SpaceX has released its public S-1 filing ahead of a planned IPO, giving investors their first detailed look at the finances of Elon Musk’s rocket company and the Artificial Intelligence venture xAI. The company applied to list on the Nasdaq and Nasdaq Texas stock exchanges under the ticker “SPCX.” The filing shows that SpaceX posted a ?.9 billion loss in 2025 on revenue of ?.7 billion. It also outlines the company’s shareholders, strategic direction, and the risks that could shape its public market debut.
Founded in 2002, SpaceX has built its business around reusable rockets, government launch contracts, and the Starlink satellite internet network. The company said Starlink is its main revenue driver. Starlink brought in ?.26 billion in the first quarter of 2026. In 2025, the business segment brought in ?.39 billion, “primarily driven by Starlink.” The Space segment, which includes rocket launch and payload services, brought in ? million in revenue in the first quarter and ?.09 billion in 2025. SpaceX has also shifted focus toward solar-powered orbital data centers and a chip manufacturing effort with Tesla tied to space-based data centers and humanoid robots.
The filing also shows how much the combined company is leaning into Artificial Intelligence after the xAI acquisition. SpaceX’s money-losing Artificial Intelligence segment brought in ? million in Q1 revenue and ?.2 billion in 2025 revenue. It lost ?.2 billion in segment adjusted EBITDA last year. In 2025, capital expenditures for the Artificial Intelligence segment were ?.7 billion, more than three times the spending in its space and connectivity segments. SpaceX said the Artificial Intelligence segment represents most of its ?.5 trillion total addressable market, which it described as the “largest actionable total addressable market (“TAM”) in human history.” Following the merger, the company’s portfolio also includes X and the chatbot Grok.
Public investors are also being asked to weigh substantial risks. The filing cites US and international investigations and inquiries, including scrutiny tied to Grok’s creation of explicit images of children. It also notes the basic hazards of the company’s core business, stating that “space is inherently hostile.” Musk remains firmly in control of the company, with 85.1% of voting power ahead of the offering. In January, the company approved a compensation plan that would grant its founder 1 billion shares if certain goals were hit, including market capitalization targets and the “establishment of a permanent human colony on Mars with at least one million inhabitants.” Musk earned a base salary of ?,080 in 2025, while president Gwynne Shotwell earned ?.8 million in cash, options, and stock awards.
