<p><span>SpaceX is on the verge of the biggest initial public offering (IPO) in history and has recently filed its S-1 prospectus statement with the Securities and Exchange Commission (SEC). The filing has given investors the first in-depth look at the company's financials.</span></p>
<p><span>With SpaceX reportedly gearing up to sell its first public shares at a </span><span>pricing</span><span> range that </span><span>will value</span><span> the company at a market capitalization between $1.75 trillion and $2 trillion, the company almost certainly seems poised </span><span>to have</span><span> the biggest public debut ever.</span><span> SpaceX's hotly anticipated June IPO is on track to make history, and there's a lot for investors to parse over before what looks to be a record-setting debut. </span></p>
<div><img alt="A person touching a rocket icon." width="880" height="458" src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzEyMzEvZ2V0dHlpbWFnZXMtMjA4MzkxNzAzMS5qcGcmdz0zODQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzEyMzEvZ2V0dHlpbWFnZXMtMjA4MzkxNzAzMS5qcGcmdz0zODQw"/>
<p>Image source: Getty Images.</p>
</div>
<h2><span>SpaceX has a highly growth-dependent </span><span>valuation</span></h2>
<p><span>According to the company's S-1 filing, SpaceX recorded sales of $18.67 billion last year. That figure counts contributions from the xAI business, which includes Grok, other artificial intelligence (AI) services, and the X social media platform. Meanwhile, the company recorded a net loss of $4.9 billion in 2025. </span></p>
<p><span>Losses could </span><span>be looking</span><span> even </span><span>more stark</span><span> this year.</span> <span>In 2026</span><span>'s</span><span> first quarter, SpaceX recorded a loss of $4.27 billion on sales of $4.69 billion.</span></p><div><div id="foolcom_sidebar_top_container"></div></div>
<p><span>For a highly growth-oriented business, SpaceX's losses aren't necessarily a </span><span>disqualifying indicator</span><span>. </span><span>The company has a </span><span>forefront</span><span> position in both rocket-launching services and satellite-based internet communication services, and each </span><span>of these markets</span><span> has the potential to </span><span>see massive growth</span><span> over the long term.</span> <span>SpaceX has plenty of promising growth shoots and could go on to be a massive winner, but the business </span><span>also</span><span> still has a lot of proving to do </span><span>when it comes</span><span> to </span><span>justifying</span><span> a low-end valuation of $1.75 trillion.</span><span> </span></p><div></div>
<h2><span>Elon Musk has a commanding stake of shares and big performance </span><span>incentives</span></h2>
<p><span>With its prospectus filing, SpaceX gave investors their first look at the </span><span>holdings breakdown</span><span> among insiders and institutional investors. </span><span>Notably, CEO Elon Musk holds shares </span><span>working out</span><span> to roughly 85.1% of total voting power </span><span>at SpaceX</span><span>.</span><span> </span></p><div><div id="in_line_article_pitch_container"></div></div>
<p><span>Musk has proven himself </span><span>to be</span><span> a visionary tech leader, and his leadership </span><span>history</span><span> at </span><strong><span>Tesla</span></strong><span> <span class="ticker-mention inline-flex items-center font-bold">(TSLA <span class="ml-1 text-green-900">+0.19%</span>)</span> has helped the electric vehicle company command a valuation premium and paved the way for him to </span><span>command</span><span> massive compensation packages at the </span><span>business</span><span>.</span><span> The CEO also has a massive </span><span>performance package in place</span><span> with SpaceX. </span></p>
<p><span>Musk </span><span>is set</span><span> to </span><span>be awarded</span><span> 1 billion shares if the company establishes a permanent human colony on Mars with at least one million inhabitants. While this looks like a pie-in-the-sky performance incentive, Musk undeniably has a lot skin in the game when it comes to SpaceX's performance. </span></p>
<section><div><div><div><small><div>Expand</div></small></div><div><img alt="Tesla Stock Quote" width="64" height="64" src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL1RTTEEucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL1RTTEEucG5nJnc9MTI4"/></div><div><h2>NASDAQ: TSLA</h2><div>Tesla</div></div></div><div><div><div>Today's Change</div><div>(0.19%) $0.78</div><div>Current Price</div><div>$418.04</div></div><div></div></div></div><div><div></div><div><h3>Key Data Points</h3><div><div>Market Cap</div><div>$1.6T</div><div>Day's Range</div><div>$412.91 - $426.90</div><div>52wk Range</div><div>$273.21 - $498.83</div><div>Volume</div><div>2.1M</div><div>Avg Vol</div><div>62.4M</div><div>Gross Margin</div><div>19.07%</div></div></div></div></section>
<h2><span>Starlink is the biggest sales driver, but SpaceX is betting big on other </span><span>projects</span></h2>
<p><span>With sales of roughly $3.26 billion in</span><span> the business's last quarter, Starlink accounted for 69% of the company's total sales.</span> <span>Starlink counted approximately 10.3 million subscribers at the end of the period, but management sees a total addressable market that </span><span>expands</span><span> far beyond the </span><span>satellite-internet</span><span> market.</span><span> </span></p>
<p><span>SpaceX estimates its total addressable market (TAM) at roughly $28.5 trillion. Coming in at $22.7 trillion, AI enterprise applications represent by far the largest share of its TAM cohort. </span><span>AI </span><span>infrastructures represent</span><span> the </span><span>second largest</span><span> share of the TAM pie, </span><span>coming in</span><span> at $2.4 trillion.</span> <span>Meanwhile, Starlink Broadband </span><span>is estimated</span><span> at $870 billion, AI consumer subscriptions </span><span>are estimated</span><span> at </span><span>a potential</span><span> $760 billion, and Starlink Mobile </span><span>is estimated</span><span> at $740 billion.</span> <span>The AI digital advertising market </span><span>is estimated</span><span> at </span><span>a value of</span><span> $600 billion, and space-enabled solutions </span><span>are projected</span> <span>at</span><span> a $370 billion market opportunity.</span></p>
<p><span>SpaceX's TAM estimates and growth targets look very ambitious. The company is undeniably at the forefront of some revolutionary tech categories, but it will have a lot of proving to do when it finally has its IPO. </span></p><div id="article_pitch_container"></div><div id="promobox_container"></div>

SpaceX lists on NASDAQ today (June 12) under ticker SPCX at USD 135 IPO price, valuing the company at USD 1.75T and raising USD 75B, the largest IPO in history, roughly 3x Alibaba's. Total demand topped USD 250B with retail alone over USD 100B, oversubscribed 3.5x. But 2025 revenue was USD 18.67B with a USD 4.94B net loss, leaving the valuation leaning on Starlink + Starship + xAI narratives. Does it pop or retrace at open?

<p>SpaceX lists on NASDAQ today (June 12) under ticker SPCX at USD 135 IPO price, valuing the company at USD 1.75T and raising USD 75B, the largest IPO in history, roughly 3x Alibaba's. Total demand topped USD 250B with retail alone over USD 100B, oversubscribed 3.5x. But 2025 revenue was USD 18.67B with a USD 4.94B net loss, leaving the valuation leaning on Starlink + Starship + xAI narratives. Does it pop or retrace at open?</p>

Largest IPO in History: SpaceX Rings the Bell!

GSAT

RKLB

VSAT

<p>SpaceX has filed its S-1 prospectus for an anticipated IPO, potentially valuing the company between $1.75 trillion and $2 trillion. Despite reporting $18.67 billion in sales last year, it faced a net loss of $4.9 billion. CEO Elon Musk holds 85.1% voting power and has performance incentives tied to ambitious growth targets. Starlink is a major revenue driver, contributing 69% of sales, while the company estimates a total addressable market of $28.5 trillion across various sectors, including AI and satellite services.</p>

Motley Fool

Globalstar

Rocket Lab

ViaSat

Spire Global

Planet Labs

Iridium Comm

Sidus Space

AST SpaceMobile

Procure Space ETF

ARK Space Exploration & Innovation ETF

ISHRS Aero & Def

Tesla

SpaceX Finally Made It's S-1 Public. 3 Things Smart Investors Need to Know About the IPO