SpaceX’s Record-Breaking IPO: Key Insights for Expats and Global Investors

SpaceX’s IPO: A Watershed Moment for Global Markets

Elon Musk’s SpaceX is poised to make history with its upcoming initial public offering (IPO), targeting a valuation that could reach $1.75 trillion and aiming to raise up to $75 billion. For expats, investors, and those with interests in the technology and aerospace sectors, this event marks a significant shift in the investment landscape, with ripple effects likely to be felt far beyond Wall Street.

Financial Performance: Growth and Heavy Investment

The IPO filing, made public for the first time in SpaceX’s 24-year history, reveals a company in aggressive expansion mode. In 2025, SpaceX reported $18.7 billion in revenue but also posted an operating loss of $2.6 billion. This loss stems from substantial investments in next-generation rockets and artificial intelligence (AI) infrastructure.

• Starlink’s Dominance: The satellite internet arm, Starlink, generated $11.4 billion in revenue in 2025, growing nearly 50% year-on-year. This makes Starlink the financial backbone of SpaceX, with global reach and appeal to remote and underserved regions—a point of interest for expats and international businesses.
• AI Ambitions: The AI segment, including xAI and the social platform X, brought in $3.2 billion in 2025 but incurred a hefty $6.4 billion operating loss. Capital expenditures for AI infrastructure soared to $12.7 billion in 2025 and $7.7 billion in just the first quarter of 2026, underscoring SpaceX’s determination to compete with tech giants like Google and Amazon.
• Strategic Partnerships: SpaceX has secured a lucrative deal with Anthropic, an AI rival, to rent out spare data center capacity for $1.25 billion per month through May 2029. This not only diversifies revenue streams but also positions SpaceX as a key player in the AI infrastructure market.

Governance: Musk’s Tight Grip

The IPO will feature a dual-class share structure, ensuring that Elon Musk retains about 85% of voting power while holding approximately 42% of the company’s equity. For investors, this means Musk will have near-absolute control over strategic decisions, board appointments, and company direction. While this can provide stability and vision, it also introduces governance risks, as minority shareholders will have limited influence.

Ambitious Roadmap: Space-Based Data Centers and Beyond

SpaceX’s vision extends far beyond rockets and satellites. The company plans to deploy AI computing satellites starting in 2028, with the goal of establishing 100 gigawatts of compute capacity in orbit annually. Achieving this would require thousands of rocket launches per year and the transport of around one million metric tons of payload to space. SpaceX claims a total addressable market of $28.5 trillion (excluding China and Russia), reflecting the vast potential it sees in space-based infrastructure and AI services.

Implications for Expats and Global Investors

• Access to Growth: The IPO, expected to list on the Nasdaq under the ticker SPCX, offers investors exposure to a company at the intersection of aerospace, internet infrastructure, and AI—sectors with high growth potential.
• Risk and Reward: The scale of SpaceX’s ambitions comes with significant financial and technological risks. Heavy capital expenditures and operating losses in AI highlight the long-term nature of returns.
• Governance Concerns: Musk’s control may deter some institutional investors seeking more balanced governance, but it could also ensure continuity of vision and rapid execution.
• Strategic Positioning: For expats and international investors, SpaceX’s global Starlink rollout and AI infrastructure could have direct impacts on connectivity, business operations, and investment opportunities in emerging markets.

Looking Ahead

With the IPO potentially launching as early as June, 2026 is shaping up to be a pivotal year for tech and capital markets. SpaceX’s listing will not only test investor appetite for mega-IPOs but could also set the stage for further consolidation in the tech and AI sectors. For expats, investors, and those watching the future of global technology, SpaceX’s next chapter is one to watch closely.

Source: Bangkok Post