SpaceX has filed its S-1 prospectus with the SEC, starting the process for a Nasdaq IPO under the ticker SPCX. The filing reports $18.67 billion in 2025 revenue, largely driven by Starlink satellite internet service. The company reported losses of over $4.9 billion in 2025. Capital expenditures rose to $20.7 billion in 2025 from $11.2 billion in 2024. Supervoting shares are described as giving Elon Musk 85% control. SpaceX presents a mission focused on building systems for multiplanetary life, advancing scientific understanding, and extending consciousness to the stars. It also identifies a total addressable market of $28.5 trillion, including space, Starlink connectivity, and AI across infrastructure, subscriptions, advertising, and enterprise applications.
"SpaceX generated $18.67 billion in revenue in 2025, driven largely by its Starlink satellite internet service. SpaceX lost over $4.9 billion last year, with capital expenditures soaring to $20.7 billion last year, a leap from $11.2 billion in 2024, as reported by The New York Times."
"According to the Wall Street Journal, Musk's supervoting shares will give him 85 percent control over the company. SpaceX describes its mission to investors as: "Our mission is to build 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.""
""To do this, we have formed the most ambitious, vertically integrated innovation engine on (and off) Earth with unmatched capabilities to rapidly manufacture and launch space-based communications that connect the world, to harness the Sun to power a truth-seeking artificial intelligence that advances scientific discovery, and ultimately to build a base on the Moon and cities on other planets""
"SpaceX has "identified the largest actionable total addressable market (TAM) in human history," potentially worth $28.5 trillion, with $370 billion from space, $1.6 trillion in connectivity with Starlink Broadband and Starlink Mobile, and $26.5 trillion in AI, which includes AI infrastructure, subscriptions, advertising, and $22.7 trillion in enterprise applications."
Read at The Verge
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