SpaceX’s IPO filing has arrived

SpaceX, the aerospace company founded by Elon Musk 24 years ago, has finally succeeded It made its IPO public.

The massive filing, published after markets closed on Wednesday, shows a company that has evolved beyond its initial quest to produce reusable rockets — although its long-term mission of creating multi-planetary species remains intact. SpaceX is now a technology group that works on satellites and artificial intelligence, and has become one of the most valuable private companies in the world.

When it goes public later this year on the Nasdaq, it will become one of the most valuable publicly traded companies. (Nvidia currently holds the crown with a market capitalization of $5.4 trillion.) SpaceX has chosen the ticker “SPCX” for the listing.

The regulatory filing, known as the S-1, provides the most vivid and financially illuminating public analysis of SpaceX’s business to date. This comes just weeks before what is expected to be the largest IPO ever, both in terms of potential funds raised (expected to be around $75 billion) and overall valuation (said to be $1.75 trillion).

Many address details have been provided I mentioned In the weeks following SpaceX’s debut Provided confidential copy From its S-1 filing with the Securities and Exchange Commission on April 1. The company lost about $4.9 billion in 2025 It has revenues of more than $18 billion, as Reuters reported last month.

The filing details a business currently dominated by SpaceX’s Starlink satellite internet offering, which generated more than half of the company’s revenue last year. It also shows how much SpaceX has spent to get to this point: It has lost more than $37 billion since its inception, according to the S-1.

XAI, the artificial intelligence company created by Elon Musk and recently merged into SpaceX, is no help on this front. The filing shows that SpaceX directed about 60% of its capital spending in 2025 to its artificial intelligence division, or about $20 billion. However, this division – which includes chatbot Grok – lost billions last year, and its revenues only grew about 22%. This is much lower than the revenue growth rates reported by frontier AI labs.

Despite SpaceX’s complex business, much of its future is tied to the success of Starship, a fully reusable heavy rocket that has undergone a series of explosions and technical renovations over the past several years. The company is expected to conduct its 12th Starship launch as early as this week.

The S-1 files are hundreds of pages long, and this page in particular is likely filled with interesting numbers, risk factors that threaten SpaceX’s business, and other previously private information. TechCrunch will be pulling out the most interesting details throughout the day, so stay tuned.

This story develops…