SpaceX files Nasdaq IPO 'SPCX' after $4.9B xAI-linked loss
SpaceX just filed to go public on Nasdaq (look for the ticker SPCX) with a target date of June 2026.
Even though the company pulled in $18.7 billion last year, it reported a $4.9 billion loss for 2025, mostly thanks to its pricey merger with AI startup xAI.
Elon Musk is keeping a tight grip on things too, holding 85% voting power through special shares.
xAI $12.7B buildout, Starlink unprofitable
xAI's spending ($12.7 billion out of $20.7 billion) went into its large data-center buildout, while Starlink internet and satellite launches brought in over $15 billion combined but still aren't profitable yet.
About 20% of revenue came from government contracts like NASA and the NRO.
SpaceX also spent $637 million buying Tesla gear, showing just how connected Musk's companies are.
Despite all this, SpaceX's IPO is expected to set a record and could target an initial valuation of $1.5 trillion or more.