The prospectus does not include a public IPO share price or total offering size, though it assigns a fixed $42.40 per-share value to the 261.8 million shares issued as part of the EchoStar spectrum acquisition. The filing also names Goldman Sachs, Morgan Stanley, Bank of America, Citi, and JPMorgan among the lead underwriters.
According to the prospectus, the company will use a dual-class share structure that preserves Musk’s control after the offering. Public investors will receive Class A shares with one vote each, while Musk’s Class B shares carry 10 votes apiece. SpaceX also designated itself a “controlled company” under Nasdaq rules, allowing it to bypass certain corporate governance requirements.
For 2025, SpaceX reported $18.67 billion in revenue alongside a $2.59 billion operating loss. The filing attributes much of the spending to AI infrastructure and Starship development. The company’s AI segment posted $6.36 billion in operating losses during 2025, while Starship research and development consumed roughly $3 billion.
