Elon Musk’s SpaceX has officially filed for an initial public offering, setting the stage for what could become one of the largest IPOs in history. The company disclosed in a Securities and Exchange Commission filing that it plans to trade on the Nasdaq under the ticker symbol “SPCX,” with Goldman Sachs serving as lead underwriter alongside Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase.
Founded by Elon Musk in 2002, SpaceX has evolved from a reusable rocket startup into one of the world’s most influential aerospace and technology companies. The company became NASA’s largest launch partner following the retirement of the space shuttle program in 2011 and has since expanded into satellite internet through Starlink, social media through X, and artificial intelligence through xAI.
The filing follows SpaceX’s February merger with xAI, Musk’s artificial intelligence company, which reportedly pushed the combined company’s valuation to approximately $1.25 trillion. That valuation would make the IPO one of the most expensive public offerings ever for new investors entering the market.
According to the filing, SpaceX believes its total addressable market reaches $28.5 trillion. The company said identifying trillion-dollar opportunities is part of its “repeatable business model.”
The filing outlined several major growth opportunities across its business units, including:
- An $870 billion broadband opportunity for Starlink
- A $740 billion mobile communications market for Starlink
- A $600 billion digital advertising opportunity for X
- A $2.4 trillion AI infrastructure market
- A $22.7 trillion enterprise applications market tied to AI-powered software
SpaceX also revealed that it is developing an AI agent platform called Macrohard in collaboration with Tesla. The company said the platform is intended to emulate digital workers and eventually power an AI-run software company.
The filing also disclosed financial challenges tied to X, formerly known as Twitter, which Musk acquired in 2022 before later combining with xAI. Advertising revenue at X declined by $100 million during the first quarter as the company rebuilt its advertising technology infrastructure. The results contrast with stronger advertising growth reported recently by Meta, Pinterest, and Reddit.
Despite recent advertising weakness, X reported that subscription revenue tied to premium memberships and the Grok AI assistant increased by $365 million in 2025 and rose another $177 million during the first quarter of 2026. The company also said it launched a rebuilt Ads Manager platform in April and expects the upgrades to improve advertising revenue per user while attracting more advertisers.
The IPO is expected to be closely watched across Wall Street and Silicon Valley, particularly because it could pave the way for other major AI companies, including OpenAI and Anthropic, to pursue public listings later this year.
Additional regulatory filings are expected to provide more information about pricing, share allocation, and ownership stakes ahead of the anticipated Nasdaq debut next month.
