SpaceX filed its amended S-1 registration statement with the SECyesterdat, setting an expected IPO price of $135 per share and targeting a listing on Nasdaq and Nasdaq Texas under the ticker "SPCX."
The offering covers 555,555,555 shares of Class A common stock, with an over-allotment option for a further 83,333,333 shares. At $135 per share, net proceeds before expenses are expected to reach approximately $74.4 billion, rising to $85.7 billion if the over-allotment is exercised in full.
The filing marks the first consolidated financial disclosure since SpaceX completed its acquisition of xAI in February 2026, folding Grok, X, and the COLOSSUS and COLOSSUS II data centre infrastructure into its accounts. For the three months ended 31 March 2026, the combined entity generated revenue of $4.69 billion, against a loss from operations of $1.94 billion, producing Adjusted EBITDA of $1.13 billion. The Connectivity segment — driven by Starlink — remains the commercial engine, generating $3.26 billion in revenue and $1.19 billion in operating income in the same quarter, with Starlink subscribers reaching approximately 10.3 million across 164 markets.
The AI segment, which encompasses Grok, X, and the COLOSSUS infrastructure, is scaling rapidly but burning hard. AI segment capital expenditure reached $7.72 billion in Q1 2026 alone, against segment revenue of $818 million and an operating loss of $2.47 billion. Upon completion of the offering, Elon Musk will retain approximately 82.4% of voting power through his Class A and Class B holdings.
Against that backdrop, xAI closed the week with three product announcements. Grok became the default voice engine for Vapi's 12 core voices, serving a platform hosting over 2.5 million agents. Image-to-video model grok-imagine-video-1.5-preview launched via API, generating cinematic clips at up to 720p from still images and natural-language prompts. And Composer 2.5 — a fast coding model suited to long-running tasks — landed in Grok Build for SuperGrok and X Premium+ subscribers.