SpaceX filed an S-1 with the US Securities and Exchange Commission to list on Nasdaq under the ticker SPCX. The filing shows $18.7bn of 2025 revenue, up about 33% from $14.1bn in 2024. It reports a $4.27bn net loss in the first quarter of 2026 and an accumulated deficit of $41.3bn. The balance sheet includes 18,712 bitcoin valued at $1.29bn at quarter-end, with the fair-value mark moving with the spot price. Profitability is described as positive within the Starlink business line on a contribution-margin basis, while the consolidated group remains unprofitable due to funding for Starship and AI-infrastructure programs. The valuation target has moved toward $2tn-plus, with plans to raise up to $80bn at a $1.7tn valuation, with pricing expected in mid-June.
"The prospectus shows $18.7bn of 2025 revenue, a $4.27bn Q1 net loss, an accumulated deficit of $41.3bn, and a balance sheet that includes 18,712 bitcoin worth $1.29bn at quarter-end. SpaceX will list on Nasdaq under the ticker SPCX. SpaceX has filed its S-1 with the US Securities and Exchange Commission, opening the path to what would, on the company's published valuation framing, be the largest initial public offering in financial-market history."
"The numbers in the prospectus, on the reporting from Fortune's read of the document show SpaceX recorded $18.7bn of revenue in 2025, up roughly 33% from the $14.1bn it booked in 2024. The same filing shows a $4.27bn net loss in the first quarter of 2026 and an accumulated deficit of $41.3bn over the company's history. SpaceX is profitable inside the Starlink business line on a contribution-margin basis, on the document's own framing, but unprofitable at the consolidated group level as it continues to fund the Starship and AI-infrastructure programmes."
"The valuation framing in the marketing materials and across the underwriters' analyst conversations has moved from an initial $1.5tn-$1.75tn range toward a $2tn-plus target. The Wall Street Journal reporting on the underwriters' positioning has the company seeking to raise up to $80bn at a $1.7tn valuation. The actual price will be set during the roadshow window expected to begin in early June, with formal pricing as early as 11 June and trading as early as 12 June on the timeline summarised in the same coverage."
"Among the more unusual disclosures: SpaceX holds 18,712 bitcoin on its balance sheet at quarter-end, valued at $1.29bn at the Q1 mark. The position is unchanged from the company's last public bitcoin disclosure in 2021, on the available materials, but the fair-value mark moves with the spot price. Treating bi"
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