SpaceX S-1 reveals $18.7B revenue, $4.9B loss from AI spending

SpaceX, long secretive about its finances, submitted a nearly 400-page S-1 filing to the SEC on Wednesday, revealing detailed financials for the first time in its 23-year history. The filing, made in anticipation of an IPO as soon as June 12, shows 2025 revenue of $18.67 billion, up from $14.02 billion in 2024. However, the company swung to a net loss of $4.94 billion in 2025 after a small profit the prior year, driven largely by heavy spending on artificial intelligence development, including the acquisition of Musk's xAI.

The document highlights SpaceX's enormous ambition: it projects a total addressable market (TAM) of $28.5 trillion across space, data, and AI services. Only ~$2 trillion relates to space and Starlink; the remaining $26.5 trillion is pegged to AI compute, which SpaceX plans to enable by deploying massive orbital data centers using Starship. The filing also reveals that Elon Musk will retain 85.1% voting power post-IPO, making him nearly impossible to remove. His 2025 salary was $54,080, while COO Gwynne Shotwell's total compensation reached $85.8 million including stock awards. The S-1 warns that political shifts could affect government contracts and regulatory environment, given Musk's advisory role to President Trump.