SpaceX filed for a record-breaking initial public offering targeting a $1.8 trillion valuation. The company seeks to raise as much as $75 billion through a Nasdaq listing under the ticker SPCX. Its S-1 filing revealed a $4.9 billion net loss for 2025. Heavy investments in AI and the Starship rocket drove the deficit.
Shareholder advocacy groups and pension funds criticized the filing for its restrictive corporate governance. The Texas-based corporate structure grants CEO Elon Musk 85.1% of the voting power. Removing Musk as CEO requires his personal consent. The filing bars most class-action lawsuits and mandates private arbitration for disputes. Investors must hold a 3% stake worth over $50 billion to file derivative lawsuits.