SpaceX filed Amendment No. 1 to its Form S-1 (registration number 333-296070) on June 1, 2026, applying to list Class A common stock on Nasdaq and Nasdaq Texas under the ticker SPCX. Per Reuters reporting cited by multiple outlets, the company began its roadshow on June 4, targeting a pricing date of June 11 and a debut on June 12. The S-1/A prospectus discloses that Starlink generated $11.4 billion in revenue during 2025, representing 61% of total company revenue, with an operating profit of $4.4 billion from the satellite internet segment. The filing also outlines a $740 billion total addressable market for Starlink Mobile and a $26.5 trillion TAM for AI infrastructure following the February 2026 xAI merger, per SpaceNews analysis of the prospectus.

The S-1/A filing converts SpaceX from a private-market reference price into a live public-market pricing event, with bankers marketing a valuation of $1.75 trillion and a planned raise of $75 billion at $135 per share per Reuters. The prospectus discloses a GAAP net loss of $4.94 billion for full-year 2025 and a $4.28 billion net loss in Q1 2026 alone, driven by AI infrastructure capex and stock-based compensation, creating a material gap between EBITDA and GAAP metrics that institutional allocators must reconcile. The controlled-company structure, with Musk retaining Class B voting control, limits shareholder governance rights under Nasdaq rules. Nasdaq fast-entry rules could make SpaceX eligible for Nasdaq-100 inclusion after 15 trading days, generating passive-fund demand independent of fundamental valuation.