SpaceX has filed its IPO paperwork with the SEC, revealing detailed financials. The xAI division is burning through billions, Anthropic pays $15 billion a year for compute, and Elon Musk locks in near-absolute control.
SpaceX has publicly filed paperwork for what could be the largest IPO ever with the US Securities and Exchange Commission. The company plans to debut on Nasdaq under the ticker SPCX, aiming to raise up to $75 billion at a target valuation of up to $2 trillion.
The filing reveals a company that's growing fast and burning cash just as fast. In Q1 2026, SpaceX posted a net loss of $4.28 billion on $4.69 billion in revenue. Full-year 2025 revenue climbed to $18.7 billion, but the company swung from a $791 million profit in 2024 to a net loss of $4.94 billion.
The AI division is eating most of the budget
The biggest cost driver by far is the AI division, folded into SpaceX after the xAI acquisition. More than half of capital spending, which nearly doubled to $20.74 billion in 2025, went to the AI business. Losses in the AI division ballooned from $1.56 billion in 2024 to $6.36 billion in 2025, according to the filing.
