SpaceX Files IPO Prospectus, Disclosing Starlink Profit and Heavy AI Spending

SpaceX built its business around rocket launches, the Starlink satellite network and space infrastructure, but its combination with xAI sharply increased funding needs and broadened the investment case. Artificial intelligence is now described as one of four core businesses, tying SpaceX’s capital-intensive aerospace operations to spending on models, computing capacity and data infrastructure. Investors must weigh those growth opportunities against heavier financing demands, execution risk and governance complexity.

SpaceX began trading on the Nasdaq under the ticker SPCX in June 2026, in what was described as the largest initial public offering on record. The supplied report did not specify the exact listing date, amount raised or offer price. Crypto-market pre-IPO perpetual contracts designed to track SpaceX’s private-market value were settled after the shares officially listed, closing an earlier speculative market as investors gained access to the publicly traded stock.

SpaceX’s first quarterly report as a publicly traded company offered investors an early look at a business increasingly shaped by Starlink and xAI. Satellite connectivity remains a core operation, but cloud computing and planned space-based data centers are giving artificial intelligence a larger role in the company’s growth strategy. That shift could broaden revenue beyond launches and broadband, while exposing shareholders to the heavy capital requirements of building AI infrastructure.

Quarterly revenue climbed 92% from a year earlier to $7.8 billion, helped by Starlink and a 247% surge in AI revenue as cloud-computing capacity began generating sales at scale. The expansion came at a steep cost: SpaceX spent $15.8 billion on AI compute and space data-center infrastructure and recorded a net loss of $541 million, sending the shares down as much as 8%. On Aug. 6, 900 million early-holder shares were unlocked, equal to 140% of the float, with another 4 billion due by year-end.

SpaceX has built a global aerospace business spanning rocket launches and the Starlink satellite network. Its acquisition of Elon Musk’s AI startup xAI has further integrated its aerospace, communications and artificial-intelligence operations. A listing at a valuation above $1.75 trillion would vie to become the largest IPO on record and could reshape capital flows among U.S. technology giants.

SpaceX initially planned to confidentially file for an IPO as early as March 2026, targeting a valuation of $1.75 trillion. The latest related reports, however, said the company listed at $135 a share and raised $75 billion. Its shares gained 19% on their first day, lifting its market capitalization to $2.2 trillion. Morningstar valued the stock at just $63 a share, highlighting the sharp divergence in market views.