SpaceX raised $86B in its IPO

SpaceX’s accounts include xAI and X for every year shown, because Elon Musk controlled all three before the merger. On that basis revenue was $18.7B in 2025. In the first nine months of 2026 it was $27.1B. The third quarter alone brought in $14.6B, more than all of 2024.

Starlink is the part of SpaceX that makes money. In 2025 it made an operating profit of $4.4B on $11.4B of revenue. The launch business lost $0.7B and the AI business, which is xAI and X, lost $6.4B. Together the three lost $2.6B.

The AI business also takes most of the spending. SpaceX spent $20.7B on equipment and buildings in 2025, $12.7B of it for AI. In the first nine months of 2026 it spent $48.1B, against $13.1B of cash from its operations. It raised $85.7B from the IPO after costs and $25B from bonds in the same month.

The prospectus names only Elon Musk as a holder of more than 5%. The other three stakes come from filings: Google and Founders Fund reported their holdings after the IPO, and the prospectus lists the shares that Valor, the firm of board member Antonio Gracias, manages for its investors. Musk’s count includes 1.3B shares granted to him that have not yet vested, and leaves out options over another 350M. Fidelity, Baillie Gifford, Sequoia and Andreessen Horowitz are also shareholders. None has reported a stake above 5% of the listed shares.

Founders Fund first invested $20M in August 2008. Bloomberg reports it has put in about $600M in all. Google and Fidelity together invested $1.0B in January 2015 for just under 10% of the company. Reuters reports that Sequoia put in about $2B and held more than $20B at the offer price. Andreessen Horowitz led a $750M round in January 2023 and, according to Bloomberg, held more than $10B.

Some of SpaceX’s private investors were crossover funds, which mostly buy listed shares. They report their US stock holdings to the SEC every quarter. Their first report after the IPO, for 30 June, shows how much of each fund SpaceX had become. Gavin Baker’s Atreides held 27.3M shares worth $4.7B, a third of the US stocks it reported. Dan Sundheim’s D1 Capital held $21.5B, 62% of its list. Coatue, the firm of Philippe and Thomas Laffont, held $3.2B, and Brad Gerstner’s Altimeter $304M.

Fidelity first invested in January 2015 alongside Google, and held $51.7B on 30 June, the largest of these stakes but 2% of its listed holdings. Baillie Gifford’s Scottish Mortgage trust bought from December 2018 to August 2021 and put in £151M in all. Gerstner said on his podcast on the day of the pricing that Altimeter was already a shareholder and expected to buy more in the IPO, so these 30 June figures can include shares bought in the offering. Fidelity and Baillie Gifford have also reported for 30 September: Fidelity held 18% fewer shares and Baillie Gifford 24% fewer. The other funds report by 16 November.

Two venture investors whose partners sit on SpaceX’s board are shown for comparison. Gigafund, run by Luke Nosek, held 171.8M shares worth $29.4B on 30 June, almost all of the US stocks it reported; on 30 September it held 125.9M. Valor Equity Partners, run by Antonio Gracias, does not file a list of its US stocks. The prospectus counts 503.4M shares in its funds, worth $86.0B at the 30 June close. Valor handed 42.8M of them to its own investors on 11 September.

What this means

SpaceX went public as three businesses in one company. Starlink earns the profit. The AI business, which arrived with xAI four months before the IPO, takes most of the spending and now brings most of the revenue growth. The prospectus lists AI computing first among the uses of the money raised. Elon Musk holds most of the votes, so the other shareholders own just over half of the company without control of it.