SpaceX has publicly filed its S-1 IPO document with the SEC, targeting a Nasdaq listing under the ticker 'SPCX'. The filing reveals SpaceX lost $4.9 billion in 2025 on over $18 billion in revenue, with cumulative losses exceeding $37 billion since inception. Starlink dominates revenue, accounting for more than half of annual income. The xAI division (including Grok), merged into SpaceX, consumed roughly 60% of capital spending (~$20 billion) in 2025 while posting below-average AI revenue growth of 22%. The IPO is expected to raise around $75 billion at a $1.75 trillion valuation, potentially making it the largest IPO ever. Starship's continued development remains central to the company's long-term prospects.
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