SpaceX is preparing a stock market listing that would target a fundraising of up to 75 billion dollars, for a valuation between 1,750 and 2,000 billion dollars. If it reaches that level, the operation would be the largest initial public offering in the history of financial markets. The filed prospectus highlights the decisive weight of Starlink, the satellite internet service, which generated 11.4 billion dollars in revenue in 2025, up roughly 50 percent year on year, and concentrates nearly all of the group's operating profit.
At the same time, the company posted a significant operating loss in 2025, mainly tied to the xAI artificial intelligence division, integrated in February 2026, which recorded 6.35 billion dollars in losses on 3.2 billion in revenue. The document also points to a data-center capacity rental contract with Anthropic, worth 1.25 billion dollars per month through May 2029, presented as a source of recurring revenue.
The governance structure is central: through dual-class shares, Elon Musk would retain about 85 percent of voting rights while holding 42 percent of the capital, giving him near-total control over strategic decisions. With Starlink deployed across 160 countries and territories, a private company would thus hold connectivity leverage of global reach, and its reliance on U.S. public contracts raises the question of the line between commercial infrastructure and national interest.
Several readings coexist. Some actors stress the historic nature of the financial record; others warn of risks for minority investors linked to the concentration of voting rights and of the gap between a very high valuation and loss-making fundamentals. The durability of revenue from federal contracts, said to account for about 20 percent of receipts, is also debated.
