink and USD 3.8 billion on other space ventures, including rockets.
"That capital expenditure nearly doubled the USD 11.2 billion SpaceX spent in 2024 and dwarfed the USD 4.4 billion it laid out in 2023. In the first three months of this year, SpaceX already spent USD 10.1 billion - USD 7.7 billion of which was on AI," the report stated.
But SpaceX doesn't expect to be losing money forever. The report highlighted that the company outlined a massive potential revenue opportunity that it says could total USD 28.5 trillion, an opportunity that SpaceX called "the largest actionable total addressable market in human history."(ANI)

(This article was generated from news agency ANI without modifications to the text.)