SpaceX finally files IPO prospectus, reveals revenue is up–but losses are too

Elon Musk’s SpaceX has, at long last, filed its prospectus for what’s expected to be the largest initial public stock offering ever.

In an S-1 filing brimming with glossy color photos of rockets and space, and peppered with pull quotes highlighting Musk’s musings, the company disclosed plans Wednesday to list its shares on the Nasdaq and Nasdaq Texas under the ticker “SPCX.”

The IPO prospectus provided the first official look at the financials behind the much-hyped rocket maker that’s been around since 2002, as well as at several other businesses that Musk has folded into the company including AI, social media, and the Starlink satellite communications business. The Starlink business appears to be SpaceX’s primary financial engine, accounting for more than two-thirds of the revenue and earning $1.2 billion in profit in the most recent quarter. The space and AI divisions both lost money during the quarter.

Taken together, the prospectus reveals that Musk’s Space Exploration Technologies Corp is growing at a steady clip—full year revenue of $18.7 billion in 2025 increased roughly 33% from $14.1 billion in 2024—but that its losses are also accelerating as it pursues a mission to “build the systems and tech...