SpaceX Sets $1.75 Trillion Valuation, Values EchoStar Shares at $42.40 in IPO Filing
SpaceX’s IPO prospectus values 261.8 million EchoStar shares at $42.40 each and seeks a $1.75 trillion valuation without disclosing offering size or share price. The company reported $18.67 billion revenue and $2.59 billion operating loss in 2025, driven by a $6.36 billion AI segment deficit and $3 billion Starship R&D spend.
1. IPO Filing Details
The prospectus assigns a fixed $42.40 per-share value to 261.8 million shares issued in the EchoStar spectrum acquisition while omitting a public share price and total offering size. Lead underwriters include Goldman Sachs, Morgan Stanley, Bank of America, Citi and JPMorgan.
2. Financial Performance
SpaceX reported $18.67 billion in revenue for 2025 alongside a $2.59 billion operating loss. AI infrastructure operations posted $6.36 billion in losses and Starship R&D consumed about $3 billion.
3. Corporate Governance Structure
The company will use a dual-class share structure granting Class A investors one vote per share and Class B shares ten votes each, preserving founder control. SpaceX also designated itself a controlled company to bypass certain Nasdaq governance requirements.
4. Strategic AI and Partnership Moves
Over the past year, SpaceX consolidated xAI and X into its operations, integrating AI models and 600 million users for training. Additionally, a deal provides Anthropic $1.25 billion per month through May 2029 for access to 300 megawatts of compute capacity.