SpaceX files IPO paperwork, reveals Starlink-driven finances for first time

SpaceX pulled back the curtain on its finances for the first time on Wednesday, filing its S-1 registration statement with the U.S. Securities and Exchange Commission and revealing how heavily its growth now depends on Starlink. The company said it generated $18.67 billion in revenue in 2025, with its connectivity business accounting for $11.39 billion, while posting a consolidated net loss after a profit in the prior year.

The filing sets up a Nasdaq listing under the ticker SPCX and, if the timetable holds, a market debut as soon as next month after an investor road show reportedly scheduled for June 5. The offering is being discussed as potentially the largest IPO ever, with valuation talk around $1.75 trillion and fundraising targets in the $70 billion to $75 billion range. For investors, the new paperwork separates what SpaceX actually earned from the scale of the expectations now surrounding Elon Musk’s rocket and satellite company.

That contrast matters because the filing shows a business that is already vast, but still uneven. Starlink has become the company’s key profit engine and the clearest source of recurring revenue, yet SpaceX’s 2025 consolidated loss underscores how much capital the company continues to burn as it pushes ahead on rockets, launch systems and satellite expansion. The new public view also lands as markets weigh Musk’s wider corporate empire, including xAI, which has complicated the financial picture around SpaceX.

The IPO push also comes with operational stakes attached. SpaceX is preparing a Starship test flight, adding a real-time engineering test to a market event that is already drawing outsized attention. The combination of a headline-grabbing filing, a possible record-breaking valuation and a major launch program is helping turn one private company into a proxy for the wider aerospace boom.

Nvidia offered a parallel lesson in concentration on the same day. Its earnings were also in focus, and live coverage showed data center revenue nearly doubling year over year, with investors zeroing in on guidance, China and the durability of AI demand. Together, SpaceX and Nvidia show how investor excitement is clustering around a narrow set of firms that sit at the center of the AI and aerospace buildout, while the filings and earnings reports provide a more grounded view of the cash, losses and growth engines underneath the hype.