SpaceX: $1.75 trillion valuation on $18B in revenues and the company lost about $5 billion in 2025

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SpaceX IPO prospectus has been released

  • SpaceX’s official IPO filing sets up a likely Nasdaq debut next month.
  • Goldman Sachs is lead left on the prospectus, followed by Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase.
  • SpaceX was valued at $1.25 trillion in February after merging with xAI, Elon Musk’s artificial intelligence startup, meaning new investors will be buying in at a historically high price.
  • The IPO is likely to be the first of three potential mega offerings this year, with OpenAI and Anthropic both eyeing the public market.
  • Follow-up filings from SpaceX will lay out the expected per-share pricing range and likely more detail on the top shareholders.

How the math works on a $1.75 trillion SpaceX valuation

Reuters on 2025 financials (nearly $5B loss on $18.5B+ revenue)

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