SpaceX filed its long-awaited S-1 registration statement with the Securities and Exchange Commission on Wednesday, formally kicking off what is set to be one of the most consequential—and closely watched—initial public offerings in corporate history.
The company, officially registered as Space Exploration Technologies Corp., is seeking to list its Class A common stock on both Nasdaq and Nasdaq Texas under the ticker symbol SPCX, with Goldman Sachs, Morgan Stanley, and Bank of America leading a sprawling syndicate of more than 20 underwriters. Specific share counts and price ranges were left blank in the preliminary prospectus, as is standard for an initial S-1 filing.
The Numbers
The S-1 reveals, for the first time publicly, the true scale of SpaceX’s business. The company generated $18.7 billion in consolidated revenue in 2025, driven overwhelmingly by its Starlink satellite internet division. The Connectivity segment alone—anchored by Starlink—posted $11.4 billion in 2025 revenue, growing nearly 50% year-over-year, with segment operating income of $4.4 billion.
The company posted a consolidated loss from operations of $2.6 billion in 2025, largely due to the heavy capital demands of its Starship rocket program, which consumed $3 billion in research and development spending last year alone. Adjusted EBITDA, a non-GAAP metric SpaceX emphasized, came in at $6.6 billion for 2025.
