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SpaceX has given public investors a rare look at its finances after filing IPO documents with the US Securities and Exchange Commission. The company plans to list on NASDAQ under the ticker SPCX, as Starlink revenue supports the wider business while AI spending adds pressure to losses.
SpaceX filed its S-1 prospectus ahead of an investor road show expected in early June. The filing starts the formal public review process before the company prices its offering and begins trading on NASDAQ.
The company reported first-quarter revenue of $4.694 billion for the period ended March 31, 2026. However, it also posted a $1.943 billion operating loss, while adjusted EBITDA stood at $1.127 billion.
For 2025, SpaceX reported $18.674 billion in revenue. The company also recorded a $2.589 billion operating loss and adjusted EBITDA of $6.584 billion.
The company said its Space and Connectivity units generated the ‘substantial majority’ of revenue in 2025 and the March quarter. However, the filing also shows that AI-related spending now weighs heavily on group results.
SpaceX’s Connectivity segment, driven mainly by Starlink, generated $3.257 billion in revenue in the first quarter. That represented about 69% of total revenue during the period.
The unit also posted $1.188 billion in operating income and $2.087 billion in adjusted EBITDA. For 2025, Connectivity generated $11.387 billion in revenue, $4.423 billion in operating income, and $7.168 billion in adjusted EBITDA.
SpaceX said it had deployed more than 9,600 Starlink satellites by the end of March. The company also reported 10.3 million subscribers, showing how Starlink has become its main profit engine.
By contrast, the Space segment remained under pressure. The launch business posted $619 million in first-quarter revenue, a $662 million operating loss, and a $351 million adjusted EBITDA loss.
SpaceX’s AI unit, now called SpaceXAI, reported $818 million in first-quarter revenue. However, the segment posted a $2.469 billion operating loss and a $609 million adjusted EBITDA loss.
The filing said the AI segment lost $6.355 billion in 2025. Therefore, SpaceX’s group loss largely came from AI operations rather than its older space and connectivity businesses.
SpaceX also said it has spent more than $15 billion developing Starship. The next-generation rocket remains central to its cargo, lunar, and long-term Mars plans.
The company said it expects to deploy orbital data centers ‘as early as 2028.’ However, that plan still depends on cost, heat control, radiation exposure, and regulatory approvals.
Reports said SpaceX may seek to raise up to $75 billion in the IPO. The company could target a valuation near $1.8 trillion, placing it above many listed technology and industrial companies.
The prospectus also points to a large addressable market. SpaceX said it sees a $28.5 trillion market across broadband, mobile, advertising, AI infrastructure, and enterprise applications.
Goldman Sachs is listed as lead left on the prospectus. Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase also appear among the main banks on the deal.
Follow-up filings should provide the expected pricing range and more detail on major shareholders. Investors will also watch Musk’s ownership, AI losses, Starlink growth, and Starship costs before the final IPO price is set.
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