SpaceX IPO Could Top Record Despite $4.3 Billion Quarterly Loss

SpaceX plans a public share sale that could top the biggest IPO ever, even as it posted a $4.3 billion quarterly loss and saw Starlink subscribers double to 10.3 million.

SpaceX confirmed plans to sell shares to the public for the first time in a securities filing released Wednesday. The filing outlines the company’s financials and sets the stage for an initial public offering expected next month.

If priced as indicated, the offering could surpass Saudi Aramco’s $29.4 billion debut, making it the largest IPO in history. The move would also test investor appetite for Elon Musk’s broader business empire.

SpaceX reported a net loss of $4.3 billion for the quarter ended March 31. This figure appears in the same filing that disclosed the IPO intentions.

Meanwhile, Starlink, the satellite‑internet unit, reached 10.3 million subscribers, double the 5 million it had a year earlier. Growth came largely from international markets and lower‑priced plans.

The filing does not state how much capital SpaceX aims to raise, but analysts note that exceeding Aramco’s record would require a valuation well above current private estimates.

The loss reflects heavy spending on Starship development and global Starlink rollout, which continue to consume cash despite rising revenue. Investors will weigh those costs against the company’s launch dominance and satellite‑network scale.

A successful IPO could give Musk greater financial flexibility while leaving him with roughly 85 % voting control, preserving his influence over strategy. It also provides a liquidity event for early employees and early backers.

Retail platforms such as Schwab, Fidelity, Robinhood, SoFi and E*Trade are slated to offer the shares to everyday investors, broadening the potential shareholder base.

Risks highlighted in the filing include ongoing investigations into xAI’s Grok chatbot over deepfake concerns, which could lead to liability or reputational harm.

Market watchers will focus on the final offering price, the timing of the launch roadshow, and how Starlink’s average revenue per user evolves as it adds more international subscribers.