On May 20, SpaceX formally submitted its S-1 registration statement to the U.S. Securities and Exchange Commission, initiating the process for a NASDAQ listing under the ticker SPCX. The company aims to raise between $70 billion and $80 billion, targeting a post-money valuation ranging from $1.75 trillion to $2 trillion, with an anticipated listing date of June 12. This transaction represents the largest initial public offering in history and marks a pivotal shift where 马斯克 consolidates absolute control over a publicly traded entity. As early as April 1, SpaceX had confidentially filed a draft under the internal code "Project Apex," signaling the first legal step in this capitalization strategy. Goldman Sachs leads the underwriting syndicate, joined by Morgan Stanley, Bank of America, and 16 other financial institutions, marking the first public disclosure of the company's detailed financial architecture.

The financial narrative reveals a stark dichotomy between the company's segments. In 2025, SpaceX reported combined revenue of $18.67 billion and adjusted EBITDA of $6.584 billion, yet posted an operating loss of $2.589 billion and a net loss of nearly $4.94 billion. Data compiled by Woofun AI indicates that almost the entire deficit stems from the AI division, xAI, which incurred $6.4 billion in losses for the year, effectively consuming the $4.4 billion operating profit generated by Starlink. In the first quarter of 2026, revenue reached $4.694 billion with an adjusted EBITDA of $1.127 billion, but operating losses widened to $1.943 billion. Starlink remains the primary revenue driver, contributing $3.26 billion or nearly 70% of total sales, while xAI generated $818 million and space operations brought in $619 million.

Balance sheet analysis as of March 31, 2026, shows SpaceX holding $15.9 billion in cash and cash equivalents, alongside $7.8 billion in marketable securities, totaling assets of $102.1 billion against liabilities of $60.5 billion. Debt and finance leases account for approximately $30.3 billion of these liabilities. Despite significant liquidity, the company faces intense cash flow pressure due to annual capital expenditures exceeding $20 billion. Starlink's operational metrics remain robust, with 10.3 million users as of March 31, 2026, a net increase of 1.4 million from the end of 2025. The network currently operates approximately 9,600 satellites, achieving an adjusted EBITDA of $7.2 billion with a margin of 63%, up 22 percentage points from 41% in 2023.

However, the average monthly revenue per user has declined from $99 in 2023 to $66 in the first quarter of 2026, reflecting a strategy of price reduction to accelerate user acquisition.

Capital allocation priorities highlight the aggressive nature of the AI expansion. In 2025, total capital expenditures hit $20.7 billion, surpassing total revenue, with the AI division alone spending $12.7 billion—more than the combined spend of the space and satellite businesses. xAI consumed approximately $1 billion monthly, totaling $14 billion in annual cash outflows, a figure exceeding the combined 2025 spending of OpenAI and Anthropic. Woofun AI notes that despite this heavy investment, SpaceX's revenue growth lags behind these competitors, raising questions about the efficiency of capital deployment. The target valuation implies a multiple of approximately 266 times EBITDA, a figure that dwarfs the multiples of Meta at 16 times, Alphabet at 25 times, Nvidia at 36 times, and even Tesla at 119 times.

The corporate governance structure is designed to ensure 马斯克 retains unilateral authority. The company utilizes a multi-class share system where public investors receive Class A shares with one vote each, while insiders hold Class B shares with 10 votes per share. Although 马斯克 holds approximately 42.5% of the equity, the super-voting rights grant him control over 84% to 85.1% of total voting power. This structure allows him to dictate board composition, major mergers, and charter amendments without public shareholder consent. He will continue to serve as CEO, CTO, and chairman, with the authority to unilaterally appoint or remove Class B directors. The prospectus explicitly states no dividends will be paid to Class A shareholders in the foreseeable future, positioning the stock as a pure growth vehicle with no income safety net.

Strategic ambitions extend beyond current operations into speculative frontiers. SpaceX plans to deploy orbital AI computing facilities by the end of the decade, betting on lower production costs in space, and has introduced the concept of space mining for near-Earth asteroids. None of these initiatives have generated revenue or technical prototypes yet.

Additionally, the Terafab project, a joint venture with Tesla, aims to integrate semiconductor production with a potential investment of $119 billion using Intel's 14A process, targeting 80% capacity for orbital AI data centers. Post-IPO, SpaceX intends to acquire Cursor for an implied equity value of $60 billion, with a breakup fee of $10 billion if the deal fails following a reverse split. The company also plans to launch a comprehensive financial services platform encompassing payments and banking.

Market sentiment remains divided among Wall Street analysts regarding the valuation and governance risks. Jay Ritter, a renowned IPO expert, stated he would short the stock if the valuation reaches $2 trillion, citing historical underperformance of new stocks with price-to-sales ratios over 40 times. James Picariello of BNP Paribas warned that the listing could fragment the retail investor base supporting 马斯克, potentially pressuring Tesla's stock price. Joseph Spak of UBS cautioned that hardware AI investments might be just the beginning of a capital-intensive cycle. The shift of lead underwriter from Morgan Stanley to Goldman Sachs reflects internal market divisions, as Morgan Stanley had previously managed Tesla's IPO and Twitter's acquisition financing. The upcoming listing on June 12 will ultimately test whether the "Elon Musk premium" can sustain a valuation that offers high decision-making efficiency at the cost of traditional checks and balances.