Chart shows sums raised in the top global IPOs, plus SpaceX’s haul of $75 billion.
Includes exercise of overallotment options, except for SpaceX; if fully exercised, SpaceX would raise $86 billion.
Elon Musk, who pioneered the modern electric vehicle industry, operates the world’s largest satellite network and has the only commercially operating reusable rockets, has made history again by launching the largest ever initial public offering. SpaceX raised $75 billion in a mega IPO on Thursday — a deal that has stirred an investing frenzy, fueled by a giant allocation to retail investors.
But many portfolio managers are cautious, given the firm’s record valuation and the sight of two other technology favorites, Anthropic and OpenAI, on deck for large offerings of their own. One reason: SpaceX’s financials stand out.
SpaceX recorded a $4.94 billion loss in 2025 on revenue of $18.7 billion. Other firms that have posted large losses in the last two years include Warner Bros Discovery and Boeing, though both generate more revenue than SpaceX.
SpaceX lost money last year
Annual revenue vs. net losses for select companies with recent large corporate losses
Chart showing annual revenue vs losses for firms with large losses in 2024 or 2025.
Because of the size of the deal and questions about the valuation, SpaceX’s stock will be closely watched when trading opens on Nasdaq on Friday — and long afterward.
Notes
Revenue data is for latest fiscal year available; market value data as of June 10.
Sources
Company filings, LSEG
Edited by
Ella Koeze, Tiffany Wu, Nick Zieminski