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SpaceX Reports $4.3B Loss, Targets Record IPO Backed by Elon Musk's Control
SpaceX disclosed a $4.3 billion loss in its recent financial filings while preparing for an initial public offering that could become the largest ever. The IPO strategy centers on preserving Elon Musk's control through a super-voting share structure.
SpaceX's Financial Disclosures and IPO Ambitions
SpaceX has publicly filed details for an initial public offering (IPO) that could set a new record, even as it revealed billions of USD in losses. The filings include a super-voting share plan designed to maintain Elon Musk's control over the company. The US Securities and Exchange Commission received these documents on a Wednesday.
Musk, 54, has envisioned an IPO of unprecedented scale, aiming to transform both public and private markets if successful. A blockbuster listing combined with a rising share price would alleviate concerns about private companies facing limited financial disclosures and the illiquidity of shares, which often leads to unjustified valuations in venture capital funding rounds.
In the first quarter of 2026, SpaceX reported a net loss of $4.28 billion on revenue of $4.69 billion. This compares to a net loss of $528 million on revenue of approximately $4.3 billion a year prior.
The largest private company, with Musk, the world's wealthiest individual, at its helm, seeks to raise up to $75 billion in its listing. Valued at over $2 trillion, SpaceX aims to eclipse the $29.4 billion IPO record established by Saudi Aramco in 2019.
Musk's Enduring Control and Market Implications
Musk currently owns 12.3 percent of SpaceX's Class A shares and 93.6 percent of its Class B shares, which grant him 85.1 percent of the total voting power. The filing indicates that Musk will continue to control the company post-IPO, thanks to these Class B shares, each carrying 10 votes.
SpaceX also plans to enable other private companies to pursue their own mega-IPOs. AI firms OpenAI and Anthropic PBC, both producing significant chatbot website traffic, are reportedly preparing for listings as early as this year, according to Similarweb. SpaceX's Grok is also mentioned in this context.
Goldman Sachs Group and Morgan Stanley are leading the SpaceX IPO, with Citigroup and JPMorgan Chase also participating alongside 18 other banks. Formal marketing for the share sale is expected to commence around June 4, when SpaceX will disclose the proposed terms.
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