Space Exploration Technologies Corp.
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I. Executive summary
Space Exploration Technologies Corp. (âSpaceXâ) came to market in June 2026 in a global initial public offering of 555,555,555 newly issued Class A shares at an offering price of $135.00 per share, for net primary proceeds of approximately $74.4bn (about $85.7bn if the 83.3m-share over-allotment is exercised in full). Trading on Nasdaq under the ticker SPCX started on Friday June 12, 2026.
The company is a Texas corporation headquartered in Starbase, Texas.
SpaceX operates three segments:
Space: provides launch services to commercial, civil and government customers with the worldâs only fleet of reusable orbital rockets and is the primary launch provider to the U.S. government.
Connectivity is Starlink â the largest satellite-internet network ever built, with more than 9,600 satellites in orbit and about 10.3m subscribers across 164 countries.
AI: combines gigawatt-scale compute infrastructure (Colossus), the Grok frontier model and the X platform, following the stock-financed combination with xAI in February 2026
Financially, the company pairs rapid, profitable growth in Connectivity with very heavy investment everywhere else.
Revenue grew from $10.4bn in 2023 to $18.7bn in 2025 (a 34% CAGR),
Adjusted EBITDA from $3.8bn to $6.6bn, while GAAP results swung from a $4.6bn net loss (2023, including a $3.8bn AI-segment impairment) to a $0.8bn profit (2024) and back to a $4.9bn net loss in 2025 as the AI build-out accelerated.
Capital expenditure tripled to $20.7bn in 2025, taking cash flow burn to roughly $13.9bn
At $135.00 the offering values the company at roughly $1.77 trillion of equity (13,075.9m post-offering shares) â approximately 92x 2025 revenue and about 260x 2025 Adjusted EBITDA. Earnings- and cash-flow-based multiples are not meaningful.
Elon Musk will retain approximately 83.6% of the voting power through super-voting Class B shares, and no dividends are anticipated. He became the first trillionaire in history.
