SpaceX Files IPO Prospectus Merging X and xAI, Ticker SPCX

SpaceX publicly filed an IPO prospectus on Wednesday after a confidential submission in April, saying it has folded X and xAI into the company and plans to list on Nasdaq under the ticker SPCX. The filing preserves Elon Musk’s majority voting control through a dual-class share structure and designates SpaceX a “controlled company” under Nasdaq rules.

The prospectus does not set a public offer price or total offering size. It assigns a fixed $42.40 per-share value to 261.8 million shares issued in connection with an EchoStar spectrum acquisition. The filing names Goldman Sachs, Morgan Stanley, Bank of America, Citi and JPMorgan as lead underwriters.

Public investors would receive Class A shares with one vote per share, while Musk’s Class B shares would carry 10 votes each. The controlled-company designation allows SpaceX to forgo some corporate governance requirements that typically apply to listed firms.

The filing details the consolidation of Musk’s businesses earlier this year. In March 2025, xAI acquired X in an all-stock transaction. The filing quotes Musk describing the combination as merging the companies’ “data, models, compute, distribution, and talent.” In February 2025, SpaceX then acquired xAI, bringing the Grok model, X’s user base and other AI operations into the aerospace company. Musk has argued that power and cooling limits on Earth will push large-scale AI infrastructure into orbit.

SpaceX reported $18.67 billion in revenue for 2025 and an operating loss of $2.59 billion. The prospectus attributes much of the spending to AI infrastructure and Starship development. It shows the AI segment recorded about $6.36 billion in operating losses for 2025, while Starship research and development used roughly $3 billion.

The filing highlights commercial agreements tied to SpaceX’s AI plans. Anthropic agreed to pay SpaceX $1.25 billion per month through May 2029 for access to compute capacity at the Colossus 1 data center in Memphis. The pact is described as providing more than 300 megawatts of compute power to support Anthropic’s Claude models and has prompted discussions about hosting AI infrastructure in orbit.

SpaceX’s confidential April filing targeted a $1.75 trillion valuation. If that figure guides the public pricing, the offering would rank among the largest IPOs in history. The filing arrives as competition among large AI companies and related public-market plans proceed, and after the recent collapse of Musk’s $150 billion lawsuit against another AI developer.