SpaceX Files $75B IPO Prospectus, Musk Keeps 82% Voting Control
SpaceX filed an amended prospectus aiming to raise $75 billion in its IPO.
Why it matters: This IPO could be one of the largest ever, with significant corporate governance implications due to Elon Musk’s retained voting control. Legal advisors should prepare for complex securities law and shareholder influence issues.
- SpaceX plans to offer 555,555,555 shares at $135 each, targeting $75 billion in proceeds.
- IPO is set for June 12, 2026, with Nasdaq listing under ticker SPCX.
- Elon Musk retains more than 82% of voting power via Class B shares.
- The company reported a $4.94 billion net loss in 2025 and holds $29.1 billion in debt.
On June 3, 2026, SpaceX filed an amended registration statement (Form S-1/A) with the SEC detailing its highly anticipated initial public offering. The company plans to sell 555,555,555 shares of Class A common stock at $135 per share, aiming to raise around $75 billion.
The IPO is scheduled for June 12, 2026, and SpaceX expects to list its shares on the Nasdaq Global Select Market and Nasdaq Texas under the ticker symbol "SPCX." Importantly for legal counsel and governance experts, Elon Musk will retain over 82% of voting power through his Class B shares, limiting shareholders' ability to influence major decisions.
Financial details highlight SpaceX's continued investment stage: it posted a net loss of $4.94 billion in fiscal 2025 and reported significant debt totaling $29.1 billion. Revenues came predominantly from its Connectivity segment, driven mainly by Starlink, which grew nearly 50% year-over-year to $11.387 billion in 2025.
Capital expenditures remain heavy, with Q1 2026 spending at $1.05 billion in the Space segment, $1.33 billion on Connectivity, and $7.72 billion devoted to advanced AI projects, illustrating the company’s focus on technological expansion across multiple fronts.
Regarding index inclusion, S&P Global confirmed SpaceX must complete a 12-month seasoning period post-IPO before joining the S&P 500, delaying passive fund investments. The IPO also proposes allocating up to 30% of shares to retail investors, significantly more than usual in large offerings.
By the numbers:
- $75B — targeted capital raise from SpaceX IPO
- 82% — Elon Musk’s retained voting control via Class B shares
- $4.94B — net loss reported by SpaceX in 2025
Yes, but: While the IPO aims to raise substantial capital, Elon Musk's predominant voting control may limit shifts in corporate governance for shareholders.
What's next: Pending IPO pricing and June 12, 2026, market debut will reveal investor appetite and valuation under live market conditions.