SpaceX has updated its IPO filing with a crucial disclosure: the company reserves the right to issue a substantial number of shares for future deals, including acquisitions and strategic moves. This language appears in the amended S-1/A document, which also confirms plans for a Nasdaq listing under the ticker SPCX.
The filing suggests SpaceX could raise up to $75 billion in the public offering, with a minimum valuation of $1.8 trillion. This valuation is lower than the $2 trillion figure previously discussed internally. The company first quietly submitted its IPO paperwork to the SEC on April 1, with the full S-1 becoming public on May 20.
The clearest example of how the company might use its shares is the pending acquisition of Cursor, an AI coding assistant. According to the filing, the deal is expected to close after the IPO and will be paid entirely in Class A common stock. Cursor is valued at approximately $60 billion in implied equity, with provisions for a $1.5 billion termination fee and an $8.5 billion deferred services fee under a separate compute agreement.
SpaceX portrays itself in the filing as an AI services and infrastructure company, not just a launch and satellite operator. This follows its merger with xAI in February 2026, which valued the combined entity at about $1.25 trillion. The company also outlines future collaborations with Tesla and Intel on modular orbital AI compute infrastructure, as well as long-term projects involving asteroid mining and lunar and Martian manufacturing.
Elon Musk retains significant control, holding about 42% of equity but 85% of voting power through a dual-class share structure. The filing indicates that future equity issuances will not dilute Musk’s control. Additionally, up to 5% of IPO shares are reserved for a directed share program for employees, friends, and family, who will not face lock-up limits, while over 60% of pre-IPO shares, including Musk’s, remain under an extended lock-up.