UNITED STATES PERSPECTIVE

Washington, May 21, 2026. SpaceX has filed its IPO prospectus, confirming unprecedented ambitions on US markets: Elon Musk's company wants to raise up to $75 billion on the Nasdaq under the ticker SPCX, at a valuation that could reach $1.75 trillion. This amount represents more than triple the previous US record, held by Alibaba with $21.8 billion raised in 2014, according to CNBC.

The prospectus reveals a financially unbalanced but robust short-term structure. Starlink, the satellite internet service, is the only profitable division: it generated $11.39 billion in revenue in 2025, accounting for 61% of total revenue, with a profit of $4.42 billion. This share rose to 69% in the first quarter of 2026. In contrast, the rocket division – which includes contracts with NASA and the Defense Department – recorded a loss of $657 million, while the AI division, resulting from the merger with xAI, is $6.35 billion in the red.

These figures have not escaped Bloomberg, which headlines the 'billions in losses' and Elon Musk's tight control via super-voting shares. Musk remains CEO, CTO, and chairman of the board after listing. First-quarter 2026 investment expenses reached $10.1 billion, with $7.7 billion directed towards AI – a bet on the future that weighs heavily on the company's accounts.

The IPO takes place in a context of open rivalry between Musk and Sam Altman. A federal jury in Oakland has dismissed Musk's claims against OpenAI for prescription, a verdict accepted by Judge Yvonne Gonzalez Rogers. OpenAI, valued at over $850 billion, is preparing a confidential IPO filing as early as Friday, with Goldman Sachs and Morgan Stanley as lead banks – the same institutions guiding the SpaceX IPO. CNBC cites analyst Dan Ives of Wedbush: 'Arriving first on public markets is very important, it sets the valuation and gives an advantage.'

Starlink boasts 10.3 million subscribers in the first quarter of 2026, doubling in a year, and has entered the Brand Finance 500 ranking for the first time with an estimated brand value of $5.19 billion. The service covers over 160 countries across seven continents, but faces the rise of Amazon (over 300 LEO satellites launched) and European rival Eutelsat OneWeb.