The IPO of SpaceX is drawing attention as Elon Musk and insiders will retain strong control through a special voting share structure, limiting the influence of public investors while revealing key details about the company’s finances and plans.
Dual-Class Shares to Keep Control with Musk
At the core of SpaceX’s IPO is a dual-class share system where not all shares carry equal voting power. The company plans to issue Class A shares to public investors with one vote each, while Class B shares held by Elon Musk and insiders will carry ten votes each. This setup ensures Musk and a small group retain strong control over company decisions.
Even if public investors own a large financial stake, their influence will remain limited. Such share structures are common among founder-led tech companies, allowing leadership to maintain long-term control. The filing also outlines rules that may restrict shareholder legal actions, including requiring some disputes to be settled through arbitration.
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After the IPO, Musk is expected to remain CEO, CTO, and chairman of the board. While his salary was relatively low, he could gain billions through equity. Other top executives, including Gwynne Shotwell and Bret Johnsen, also received substantial compensation.
Massive IPO Plans and Analyst Engagement
SpaceX is targeting a valuation of around $1.75 trillion as it prepares for its highly anticipated IPO. The company aims to raise nearly $75 billion through the offering, which could make it the largest IPO ever recorded. This massive valuation reflects investor confidence in SpaceX’s growing influence across space technology, satellite internet, and now artificial intelligence.
To attract investors, SpaceX has planned a series of engagements with Wall Street analysts. A key highlight is a three-day event that includes presentations, detailed briefings, and a tour of its Starbase launch facility in Boca Chica, Texas. These sessions are designed to give analysts a real-world look at the company’s operations and capabilities.
The meetings are expected to provide deeper insights into SpaceX’s business model, including its rocket launches, satellite network, and long-term expansion plans. By offering this level of transparency, the company hopes to build strong investor interest ahead of its public debut.
The IPO filing also reveals that SpaceX has combined its core operations with xAI, founded by Elon Musk. While this move strengthens its position in advanced technologies, it has also led to increased spending on AI infrastructure, adding financial pressure and contributing to rising costs.
Financial Snapshot Shows Growth and Heavy Spending
The IPO filing provides a detailed insight into the financial performance of SpaceX, highlighting both its rapid growth and rising costs. By the end of 2025, the combined company reported cash reserves of around $24.8 billion, total assets worth $92 billion, and liabilities of $50.8 billion. These figures show a strong financial base, even as the company continues to invest heavily in expansion.
Despite higher revenues, SpaceX reported a net loss of $4.94 billion in 2025 on total revenue of $18.67 billion. This marks a sharp turnaround from 2024, when the company posted a profit of $791 million on $14.02 billion in revenue. In 2023, it had already recorded a loss of $4.63 billion, indicating fluctuating profitability over recent years.
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A major factor behind the 2025 loss is aggressive spending on artificial intelligence, particularly after integrating xAI into its operations. Capital expenditure surged to $20.74 billion, nearly five times higher over two years. Out of this, $12.7 billion was spent on AI infrastructure alone, up significantly from $5.6 billion the previous year.
Even with these costs, SpaceX’s satellite internet business, Starlink, remains a key source of profit, generating $4.42 billion in operating income. However, much of this profit is being redirected to fund AI expansion. For comparison, Meta spent about $72 billion on capital expenditures in 2025, showing the intense competition in the AI space.
