After years of secrecy, SpaceX has lastly opened its books.
SpaceX has formally filed for its long-awaited inventory market debut, setting the stage for what may change into the biggest IPO in Wall Road historical past and probably making Elon Musk a trillionaire.
The submitting described an organization that has advanced far past reusable rockets. Whereas SpaceX nonetheless frames its long-term mission round making humanity “multi-planetary,” the enterprise now spans satellite tv for pc web, synthetic intelligence, social media, and future in-orbit computing infrastructure. The corporate plans to commerce on the Nasdaq beneath the ticker “SPCX.”
In response to the submitting, SpaceX generated roughly $18.6 billion to $18.7 billion in income in 2025 however posted losses of practically $5 billion throughout the identical interval. The numbers provided buyers their clearest look but on the firm’s funds after years of working privately.
Starlink is carrying the enterprise
The largest income engine inside SpaceX is not rocket launches.
Starlink, the corporate’s satellite tv for pc web enterprise, accounted for greater than half of general income final yr and practically two-thirds of gross sales within the first quarter of 2026, based on reviews. The service now has greater than 10 million subscribers globally and continues increasing outdoors North America.
The submitting additionally confirmed that Starlink is predicted to change into much more necessary within the coming years, with projections suggesting it may generate greater than 70% of the corporate’s income by 2026. That progress comes as SpaceX pushes deeper into rural broadband markets and worldwide telecom partnerships, areas the place the corporate already has a major lead over rivals.
AI is turning into central to SpaceX
One of many largest surprises within the submitting was simply how aggressively SpaceX is leaning into synthetic intelligence. The corporate revealed that greater than half of its capital spending final yr went towards AI infrastructure tied to xAI, Musk’s synthetic intelligence enterprise behind the Grok chatbot.
TechCrunch reported that SpaceX directed round $20 billion towards AI-related spending in 2025 alone. Regardless of that funding, the AI division reportedly misplaced billions and grew extra slowly than some competing AI companies.
Nonetheless, SpaceX seems satisfied AI will ultimately change into one among its largest companies. The submitting claimed the corporate had recognized “the biggest actionable complete addressable market (‘TAM’) in human historical past” valued at $28.5 trillion, with enterprise AI functions making up the majority of that chance.
The corporate additionally confirmed plans to totally take up xAI into SpaceX operations. “AI accelerates SpaceX’s mission to make life multiplanetary, to grasp the true nature of the universe, and to increase the sunshine of consciousness to the celebs,” the submitting said.
Starship stays the corporate’s largest gamble
Even with AI ambitions rising quickly, a lot of SpaceX’s future nonetheless relies on Starship, the enormous reusable rocket system Musk believes will ultimately carry people to Mars. The submitting confirmed SpaceX spent billions growing the car, together with roughly $3 billion on Starship analysis and improvement in 2025 alone.
SpaceX expects Starship to start orbital payload deliveries within the second half of 2026. If profitable, the rocket would ultimately carry next-generation Starlink satellites, help lunar and Mars missions, and probably launch space-based AI information facilities.
The corporate claims Starship may cut back the price of reaching orbit by “99% or extra” in contrast with historic launch techniques. The submitting additionally revived a number of futuristic concepts Musk has promoted for years, together with point-to-point journey on Earth utilizing Starship rockets, orbital manufacturing amenities, area tourism, and even asteroid mining operations.
“We purpose to determine in-space manufacturing amenities that leverage the distinctive microgravity situations of area to provide supplies, prescribed drugs, and superior elements which are troublesome or unattainable to fabricate on Earth,” the submitting mentioned.
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Musk tightens his grip
The IPO submitting makes clear that Musk will stay firmly accountable for SpaceX after the corporate goes public.
He’s anticipated to proceed serving as chief government officer, chief expertise officer, and chairman of the board. Studies point out he’ll retain majority voting management by means of the corporate’s dual-class share construction.
The submitting additionally revealed a rare compensation package deal tied to formidable milestones, together with growing SpaceX’s valuation to $7.5 trillion and establishing “a everlasting human colony on Mars with no less than a million inhabitants.” Bloomberg reported that Musk’s bonus construction may ultimately award him billions of further shares if these objectives are met.
Dangers, lawsuits, and political baggage
SpaceX disclosed a whole bunch of hundreds of thousands of {dollars} in anticipated authorized prices tied to lawsuits and regulatory investigations involving xAI, Grok, copyright claims, information privateness disputes, and allegations involving deepfake imagery.
The corporate additionally acknowledged that investor sentiment round Musk himself may change into an element within the IPO. Over the past two years, Musk’s political exercise, alliance with US President Donald Trump, and controversies surrounding X and Tesla have more and more drawn scrutiny from buyers and regulators alike.
On the similar time, SpaceX stays one of many few Musk-led firms nonetheless broadly considered as operationally dominant. Its launch enterprise, Starlink community, and authorities contracts with businesses together with NASA and the US Protection Division proceed to present it a commanding place within the aerospace business.
Wall Road analysts are already treating the SpaceX debut because the opening act in a brand new period of huge AI and tech listings, with rivals together with OpenAI and Anthropic additionally making ready potential public choices later this yr.
The submitting additionally raises a broader query about Musk’s subsequent infrastructure frontier: his proposed $119 billion Texas “Terafab” chip plant, which may reshape the AI, robotics, and semiconductor provide chain.
