SpaceX Files S-1 Exposing Losses, Musk Control And Grand Ambitions
S-1 discloses $18.7 billion 2025 revenue, $4.9 billion 2025 loss, Starlink reliance, Musk's super-voting control, orbital-AI plans and a potential $75 billion offering.
CNNThe 5 strangest things about SpaceX’s IPO prospectus | CNN Business
TechCrunchWho will benefit most from SpaceX IPO? Mostly Elon — and a few from his inner circle | TechCrunch
Fortune'SpaceX is his new baby at the expense of Tesla': Elon Musk’s IPO could be bad news for his EV maker, investors warns | Fortune
ABC NewsA look at the SpaceX IPO by the numbers
Overview
SpaceX filed an S-1 registration statement to go public, revealing $18.7 billion in revenue and a $4.9 billion loss in 2025 and a $4.3 billion loss in the first three months of 2026.
The filing shows Elon Musk will be CEO, CTO and chairman and will retain more than 50% voting power after the IPO while currently controlling over 85% of voting power.
A consortium of AI safety groups warned investors about "unpriced risks" tied to xAI's safety practices, and the filing cautioned that Grok's "Spicy" and "Unhinged" modes could bring regulatory and reputational risk.
Starlink accounted for nearly 70% of SpaceX revenue and brought in $3.26 billion in the first quarter, the company spent $20.7 billion in 2025 including about $11.4 billion at its connectivity unit, and SpaceX has raised around $30 billion in private capital.
SpaceX is reportedly seeking as much as $75 billion in an IPO expected next month with an implied post-offering valuation of roughly $1.75 trillion to $2 trillion, and the company could be added to the Nasdaq 100 within weeks.
Analysis
Center-leaning sources frame this coverage skeptically, using playful, loaded phrasing ('financial merry-go-round', 'hands in many pots', 'mind-scratchers') while foregrounding S-1 figures and conflicts language. Editorial emphasis on large intercompany payments and selective examples (Cybertrucks, Megapacks, security firm) shapes a narrative of entanglement despite including company quotes about 'strong and constructive partnership.'