SpaceX, the aerospace company founded by Elon Musk 24 years ago, has released its public IPO filing.
The detailed filing reveals a company that has significantly expanded its goals beyond reusable rockets, while maintaining its vision of a multi-planetary species. SpaceX has transformed into a tech conglomerate, focusing on satellites and AI, and ranks among the world’s most valuable private firms.
Upon going public on the Nasdaq later this year, it will become one of the most valuable publicly-traded companies. SpaceX has selected the ticker “SPCX” for its listing.
The S-1 regulatory filing provides an in-depth financial examination of SpaceX, coinciding with the anticipated largest IPO ever. The document highlights 36 pages of risk factors and legal challenges, related to Musk’s AI and social media ventures, potentially costing SpaceX $530 million.
Headline details have surfaced since SpaceX initially submitted a confidential S-1 to the SEC on April 1. In 2025, the company reported a $4.9 billion loss on over $18 billion in revenue.
The filing showcases SpaceX’s reliance on Starlink, which generated over half of last year’s revenue, about $11 billion. The S-1 also reveals more than $37 billion in losses since inception.
XAI, Musk’s AI company now merged with SpaceX, consumed about 60% of 2025’s capital spending, around $20 billion, while reporting significant losses.
SpaceX’s future depends on Starship, the fully reusable heavy-lift rocket. The 12th launch is imminent. SpaceX aims for Starship to start payload deliveries by late 2026, leading to Starlink and V2 satellite deployments.
Beyond satellite launches, Starship is planned for Mars exploration and orbital AI data centers. SpaceX’s S-1 details investment in Starship’s R&D: $3 billion in 2025, $930 million in early 2026.
SpaceX believes Starship is vital for cutting orbit costs by over 99%. Elon Musk holds 93.6% of Class B stock, giving him 85.1% voting power, expected to remain above 50% post-IPO, affecting board rules.
S-1 filings are comprehensive, and TechCrunch will highlight intriguing details throughout the day. Stay tuned for updates.
This article is evolving.