SpaceX IPO filing reveals control and key deals

Space Exploration Technologies Corp. publicly filed a registration statement with the U.S. Securities and Exchange Commission on May 20, 2026, advancing plans for an initial public offering. The company intends to list its shares on the Nasdaq stock market under the ticker symbol SPCX, according to the prospectus.

The filing offers one of the most detailed looks to date at the company’s capital structure, governance framework, and major commercial relationships as it prepares to transition from a privately held business to a publicly traded issuer.

The IPO prospectus shows that founder Elon Musk will retain dominant control over SpaceX after the listing. He holds 849.5 million Class A shares and 5.57 billion Class B shares, which together give him 85% of the company’s voting power.

The dual-class share structure concentrates voting rights with Musk even as the company moves to broaden its shareholder base through a public offering, ensuring he remains the key decision-maker on major corporate actions.

SpaceX’s filing highlights a substantial commercial agreement with artificial intelligence company Anthropic. Under the disclosed terms, Anthropic will pay SpaceX $1.25 billion per month through May 2029 for access to compute capacity at SpaceX’s Colossus 1 data center.

The multi-year arrangement provides long-dated, contract-based revenue tied to SpaceX’s data center infrastructure. The prospectus positions this agreement as a material commercial relationship for the company.

The prospectus also details a significant potential transaction involving Cursor. Under an agreement described in the filing, SpaceX could acquire Cursor for $60 billion, to be paid in SpaceX Class A stock if the deal closes under specified conditions.

If the transaction does not proceed, the agreement provides for possible cash or Class A stock payments to Cursor. These include a $1.5 billion termination fee and an $8.5 billion deferred services fee, subject to defined circumstances outlined in the filing.

The disclosure underscores both the potential scale of SpaceX’s strategic transactions and the financial commitments that could arise if the contemplated Cursor deal is not completed.

Alongside the SEC filing, private-market platform Forge published a derived Forge Price for SpaceX shares on May 20, 2026. Forge reported a value of $650.66 per share for SpaceX on its marketplace data.

Forge also noted that SpaceX remains classified as a privately held company on its platform as of that date, even as the company advances its plans to list on Nasdaq. The Forge pricing provides a snapshot of private-market valuation levels ahead of the proposed IPO.

Taken together, the SEC filing and private-market data describe a company entering the IPO process with highly concentrated voting control, sizable long-term commercial contracts, and exposure to a large potential acquisition.

The disclosed Anthropic agreement, the Cursor transaction framework, and the ownership structure around Elon Musk form key elements of the picture presented to prospective public investors as SpaceX seeks a Nasdaq listing under SPCX.