SpaceX files for what could be the largest IPO ever, with a valuation exceeding $1 trillion（約160兆円）, though the company lost over $4.9 billion（約7800億円） last year and remains heavily dependent on Elon Musk's involvement.

What happened

SpaceX has formally filed its S-1 prospectus with the SEC to list on the Nasdaq under the ticker SPCX, marking the first time the public can buy shares in the company. SpaceX generated $18.67 billion（約3兆円） in revenue in 2025, driven largely by Starlink satellite internet service which brought in more than $11 billion（約1.8兆円）, but the company lost over $4.9 billion（約7800億円） last year with capital expenditures soaring to $20.7 billion（約3.3兆円）.

Why it matters

The IPO could make Elon Musk the world's first trillionaire and is reportedly the largest initial public offering in human history. However, the S-1 filing reveals that Musk's companies—including Tesla, xAI, Grok, X, and others—are deeply intertwined with SpaceX through financial relationships that are often difficult to track, and Musk himself is listed as a key risk factor to the company.

What to watch

SpaceX is scheduled to begin trading on Friday. The company's total addressable market (TAM) is listed as $28.5 trillion（約4600兆円）, though the company remains unprofitable and the long-term viability of its space-based AI data center business remains unproven.