SpaceX Finally Going Public: Decoding the Prospectus

On May 20, 2026, SpaceX filed an IPO (initial public offering) prospectus (registration statement Form S-1) with the U.S. Securities and Exchange Commission (SEC). Listing on Nasdaq under the ticker "SPCX," it plans to raise approximately $75–80 billion (on the order of ¥12 trillion) and target a corporate valuation of $1.7–2 trillion, making it the largest IPO in history. The prospectus reveals a "three-tier structure" in which the satellite communications business Starlink generates earnings while the newly integrated AI company xAI burns cash, and opinions among Silicon Valley VCs and market participants are divided over the merits of the $1.75 trillion valuation. This article covers the prospectus, the VC perspective, and even the space-related stocks that have begun to move on the back of the listing, from a venture