Famously secret about its finances, SpaceX opens its books for the first time

SpaceX filed an SEC S-1 ahead of a planned stock offering, offering a rare look at its finances and strategy.

The company reported 2025 revenue of $18.67 billion but a $4.94 billion net loss, largely driven by AI development spending.

The filing frames SpaceX as more than a launch company, highlighting Starlink, orbital compute, and other space-and-AI businesses.

SpaceX says its addressable market could reach $28.5 trillion, signaling an ambitious pitch to investors.