🚀 SpaceX has published S-1 - the document before the IPO. The listing on Nasdaq is scheduled for June 12 with a valuation of $1.75 trillion, making it the largest IPO in history.
This year promises to be rich in major listings: SpaceX, OpenAI, Anthropic. The infrastructure of the new technological cycle, which has been available only to venture capital for the last ten years, is going public.
https://www.sec.gov/Archives/edgar/data/1181412/000162828026036936/spaceexplorationtechnologi.htm
What’s interesting in the document:
- Revenue for 2025 is projected at $18.5 billion, with a forecast for 2026 around $20 billion and $14 billion EBITDA. Starlink generated $10 billion and ended the year with 9.2 million subscribers, expecting $24 billion in 2026.
- On the balance sheet, there are 8,285 BTC (about $600 million). The position has not changed since June 2022 - they bought and have not touched it. SpaceX turns out to be the fourth largest corporate holder of Bitcoin among private companies.
- Dual-class structure: Class B shares give 10 votes per share. After the IPO, Musk and insiders retain about 79% of the votes with 42% of the shares - external shareholders buy the economics but not control.
- Capex has more than doubled to $20.7 billion. Most of it went to Starship and the expansion of Starlink.
- In February 2026, SpaceX merged with xAI - so with one stock, investors gain access to space, global internet, and frontier AI laboratories.