Famously secret about its finances, SpaceX opens its books for the first time
SpaceX has publicly disclosed its financial information for the first time in a detailed S-1 filing with the SEC. The company reported revenues of $18.67 billion in 2025 but incurred a loss of $4.94 billion due to AI development expenses. SpaceX estimates a total addressable market of $28.5 trillion across its operations, with a significant portion related to AI services.
- ▪SpaceX released a nearly 400-page S-1 filing with the US Securities and Exchange Commission.
- ▪The company reported revenues of $18.67 billion in 2025, up from $14.02 billion in 2024.
- ▪Elon Musk will retain 85.1 percent of the voting power after the IPO and will continue as CEO.
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$paceX Famously secret about its finances, SpaceX opens its books for the first time “We believe we have identified the largest TAM in human history.” Eric Berger – May 20, 2026 7:02 pm | 61 SpaceX's Starship rocket and Super Heavy booster stand ready for liftoff. Credit: SpaceX SpaceX's Starship rocket and Super Heavy booster stand ready for liftoff. Credit: SpaceX Text settings Story text Size Small Standard Large Width * Standard Wide Links Standard Orange * Subscribers only Learn more Minimize to nav After nearly a quarter of a century operating as a private company, with its financial accounts a closely guarded secret, SpaceX on Wednesday afternoon released a detailed accounting of its business in a nearly 400-page S-1 filing with the US Securities and Exchange Commission.
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