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

Elon Musk's SpaceX has officially submitted its long-anticipated prospectus for what is projected to be the largest initial public offering (IPO) in history.

In the formal S-1 filing, the company laid out its intentions to offer shares on the Nasdaq and Nasdaq Texas under the ticker symbol "SPCX."

The IPO prospectus marks the first comprehensive insight into the financial standing of the highly publicized aerospace manufacturer, which has been operational since 2002. Alongside its core business, the filing also touches upon additional ventures that Musk has integrated into the company, including initiatives in artificial intelligence, social media, and the Starlink satellite communications enterprise. Notably, the Starlink division emerges as SpaceX’s primary source of revenue, generating over two-thirds of total earnings and reporting a profit of $1.2 billion in the latest quarter. However, both the space and AI sectors recorded financial losses during the same period.

The prospectus indicates a robust growth trajectory for Musk's Space Exploration Technologies, with total revenue for 2025 reaching $18.7 billion, reflecting a 33% increase from $14.1 billion in 2024. Nevertheless, the company also observed a significant escalation in losses as it endeavors to fulfill its mission of "building the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars."

In the first quarter of 2025, SpaceX reported net losses of approximately $528 million. This figure surged to over $4.27 billion during the same quarter in 2026, resulting in an "accumulated deficit" of $41.3 billion as of March 31.

Additionally, the filing confirmed that Musk, who is also the CEO of Tesla, maintains over 50% control of SpaceX. The document states: "Mr. Musk will control the voting power over the selection of our board. As a result, Mr. Musk will have the power to control the outcome of matters requiring shareholder approval, including the election of all our directors."

Furthermore, the company’s charter allows Musk the flexibility to pursue business ventures that may directly compete with SpaceX.