The filing reveals a company of immense scale and volatility. SpaceX generated $18.67 billion in revenue during 2025, with its Starlink satellite internet service accounting for over $11 billion of that total. Despite this growth, the firm reported losses exceeding $4.9 billion, fueled by capital expenditures that surged to $20.7 billion. The financial picture is further complicated by the recent merger with xAI, which recorded $3.2 billion in revenue against $6.4 billion in operating losses.
SpaceX Files for Historic IPO as Valuation Targets $1.75 Trillion
SpaceX has formally filed its S-1 prospectus with the SEC, signaling what could become the largest initial public offering in history. The company, set to trade on the Nasdaq under the ticker SPCX, is positioning its massive expansion into orbital AI and satellite infrastructure as the foundation for a record-breaking market debut.
Elon Musk maintains firm control over the entity, holding 85 percent of voting power through supervoting shares. The board includes notable figures such as SpaceX president Gwynne Shotwell, CFO Bret Johnsen, and Tesla board member Ira Ehrenpreis. Beyond standard aerospace operations, the company is aggressively pursuing "orbital AI compute," having requested FCC approval to deploy one million data center satellites. Revenue projections are equally ambitious, with the company claiming a total addressable market of $28.5 trillion, the bulk of which is tied to future AI infrastructure and enterprise applications. A significant revenue stream is already secured through a compute deal with Anthropic, which is paying the company $1.25 billion monthly through May 2029.
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