SpaceX Files for IPO Targeting $1.75 Trillion Valuation Amid Scrutiny Over Starlink-Dependent Profitability and Elon Musk's Control

Space Exploration Technologies Corp. (SpaceX) filed for an initial public offering with a targeted valuation of up to $1.75 trillion, according to an S-1 filing analyzed by finance commentator Patrick Boyle on May 30, 2026. The filing reveals that the company’s sole consistent profit driver is its Starlink satellite internet business, masking significant losses elsewhere. The S-1 shows SpaceX generated approximately $18.7 billion in revenue in 2025 but posted a net loss of $4.94 billion. While Starlink contributed about $4.4 billion in operating profit, other segments—including launch services and artificial intelligence infrastructure—incurred combined losses exceeding $9 billion. The company’s accumulated deficit has surpassed $37 billion. Rapid scaling is evident in a $20.7 billion capital expenditure for 2025, a fivefold increase from two years prior, pushing total debt to $29 billion. Governance concerns center on a dual-class share structure where CEO Elon Musk’s Class B shares carry 10 votes each, securing over 85% voting control despite a roughly 41% economic stake. The filing also discloses material transactions with entities linked to Musk, including a cancellable $15 billion annual computing contract with AI startup Anthropic. The IPO’s success hinges on the unproven commercial viability of the Starship rocket.