SpaceX IPO Takes Off: Firm Highlights Starlink’s $1.2B Q1 Profit And 10.3M Subscribers In Filing

• For the full year 2025, SpaceX reported revenue of $18.674 billion.
• SpaceX asserts in its S-1 filing that it has identified the largest actionable total addressable market in human history, estimating its quantifiable TAM at $28.5 trillion.
• The S-1 filing describes SpaceX’s fully reusable super heavy-lift Starship as the critical enabler for its long-term growth and multiplanetary goals.

Elon Musk’s SpaceX formally filed its long-awaited S-1 registration statement with the Securities and Exchange Commission on Wednesday, setting the stage for an initial public offering of Class A common stock under the ticker “SPCX” on Nasdaq and Nasdaq Texas.

The filing reveals a dual-class share structure designed to preserve founder Elon Musk’s control: Class A shares carry one vote, while Class B shares carry 10 votes and elect a majority of the board. Musk, who serves as founder, CEO, CTO, and chairman, will retain majority voting power post-IPO.

Shares of Musk's publicly held EV company, Tesla (TSLA), traded marginally lower after hours at the time of writing. 

Other Backers And Owners

SpaceX’s pre-IPO ownership is dominated by founder Elon Musk. However, the company's blue-chip investor roster includes some of Silicon Valley’s most storied venture firms and deep-pocketed institutions that have backed the company since its earliest days. Alphabet, which led a landmark $900 million round in 2015, remains a significant shareholder, alongside Fidelity Investments, Founders Fund, Sequoia Capital, Andreessen Horowitz, and Valor Equity Partners. Other notable institutional backers include Baron Capital, Baillie Gifford, and T. Rowe Price.

SpaceX’s Financials

For the full year 2025, SpaceX reported revenue of $18.674 billion. In the first quarter of 2026 alone, revenue reached $4.694 billion. The Connectivity segment, anchored by Starlink, delivered strong profitability with $1.188 billion in operating income for Q1 2026 and 10.3 million subscribers worldwide as of March 31.

The company continues to invest aggressively. Operating losses totaled $2.589 billion for 2025 and $1.943 billion in Q1 2026, driven largely by capital expenditures—$10.107 billion in the first quarter alone—on Starship development, satellite deployment, and the newly integrated AI business. The AI segment, bolstered by the February 2026 acquisition of xAI, is expanding massive compute infrastructure, including Colossus data centers, and has secured major third-party commitments such as a multi-year deal with Anthropic.

SpaceX asserts in its S-1 filing that it has identified the largest actionable total addressable market in human history, estimating its quantifiable TAM at $28.5 trillion—excluding China and Russia—comprising $370 billion in space-enabled solutions, $1.6 trillion in connectivity (Starlink broadband and mobile), and $26.5 trillion in AI across infrastructure, enterprise applications, consumer subscriptions, and digital advertising.

Fundraising And IPO

Net proceeds from the offering will fund further AI compute expansion, launch infrastructure upgrades, satellite constellation growth, and general corporate purposes. Specific deal size and pricing were not disclosed in the preliminary filing.

SpaceX’s IPO is being led by Goldman Sachs & Co. LLC in the coveted “lead-left” position on the prospectus. Morgan Stanley serves as co-lead, followed by a strong roster of joint book-running managers that includes BofA Securities, Citigroup, J.P. Morgan, Barclays, Deutsche Bank, RBC Capital Markets, UBS Investment Bank, and Wells Fargo Securities. The filing lists more than a dozen additional co-managers, among them Allen & Company LLC, Cantor Fitzgerald & Co., Needham & Company, Raymond James, and Stifel, creating one of the largest underwriting syndicates assembled for a U.S. offering in recent years. This broad Wall Street consortium will handle marketing, pricing, allocation, and distribution of the Class A shares to both institutional and retail investors.

Starship As Key

The S-1 filing describes SpaceX’s fully reusable super-heavy-lift Starship as the critical enabler of its long-term growth and multiplanetary goals. Starship’s V3 version is designed to deliver more than 100 metric tons to low-Earth orbit at roughly 99% lower cost, with commercial missions slated for the second half of 2026. This capability is expected to dramatically accelerate Starlink deployment, enable orbital AI compute platforms, and lay the foundation for lunar bases and Mars missions.

How Did Retail Traders React?

On Stocktwits, retail sentiment around SPACEX trended in the ‘extremely bullish’ territory, accompanied by ‘extremely high’ message volume. 

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