SpaceX

About SpaceX

Space Exploration Technologies Corp., trading as SpaceX, is an American aerospace, satellite communications and AI company founded in 2002 by Elon Musk and headquartered in Hawthorne, California.

SpaceX has redefined the economics of space access through fully reusable launch vehicles — Falcon 9, Falcon Heavy, and the next-generation Starship — and operates Starlink, the world’s largest low-Earth-orbit satellite broadband constellation, serving 10.3 million subscribers across 164 countries.

Following the acquisition of xAI in February 2026, SpaceX now consolidates the xAI / Grok AI business, the COLOSSUS data-centre platform and the X social platform — meaning SPCX bundles three businesses in one listing: Space (Falcon, Dragon, Starship), Connectivity (Starlink), and AI (xAI, Grok, COLOSSUS, X).

The company has captured an estimated 87% of global launch market share by mass to orbit and is the primary launch provider for NASA, the US Department of Defense, and the world’s leading commercial satellite operators.

The Listing

SpaceX is expected to begin trading on US public markets in June 2026 under the ticker SPCX, in what would be the largest technology IPO in history.

The most recent secondary-market transactions valued SpaceX at approximately $1.75 trillion, placing the company among the most valuable in the world on listing day.

The final IPO price range remains subject to the S-1.

NAGA Markets Europe Ltd will offer access to SPCX from the first day of trading, with no need to wait for primary allocation or local broker availability.

Key Information

Three Engines: Space, Connectivity & AI

SpaceX is now a three-segment business, operating across three distinct end-markets.

Connectivity (Starlink)

Starlink is a low-Earth-orbit satellite constellation with approximately 9,600 active satellites serving 10.3 million subscribers in 164 countries.

The Connectivity segment generated $4.4 billion in operating income in 2025, the highest segment operating income disclosed in the S-1.

Space (Launch & Vehicles)

Falcon 9 is the most reliable and most-flown orbital launch vehicle in history.

Customers include NASA, the US Space Force, ESA and major commercial satellite operators.

Starship is designed to reduce per-kilogram launch costs by another order of magnitude and represents the next-generation lift platform.

AI (xAI, Grok, COLOSSUS & X)

Following the February 2026 acquisition of xAI, SpaceX consolidates Grok, the COLOSSUS data-centre platform, and the X social platform.

The AI segment generated $818 million in Q1 2026 revenue and is anchored by a $45 billion compute contract with Anthropic, equivalent to approximately $1.25 billion per month through May 2029.

Starship Programme

Starship is the largest and most powerful launch vehicle ever built — fully reusable, capable of carrying over 100 tonnes to orbit, and designed for missions to the Moon and Mars under NASA’s Artemis programme.

The successful catch of the Super Heavy booster by the launch tower’s “Mechazilla” arms in 2024 marked the first recovery of a full-scale orbital booster at the launch site.

Financial Profile

SpaceX generated $18.67 billion in revenue in 2025 with $6.6 billion Adjusted EBITDA.

The Connectivity segment is highly profitable on a standalone basis, generating $4.4 billion in operating income.

On a consolidated GAAP basis, the group remains loss-making due to heavy investment in Starship development and rapid scaling of the AI segment, resulting in a $4.94 billion net loss in 2025.

Approximately 20% of 2025 revenue was generated from US government contracts, reflecting SpaceX’s position as a critical national-security infrastructure provider.

Founder & Control Structure

Elon Musk founded SpaceX in 2002 with the mission of making humanity multi-planetary.

He serves as CEO and Chief Engineer and remains the company’s largest shareholder.

Post-IPO, the Class B share structure preserves founder control:

• Class B shares carry 10 votes each
• Class B holders elect 51% of the board
• Musk retains majority Class B ownership

Why This Listing Matters

• Largest technology IPO in history: indicative valuation of approximately $1.75 trillion
• Three businesses in one listing: Space, Connectivity and AI
• $28.5 trillion TAM: spanning Space, Connectivity and AI markets
• Starlink scale: 10.3M subscribers across 164 countries
• Anthropic contract: $45B contracted compute revenue through May 2029
• Launch dominance: approximately 87% global market share by mass to orbit
• Founder-led structure: Musk control preserved through Class B shares
• AI integration: xAI, Grok, COLOSSUS and X consolidated into SPCX

Important Information

SPCX is the expected common stock ticker of Space Exploration Technologies Corp., an American aerospace and satellite communications company.

Listing date, exchange, share count and price range remain subject to the final S-1 filing.

NAGA Markets Europe Ltd will offer access to SPCX from the first day of trading.

NAGA does not offer participation in the primary IPO allocation.

Interested investors should review the IPO prospectus and consult a financial advisor before making any decisions.

Past performance is not a reliable indicator of future results.

Investments in IPOs carry risk and should be carefully considered.