SpaceX has filed for a long-awaited IPO, arguing that its extreme vertical integration across rocket manufacturing, satellite deployment, AI, and data centre infrastructure makes it uniquely positioned to dominate a self-claimed $28.5 trillion total addressable market. Despite revenues of $18.7 billion in FY2025, the company posted a $4.9 billion loss, with losses accelerating into 2026. The filing grants Elon Musk near-total control as CEO, CTO, and board chairman, leaving investors largely betting on his vision and execution.
