SpaceX filed its public IPO prospectus on Wednesday. The company reported a net loss of $4.28 billion in the first quarter of 2026, up more than 700 percent from a year earlier. Revenue reached $4.69 billion in the quarter, up 15 percent year over year. SpaceX is seeking a valuation around $1.5 trillion or more and plans to raise up to $80 billion or more in the offering.
Target Valuation and Market Context
At the target valuation SpaceX would join seven U.S. public technology companies with market caps of $1.5 trillion or more. Five of those companies have crossed the $2 trillion mark. The company was founded in 2002.
Financials at IPO for Comparable Companies
Nvidia reported $93 million in revenue for the three quarters prior to its 1999 IPO and a $3.5 million loss. Its current market cap is $5.3 trillion. Google recorded $1.35 billion in revenue and $326 million in profit for the first half of 2004 ahead of its IPO. Its current market cap is $4.7 trillion. Apple posted $118 million in sales and nearly $12 million in profit for its 1980 IPO. Its current market cap is approximately $4.5 trillion. Microsoft had $140 million in revenue and $24 million in net income in the year before its 1986 IPO. Its current market cap is $3.1 trillion. Amazon generated around $16 million in annual sales at the time of its 1997 IPO. Its current valuation exceeds $2.8 trillion.
SpaceX Position Relative to Peers
SpaceX posted a net loss of $4.28 billion in a single quarter. Google, founded in 1998, had 28 years to reach more than $400 billion in annual revenue and $138 billion in operating income. SpaceX has had 24 years of operation.
according to Crunchbase News. The filing highlights accomplishments while showing current operating losses unlike the modest single-digit million losses or profits reported by Nvidia, Google, Apple, Microsoft and Amazon in their original S-1 filings.
