SpaceX's IPO paperwork offers first look at the finances of Elon Musk's rocket company
Houston, we have the SpaceX filing everyone has been waiting for.
The S-1 paperwork, one of the most hotly anticipated financial filings of the year, gives the public its first look at the inner workings of Elon Musk’s rocket company and AI venture xAI.
The filing reveals that SpaceX posted a $4.9 billion loss in 2025 on revenue of $18.7 billion.
The SpaceX IPO is expected to be one of the largest in US history and comes after the Starship maker announced its acquisition of xAIMusk’s AI startup, in February.
The S-1 is a required step for companies looking to go public in the US, giving potential investors a chance to examine SpaceX’s finances, key shareholders, overall vision, and the risks facing its business.
Business Insider’s reporters are poring over the filing’s many pages and will update this story with key details.
SpaceX shoots for the moon
Musk founded SpaceX in 2002 with the mission of reaching and settling Mars.
Since then, the company has pioneered the use of reusable rockets and has become the world’s most prolific rocket launcher.
SpaceX has struck deals with NASA to resupply (and eventually deorbit) the ISS, and is set to play a critical role in the agency’s efforts to return humanity to the moon.
The Austin-based company also operates a booming telecommunications business through Starlinkwhich provides global internet coverage through a network of low-orbit satellites.
In recent months, Musk has shifted SpaceX’s focus toward building solar-powered orbital data centers, which the billionaire has said will be necessary to train powerful AI models and eventually turn humanity into a multi-planetary civilization.
The company is also collaborating with Tesla to build a sprawling “Terafab” that would manufacture specialist chips for space-based data centers and humanoid robots.
Investors will not just be backing Musk’s vision for rockets and satellites. Following the merger with xAI, SpaceX’s portfolio includes the social media platform X, formerly Twitter, and the AI chatbot Grok.
This is a developing story…