SpaceX has publicly filed its initial public offering documents, planning to list on Nasdaq later this year under the ticker symbol SPCX. The disclosures reveal that the aerospace company founded by Musk is no longer solely reliant on its reusable rocket business; Starlink satellite internet now constitutes a larger portion of its revenue, and AI initiatives have also been incorporated as a key area of investment.
Revenue exceeded $18 billion last year.
Filing documents show that SpaceX generated over $18 billion in revenue in 2025, with a net loss of approximately $4.9 billion. Since its founding, the company has accumulated losses exceeding $37 billion.
This S-1 filing also represents SpaceX’s most comprehensive public financial disclosure to date. The market had anticipated this would become one of the largest IPOs in U.S. capital markets history, with potential proceeds of approximately $75 billion and an overall valuation reported at around $1.75 trillion.
- Listing location: Nasdaq
- Stock ticker: SPCX
- Expected fundraising size: approximately $75 billion
Starlink has become the primary source of revenue.
From a business structure perspective, Starlink has become SpaceX’s most important revenue pillar. Filings show that this satellite internet service accounted for more than half of the company’s revenue last year.
This means that SpaceX’s commercial focus has expanded from single rocket launches to multiple areas, including satellite communications, space transportation, and AI. Although the company’s long-term goal remains advancing multi-planetary survival, capital markets are more focused on its current sources of cash flow and profitability.
AI businesses consume significant capital expenditures.
Company disclosures show that after xAI was recently merged into SpaceX, AI has become a key focus of capital investment. In 2025, approximately 60% of SpaceX’s capital expenditures, amounting to around $20 billion, were allocated to the AI division.
However, this segment of the business has not yet generated corresponding returns. Documents show that the AI division, including the Grok chatbot, still recorded billions of dollars in losses last year, with revenue growth of approximately 22%, significantly lower than the growth levels previously disclosed by some leading AI labs.
Starship remains a key upcoming project.
Although Starlink has become the primary source of revenue, SpaceX’s long-term growth remains closely tied to Starship—a fully reusable heavy-lift rocket designed for deep-space transportation. However, the project has experienced multiple explosions and technical adjustments over the past few years.
According to reports, SpaceX may conduct the 12th launch of Starship as early as this week. For investors, this project is not only critical to the company’s future launch capabilities but also to the continued validity of its longer-term business narrative.
Additional information: SpaceX initially submitted its S-1 filing confidentially to the U.S. Securities and Exchange Commission on April 1; this is the public version, which reveals significantly more details.