Elon Musk-led SpaceX (SPCX) is slated to complete its historic IPO this week, planning to raise $75 billion at a $1.75 trillion market cap. The company has completed over 650 rocket launches since 2023, leveraging its reusable rockets that can deliver 63 metric tons to orbit and have reduced launch costs by over 92%. It has used these capabilities to launch a satellite connectivity business, Starlink, that now offers broadband to 10.3 million subscribers, as well as enterprise and mobile solutions, through 9,600 LEO satellites. Through the February 2026 acquisition of Musk’s xAI, it has expanded into AI, offering frontier model Grok that integrates with its social platform X, and compute infrastructure that has reached 1 GW in capacity.
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Source: SpaceX S-1.
It is now focused on commercializing its fully-reusable Starship spacecraft, launching next-gen broadband and mobile satellites, building out its AI model and infrastructure, and ultimately making life “multiplanetary,” for which it believes its vertical integration provides a unique advantage.
Here are the seven things you need to know before SpaceX begins trading on Friday.
- SpaceX has delivered 80% of 2025 global mass to orbit, with 99%+ success across more than 650 launches.
- It cut launch costs by 92% vs. historical norms to $1,400/kg on the Falcon Heavy; it's targeting a 99% cut with future generations of Starship.
- The connectivity segment is fast-growing (+31% in the 1Q26) and highly profitable (63% EBITDA margin).
- Over the past month, SpaceX has signed agreements to deliver AI compute services to Google and Anthropic worth $2.2 billion per month.
- SpaceX has reserved a record amount of IPO shares for retail investors through brokerage platforms like Fidelity, Robinhood, SoFi, Schwab, and E*Trade; up to 30% of float.
- It has an accumulated deficit of $41.3 billion, and free cash flow plummeted to -$19.6 billion in the 1Q26 amid its AI build-out.
- The AI segment is capex-intensive, at $17.8 billion in the LTM, while Grok faces intense competition from popular models Claude and ChatGPT.
