Elon Musk announced plans Wednesday for one of the biggest stock sales in history by taking SpaceX public, despite the company losing billions of dollars annually from operations. The prospectus shows SpaceX lost $2.6 billion from operations last year on $18.7 billion in revenue, with losses continuing into this year.
The filing did not specify a dollar figure for how much Musk hopes to raise, though various reports have estimated it at approximately $75 billion. An offering of that size would easily surpass the current record holder, Saudi Aramco, which raised $26 billion when it went public seven years ago.
SpaceX, formally known as Space Exploration Technologies Corp., has said proceeds would fund projects to put humans on the moon and Mars. The company's stated mission includes making humans an interplanetary species to guard against existential threats that could wipe out civilization. "We do not want humans to have the same fate as dinosaurs," the filing states.
The offering raises significant questions about Musk's relationship with the Trump administration. Musk was the largest donor to Donald Trump's presidential campaign and led the administration's cost-cutting effort known as DOGE early last year. Government ethics lawyers and watchdogs have questioned whether he has received preferential treatment in securing taxpayer-funded contracts.
What the Right Is Saying
Conservative supporters argue SpaceX represents American innovation at its finest and that government contracts are awarded through competitive processes. "SpaceX beat out Boeing and Lockheed not because of cronyism but because they built better rockets," said Senator Ted Cruz of Texas. "That's how free markets are supposed to work."
Defenders point to Starlink's success as evidence the company can generate substantial revenue outside government contracts. The satellite internet business generated $4.4 billion in operating income last year and serves 10 million people across 150 countries. "Starlink is a cash-generation machine that proves SpaceX isn't just about government subsidies," said Andy Luminais, a space industry analyst at Capitol Space Advisors.
Many Republican lawmakers have defended Musk's DOGE work as necessary government reform. "He saved taxpayers hundreds of billions while the rest of Washington sat on their hands," said Representative Marjorie Taylor Greene of Georgia. "Now he's building the infrastructure to make humanity multiplanetary. That's American exceptionalism."
What the Left Is Saying
Progressive critics have raised concerns about potential conflicts of interest between Musk's government role and his business interests. "When the biggest donor to a presidential campaign is simultaneously winning billions in government contracts, Americans deserve to know if that's coincidence or corruption," said Senator Elizabeth Warren of Massachusetts in a statement Wednesday.
Several watchdog groups have called for scrutiny of SpaceX's federal contracts. "A fifth of their revenue comes from taxpayers, and now they're asking ordinary investors to bail out failing ventures like xAI and X," said Jeff Hauser, founder of the Revolving Door Project, referring to Musk's AI business and social media platform that were recently acquired by SpaceX. The prospectus shows xAI lost $6.4 billion in operations last year.
Democratic lawmakers have also questioned the dual-class voting structure that would give Musk and certain other shareholders 10 votes per share. "Retail investors will have no real say while Elon Musk accumulates more wealth and power," said Representative Jamie Raskin of Maryland, noting the structure allows major shareholders to elect a majority of the board without corresponding economic risk.
What the Numbers Show
SpaceX lost $2.6 billion from operations in 2025 on $18.7 billion in revenue, according to the prospectus filed this week.
Starlink generated $4.4 billion in operating income last year and serves 10 million customers in 150 countries using approximately 10,000 satellites in low Earth orbit.
The company has won $6 billion in contracts from NASA, the Defense Department, and other federal agencies over the past five years, according to USAspending.gov data. Federal government revenue accounted for approximately 20 percent of SpaceX's total revenue last year.
xAI lost $6.4 billion in operations during 2025 following Musk's acquisition of the company into SpaceX.
Musk's base salary was $54,080 in 2025 and has remained unchanged since 2019, according to the filing. His compensation is tied to stock grants that vest only as SpaceX reaches preset market cap milestones, including a potential award requiring a permanent Mars colony with at least one million inhabitants. The full compensation package would require SpaceX's market value to reach $7.5 trillion.
Forbes currently estimates Musk's net worth at $839 billion, making him the world's wealthiest person by a wide margin.
The Bottom Line
The SpaceX IPO represents an unprecedented opportunity for investors to buy into one of the world's most valuable private companies, but it comes with substantial risks and governance concerns that regulators may scrutinize. The company's reliance on federal contracts—representing a fifth of revenue—makes it particularly sensitive to political dynamics in Washington.
Ethics watchdogs are likely to intensify scrutiny of SpaceX's government contracting practices as Musk's business and political roles become more intertwined. Questions about whether the company received preferential treatment during the Trump administration could face congressional investigation regardless of the IPO outcome.
The road show is expected to begin around June 4, 15 days after the prospectus became public. Prospective investors will need to weigh SpaceX's ambitious but unproven interplanetary vision against its operational losses and governance structure that limits shareholder influence.