SpaceX lastly information IPO prospectus, reveals income is up–however losses are too

In an S-1 filing brimming with glossy color photos of rockets and space, and peppered with pull quotes highlighting Musk’s musings, the company disclosed plans on Wednesday to list its shares on the Nasdaq and Nasdaq Texas under the ticker “SPCX.”

The IPO prospectus provided the first official look at the financials behind the much-hyped rocket maker that’s been around since 2002, as well as at several other businesses that Musk has folded into the company including AI, social media, and the Starlink satellite communications business. The Starlink business appears to SpaceX’s primary financial and profit engine, accounting for more than two-thirds of the revenue and earning $1.2 billion in profit in the most recent quarter. The space and AI divisions both lost money during the quarter.

Taken together, the prospectus reveals that Musk’s Space Exploration Technologies is growing at a steady clip—full year revenue of $18.7 billion in 2025 increased roughly 33% from $14.1 billion in 2024—and that its losses are losses are also accelerating as it pursues a mission to “build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars.”

In the first quarter of 2025, SpaceX’s net losses were roughly $528 million, a number that rocketed to more than $4.27 billion in the same period in 2026, and the company said it has racked up an “accumulated deficit” of $41.3 billion as of March 31.

The filing also confirmed that Musk, the CEO, Chief Technical Officer, and Chairman of the Board, has complete control of the company, with 85% of the voting power thanks to special Class B shares. The filing reads: “Mr. Musk will control the voting power over the selection of our board. As a result, Mr. Musk will have the power to control the outcome of matters requiring shareholder approval, including election of all our directors.”

The company’s charter also gives Musk, also CEO of electric car maker Tesla and several other companies, the freedom to engage in businesses that compete directly with SpaceX.

While much of SpaceX’s day-to-day operations are said to be run by President and Chief Operating Officer Gwynne Shotwell, the prospectus puts the spotlight squarely on Musk, the world’s richest—and often most controversial—person.