The prospectus outlines a dual-class share structure designed to concentrate voting power among Musk and a small circle of insiders. Class B shares will carry 10 votes each, while the Class A shares offered to public investors will have just one vote apiece—effectively limiting outside shareholder influence over corporate decisions.
Following the offering, Musk is expected to retain multiple leadership roles, serving simultaneously as chief executive officer, chief technical officer, and chairman of the company’s nine-member board.
Record-breaking ambitions
The filing points to an ambitious target valuation of roughly $1.75 trillion, with the company aiming to raise about $75 billion—potentially making it the largest initial public offering ever.
Despite a relatively modest reported salary of $54,080 last year, Musk’s equity stake could translate into tens of billions of dollars in wealth after the listing.
Other top executives have seen significantly larger compensation packages. President and COO Gwynne Shotwell earned $85.8 million last year, while CFO Bret Johnsen received $9.8 million.
Investor outreach ramps up
Senior leadership is actively courting Wall Street ahead of the listing. A three-day analyst event is scheduled, including a tour and briefings at SpaceX’s Starbase launch facility in Boca Chica, Texas.
The filing also indicates governance provisions that may further restrict shareholder rights, including limits on legal claims and requirements that certain disputes be resolved through arbitration.
While such governance models are common among founder-led tech firms, they typically reduce the ability of public investors to influence company strategy or board composition.
Financials reveal AI-driven losses
The IPO documents provide a first detailed look at SpaceX’s financial position following its integration with xAI, another Musk venture.
The combined entity ended 2025 with approximately $24.8 billion in cash, $92 billion in total assets, and $50.8 billion in liabilities.
However, heavy investment in artificial intelligence infrastructure weighed heavily on profitability. SpaceX reported a consolidated net loss of $4.94 billion in 2025 on revenue of $18.67 billion, reversing a $791 million profit the previous year.
Losses have widened significantly compared to 2023, when the company posted a $4.63 billion deficit.
Starlink profits fund expansion
The company’s satellite internet division, Starlink, remains a key financial pillar. It generated $4.42 billion in operating profit, helping offset the costs of aggressive expansion into AI.
Capital expenditures surged nearly fivefold over two years, reaching $20.74 billion in 2025. More than half of that—about $12.7 billion—was directed toward AI-related investments, particularly within the xAI segment.
Even so, SpaceX’s AI spending still trails that of major tech rivals. Meta Platforms, with a similar market valuation, reported $72 billion in capital expenditures in 2025.
Governance and growth in focus
The IPO filing underscores a familiar trade-off in high-growth technology companies: rapid expansion and visionary leadership paired with limited shareholder control.
SpaceX has not publicly commented on the filing details.