SpaceX filed its IPO prospectus revealing a company seeking a $1.5 trillion valuation while posting a net loss of $4.28 billion in Q1 2026. Revenue reached $4.69 billion, up 15% year-over-year, but the mounting losses raise questions about the company's path to profitability before its public debut amid intense scrutiny from potential investors.

The space and AI pioneer aims to raise up to $80 billion, which would make it the largest IPO in history. At this valuation, SpaceX would join an exclusive club of just seven U.S. public technology companies with market caps exceeding $1.5 trillion, placing it alongside established tech giants like Apple and Microsoft that took decades to reach such valuations.

Unlike other trillion-dollar tech companies that went public with sharply growing revenue and either profits or losses in the single-digit millions, SpaceX stands apart. Founded in 2002, the company has had 24 years to develop but still reports losing $4.3 billion in a single quarter, creating an unprecedented profile for an IPO candidate seeking such a massive valuation without the financial track record of its peers.