SpaceX files application to debut on the US stock exchange; Will there be dividends? Will Musk remain in control? Understand

Logos of Tesla, Neuralink, SpaceX, The Boring Company and SolarCity appear in front of a photo of Elon Musk
REUTERS/Dado Ruvic/Illustration/File photo
SpaceX, Elon Musk's company, filed an IPO request, an acronym used when a company goes public and starts trading shares on the stock exchange, according to Reuters.
According to documents sent to the Securities and Exchange Commission (SEC), the company intends to list its shares on the Nasdaq under the ticker "SPCX".
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Records show that SpaceX recorded revenue of US$4.694 billion in the first quarter of this year, but ended the period with an operating loss of US$1.943 billion.
Most of the revenue came from the connectivity division, responsible for Starlink, which generated US$3.257 billion in revenue. The company's space area totaled US$619 million.
The company also informed that it does not intend to distribute dividends to holders of Class A shares in the short term, which indicates that investors should not receive profit sharing at this time.
The shareholding structure, according to the document, will be divided into two classes: Class A common shares will be entitled to one vote per share, while Class B will guarantee ten votes per share.
In practice, this configuration maintains Musk with strong control over the company even after the IPO. According to the documents, he will continue to be able to influence decisions that depend on shareholder approval.
SpaceX also stated that it will be classified as a "controlled company" after the IPO. As a result, it will not need to maintain an independent majority on its board of directors, as is often the case in companies listed in the United States.
Even before the public offering was made official, the company was already arousing the interest of investors on Wall Street.
Musk had been signaling to the market that SpaceX could reach a valuation of US$ 1.75 trillion, a value much higher than the company's annual revenue.
Last year, the company recorded sales of US$ 18.5 billion. The valuation projected by Musk is equivalent to almost 100 times this revenue, a multiple above that seen in technology giants such as Apple and NVIDIA.
With the stock market expected to debut in mid-June, analysts and investors are discussing whether the operation could become one of the biggest IPOs in recent United States history.
Part of the optimism is linked to the growth of Starlink, which already accounts for the largest share of the company's revenues and profits.
The new documents also indicate advances in the company's plans involving artificial intelligence and space computing. SpaceX stated that it intends to begin, from 2028, the deployment of satellites aimed at orbital computing with AI.
The company also informed that it signed cloud services contracts with Anthropic in May. According to records, the company will be able to pay SpaceX up to US$1.25 billion per month until May 2029, with a gradual expansion of contracted capacity starting in May and June 2026.
In addition, SpaceX revealed plans to launch a financial product focused on payments, banking services and other operations.
Documents sent to the SEC also indicate that Tesla held 18,990,195 Class A common shares of SpaceX on January 1 May.
Another excerpt from the records indicates that Cursor will be entitled to a termination fee of US$ 1.5 billion, in addition to a deferred services fee of US$ 8.5 billion, according to the contract related to the aforementioned transaction.
SpaceX also informed that the acquisition of Cursor, after the completion of the IPO, would be paid in Class A common shares of the company.
Musk has already stated that he intends to keep SpaceX focused on its main objective: making life "multiplanetary" and expanding the human presence in space.
Reporting with information from Reuters and AFP.

Source: G1