On 20 May 2026, Space Exploration Technologies Corp. filed to list on Nasdaq under the symbol SPCX and published its accounts for the first time in twenty-four years. Since then it has completed the largest initial public offering ever done — 555,555,555 shares at $135.00, a full over-allotment and $85,675 million of net proceeds — priced $25.0 billion of bonds ten days later, closed a $60 billion all-stock acquisition, and filed its first Form 10-Q. The accounts are not the ones most readers were expecting: they are the combined accounts of SpaceX, xAI and X, recast three years backwards, and in the June 2026 quarter they show revenue up 92% to $7.8 billion while the rocket flew 37 Falcon launches against 45 a year earlier. This is a full institutional-grade equity research report — ten structured chapters and 71 rebuilt charts, drawn from the Form 10-Q, the final prospectus, the Forms 8-K covering the notes and the merger, and the Form S-1 that still carries fiscal 2023–2025.
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