SpaceX, a private aerospace company founded by Elon Musk (일론 머스크), released an S-1 registration statement for an initial public offering on May 20 local time, major media outlets including TechCrunch and Business Insider reported.

SpaceX plans to list on the Nasdaq under the ticker SPCX. It is expected to raise about $75 billion, with a valuation of $1.75 trillion, in what is set to be the biggest IPO ever.

According to the S-1, SpaceX posted revenue of more than $18 billion last year and recorded a loss of about $4.9 billion. Cumulative losses since the company was founded total $37 billion. Starlink, its low-Earth orbit satellite internet service, generated $11 billion, more than half of revenue.

The main cause of the loss is the artificial intelligence business. SpaceX focused about 60 percent of its 2025 capital spending, or $20 billion, on AI. The strategy began after it absorbed Musk's AI company xAI and is aimed at expanding an AI business centered on the Grok chatbot, but revenue growth in the segment is limited to 22 percent and is assessed as lagging major AI companies.

Rival Anthropic has a contract to pay $1.25 billion per month through May 2029 in exchange for using computing resources from SpaceX's Colossus supercomputer, providing a basis to monetise the AI segment.

The reusable heavy-lift Starship rocket is also a key bet. SpaceX says it can cut launch costs by more than 99 percent versus historical averages and plans to begin launching Starlink satellites using Starship from the second half of 2026. It spent $3 billion and $1 billion on Starship research and development in 2025 and the first quarter of 2026, respectively.

After the IPO, Musk will keep all roles as SpaceX chief executive officer, chief technology officer and board chairman, and a governance structure in which he exercises 85.1 percent of voting rights will remain in place. A compensation package was also confirmed under which Musk would receive up to 1 billion additional shares if he meets conditions including reaching a company valuation of $7.5 trillion and building a permanent colony of 1 million people on Mars.