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SpaceX filed its S-1 on May 20 and set up what is poised to be the biggest stock-market debut in history—a Nasdaq listing under the ticker “SPCX” targeting a valuation as high as $2 trillion and a raise of up to $75 billion. That would clear the previous record, Saudi Aramco's roughly $29 billion offering, by more than two times. Then investors opened the prospectus and found another number: a $4.28 billion net loss in the first quarter of 2026 alone.
Both numbers are real. Both come from the same filing. The gap between them is the entire SPCX debate, and it traces back to one decision: the all-stock acquisition of xAI that closed in February 2026.
