SpaceX’s public offering registration discloses a Q1 net loss of $4.28 billion on $4.69 billion in revenue and targets over $80 billion in gross proceeds, making it the largest U.S. IPO ever planned. The deal includes a super-voting share structure designed to consolidate control among existing insiders.

Elon Musk’s personal fortune surges to a record $722 billion following the IPO announcement, driven by the valuation uplift and a minimal pledge of shares as loan collateral. The super-voting shares ensure Musk retains decision-making authority even after the public float.

NYSE leadership has raised concerns over Nasdaq’s listing incentives, arguing certain rule waivers may undermine fairness in the race for mega-IPOs. The filing also highlights non-rocket risks—such as regulatory changes or supply-chain disruptions—that could trigger sudden share volatility.