SpaceX, the aerospace company founded by Elon Musk 24 years ago, is finally here Publicly released its IPO presentation.
The massive document, published after markets closed on Wednesday, shows the company has advanced far beyond its initial quest for reusable rockets — though its long-term mission to build a multi-planet variety remains intact. SpaceX is now a technology conglomerate working on satellites and artificial intelligence, and has become one of the world’s most valuable private companies.
When it goes public on the Nasdaq later this year, it will become one of the most valuable publicly traded companies. (Nvidia currently holds the crown with a market cap of $5.4 trillion.) SpaceX chose the ticker “SPCX” for the listing.
The regulatory filings, known as the S-1, represent SpaceX’s most illuminating and financially illuminating public discussion to date. And it comes just weeks ahead of what is expected to be the largest IPO ever, both in terms of potential money raised (expected to be about $75 billion) and total valuation (reportedly $1.75 trillion). It contains 36 pages of risk factors for SpaceX’s business and details the legal battles Musk has faced since his takeover of the AI and social media companies — battles that SpaceX claims will cost $530 million.
Most of the title details have been informed A few weeks after SpaceX presented a secret version It filed an S-1 with the Securities and Exchange Commission on April 1. The company lost about $4.9 billion in 2025. It has generated more than $18 billion in revenue, Reuters reported last month.
The filing details a business currently dominated by SpaceX’s Starlink satellite internet offering, which provided more than half of the company’s revenue last year. It also shows how much SpaceX has burned to get to this point: According to the S-1, it has lost more than $37 billion since its inception.
XAI, the artificial intelligence company founded by Elon Musk and recently merged with SpaceX, is not helping in this area. SpaceX has earmarked about 60% of its 2025 capital expenditures for its AI division, or about $20 billion, the filings show. Still, that division, which houses the Grok chatbot, lost billions last year and grew revenue by just 22%. This is much lower than the revenue growth rates reported in cross-border AI labs.
Despite SpaceX’s complicated work, much of its future rests on the success of Starship, a fully reusable heavy-lift rocket that has undergone a series of explosions and technical upgrades over the past few years. The company is expected to launch the 12th launch of Starship earlier this week.
The S-1 filings are hundreds of pages long and will likely be filled with interesting numbers, risk factors for SpaceX’s business and other previously classified information. TechCrunch will be releasing the most interesting details throughout the day, so stay tuned.
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