SpaceX Files Public IPO S-1 — $18.7B Revenue, $1.75T–$2T Valuation Target, 10.3M Starlink Subscribers

SpaceX filed its public S-1 registration statement with the SEC on May 20, 2026, marking the company's transition from 24-year private operation toward a public Nasdaq listing (ticker: SPCX). The prospectus revealed: 2025 revenue of $18.7 billion (up 33% from $14.1B in 2024), 2025 net loss of $4.94 billion, and an accumulated deficit of $41.3 billion. Starlink accounts for more than two-thirds of revenue with 10.3 million subscribers and $1.2 billion in segment profit. Musk holds ~42% economic equity and 79–85% voting control via dual-class shares. The filing disclosed that Anthropic pays SpaceX $1.25 billion per month through 2029 for Colossus supercomputer cloud compute. SpaceX conducted 170 orbital launches in 2025 — over 80% of global mass to orbit. The target raise is $75–80 billion at an implied $1.75–2.0 trillion valuation, exceeding Saudi Aramco's 2019 IPO record. The S-1 was filed the day before the Starship IFT-12 Block 3 test flight, creating a historic convergence of the company's most pivotal technical and financial milestones in SpaceX history.