--- title: "SpaceX Files IPO Prospectus: To Deploy Orbital Computing Satellites by 2028, Musk’s Equity Incentives Tied to One Million Population on Mars" type: "News" locale: "en" url: "https://longbridge.com/en/news/287124673.md" description: "SpaceX has officially launched its IPO, with the prospectus disclosing a valuation exceeding $1.5 trillion. Its core business, Starlink, has reached 10 million subscribers and generated over $11 billion in annual revenue. The company plans to deploy an orbital AI computing satellite constellation by 2028 and is laying the groundwork for infrastructure on the Moon and Mars. Elon Musk’s equity incentives are linked to the goal of establishing a colony with one million residents on Mars" datetime: "2026-05-21T03:57:37.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/287124673.md) - [en](https://longbridge.com/en/news/287124673.md) - [zh-HK](https://longbridge.com/zh-HK/news/287124673.md) --- # SpaceX Files IPO Prospectus: To Deploy Orbital Computing Satellites by 2028, Musk’s Equity Incentives Tied to One Million Population on Mars SpaceX is officially moving toward the public market, with its IPO prospectus revealing an ambitious business blueprint. The prospectus filed on May 20 shows that **SpaceX’s core business, Starlink, has reached 10 million subscribers, with annual revenue exceeding $11 billion. The company plans to deploy an orbital AI computing satellite constellation by 2028 and is laying the groundwork for infrastructure on the Moon and Mars.** Furthermore, **Musk’s restricted stock awards are directly linked to SpaceX’s market capitalization milestones**, **while also being tied to progress in establishing a permanent human colony on Mars**, **with the final trigger condition being that the colony has at least one million residents.** This arrangement means that whether Musk can ultimately realize his largest-scale equity returns depends on whether humanity can truly achieve interplanetary settlement. For the market, the core suspense surrounding this IPO lies in the reasonableness of the valuation. If the IPO proceeds at a valuation of $1.5 trillion, SpaceX’s price-to-sales ratio would reach as high as 80 times, far exceeding the overall level of approximately 7 times sales for the top 15 largest U.S. companies by market capitalization, while the company reported a net loss of $4.9 billion in 2025. ## Starlink Supports the Revenue Base, Subscribers Double in One Year Starlink is currently the core business supporting SpaceX’s financial performance. The prospectus shows that as of the end of March 2025, Starlink’s satellite internet service had approximately 10 million subscribers, doubling from a year earlier. The division containing Starlink’s broadband business recorded over $11 billion in revenue for the full year 2025, accounting for the vast majority of the company’s total revenue of approximately $18.7 billion. In the prospectus, SpaceX listed telecommunications giants such as AT&T and Verizon as competitors and stated that Starlink is poised to capture a larger share of the high-speed internet market from these companies in the future. The company currently has approximately 10,000 satellites operating in low Earth orbit and emphasizes that "Starlink can provide broadband connectivity to any location on Earth." ## Orbital AI Computing Satellite Constellation, Deployment to Begin as Early as 2028 In addition to Starlink, SpaceX positions orbital AI computing satellites as the next major growth engine in its prospectus, **planning to begin deployment as early as 2028**. The company wrote in the prospectus: > Orbital AI computing is an extremely challenging technical problem. We believe we are the only company with a commercially viable path to build orbital AI computing capabilities at scale. The prospectus indicates that achieving this goal critically depends on the Starship rocket meeting its established performance targets to enable economically viable on-orbit deployment. **The proceeds from this financing will be used for AI computing infrastructure construction, satellite launches, and related business expansion.** Additionally, SpaceX disclosed plans in the prospectus to establish manufacturing infrastructure on the Moon and Mars, further outlining its long-term interstellar layout. ## Deep Financial Losses, Valuation Logic Tests Investors SpaceX’s financial situation appears particularly unique among mega-cap technology companies planning to go public. **In 2025, the company generated revenue of approximately $18.7 billion, but suffered a net loss of $4.9 billion. In comparison, Meta, which is valued in the same range, had revenue last year more than 11 times that of SpaceX, with a net profit of $60 billion.** If the IPO valuation ultimately lands above $1.5 trillion, SpaceX’s price-to-sales ratio will reach approximately 80 times, whereas the overall price-to-sales ratio for the top 15 largest U.S. companies by market capitalization is only about 7 times. This pricing logic is quite similar to that of Tesla, another company under Musk’s umbrella—due to massive investments in AI, humanoid robots, and Robotaxi, Tesla’s profits in 2025 were extremely thin, yet it still traded at a trailing price-to-earnings ratio of nearly 400 times. Analysts believe that investors betting on SpaceX or Tesla are essentially trusting that Musk can convert current massive investments into enormous value in the distant future. ### Related Stocks - [SpaceX.NA](https://longbridge.com/en/quote/SpaceX.NA.md) - [ASTS.US](https://longbridge.com/en/quote/ASTS.US.md) - [ASTX.US](https://longbridge.com/en/quote/ASTX.US.md) - [ASTN.US](https://longbridge.com/en/quote/ASTN.US.md) - [RKLB.US](https://longbridge.com/en/quote/RKLB.US.md) - [NASA.US](https://longbridge.com/en/quote/NASA.US.md) - [UFO.US](https://longbridge.com/en/quote/UFO.US.md) - [DXYZ.US](https://longbridge.com/en/quote/DXYZ.US.md) - [VCX.AU](https://longbridge.com/en/quote/VCX.AU.md) - [GS.US](https://longbridge.com/en/quote/GS.US.md) - [MS.US](https://longbridge.com/en/quote/MS.US.md) - [BAC.US](https://longbridge.com/en/quote/BAC.US.md) - [C.US](https://longbridge.com/en/quote/C.US.md) - [JPM.US](https://longbridge.com/en/quote/JPM.US.md) - [HOOD.US](https://longbridge.com/en/quote/HOOD.US.md) - [TSLA.US](https://longbridge.com/en/quote/TSLA.US.md) - [AMZN.US](https://longbridge.com/en/quote/AMZN.US.md) - [MSFT.US](https://longbridge.com/en/quote/MSFT.US.md) - [W4VR.SG](https://longbridge.com/en/quote/W4VR.SG.md) - [MS-O.US](https://longbridge.com/en/quote/MS-O.US.md) - [MS-Q.US](https://longbridge.com/en/quote/MS-Q.US.md) - [MS-E.US](https://longbridge.com/en/quote/MS-E.US.md) - [MS-I.US](https://longbridge.com/en/quote/MS-I.US.md) - [MS-L.US](https://longbridge.com/en/quote/MS-L.US.md) - [MS-P.US](https://longbridge.com/en/quote/MS-P.US.md) - [MS-A.US](https://longbridge.com/en/quote/MS-A.US.md) - [MS-F.US](https://longbridge.com/en/quote/MS-F.US.md) - [MS-K.US](https://longbridge.com/en/quote/MS-K.US.md) - [BAC-Q.US](https://longbridge.com/en/quote/BAC-Q.US.md) - [BML-L.US](https://longbridge.com/en/quote/BML-L.US.md) - [BAC-L.US](https://longbridge.com/en/quote/BAC-L.US.md) - [BAC-K.US](https://longbridge.com/en/quote/BAC-K.US.md) - [BML-H.US](https://longbridge.com/en/quote/BML-H.US.md) - [BAC-N.US](https://longbridge.com/en/quote/BAC-N.US.md) - [BAC-E.US](https://longbridge.com/en/quote/BAC-E.US.md) - [MER-K.US](https://longbridge.com/en/quote/MER-K.US.md) - [BAC-O.US](https://longbridge.com/en/quote/BAC-O.US.md) - [BML-G.US](https://longbridge.com/en/quote/BML-G.US.md) - [BAC-M.US](https://longbridge.com/en/quote/BAC-M.US.md) - [BAC-B.US](https://longbridge.com/en/quote/BAC-B.US.md) - [BML-J.US](https://longbridge.com/en/quote/BML-J.US.md) - [BAC-S.US](https://longbridge.com/en/quote/BAC-S.US.md) - [BAC-P.US](https://longbridge.com/en/quote/BAC-P.US.md) - [8648.JP](https://longbridge.com/en/quote/8648.JP.md) - [C-R.US](https://longbridge.com/en/quote/C-R.US.md) - [JPM-M.US](https://longbridge.com/en/quote/JPM-M.US.md) - [JPM-C.US](https://longbridge.com/en/quote/JPM-C.US.md) - [JPM-D.US](https://longbridge.com/en/quote/JPM-D.US.md) - [JPM-L.US](https://longbridge.com/en/quote/JPM-L.US.md) - [8634.JP](https://longbridge.com/en/quote/8634.JP.md) - [JPM-K.US](https://longbridge.com/en/quote/JPM-K.US.md) - [JPM-J.US](https://longbridge.com/en/quote/JPM-J.US.md) ## Related News & Research - [Elon Musk Is Hiring Engineers With 'Zero AI Experience' Just Days Before SpaceX's Historic IPO: 'Smart Humans Figure It Out…'](https://longbridge.com/en/news/287176496.md) - [SpaceX sets June 12 IPO at up to $2T valuation](https://longbridge.com/en/news/286847957.md) - [Dear Future SpaceX (SPCX) Stock Fans, Mark Your Calendars for June 12](https://longbridge.com/en/news/286809659.md) - [SpaceX IPO filing brings Musk's interplanetary ambitions to Wall Street](https://longbridge.com/en/news/287123611.md) - [SpaceX's road to landmark IPO filing](https://longbridge.com/en/news/287243642.md)