Key facts
- SpaceX will release financial results and material news exclusively through its website and X platform.
- The company has filed a detailed S-1 with the SEC in anticipation of an IPO.
- SpaceX reported $18.67 billion in revenue for 2025.
- SpaceX posted a $4.94 billion loss in 2025.
- Elon Musk will retain significant voting power post-IPO.
SpaceX, the private aerospace company founded by Elon Musk, has announced a significant shift in its financial disclosure strategy, stating it will release quarterly or annual financial results and other material news exclusively through its website and its X platform account, foregoing traditional wire distribution services. This announcement coincides with the company's submission of a detailed S-1 filing with the U.S. Securities and Exchange Commission, signaling its intent to proceed with an initial public offering.
The nearly 400-page filing reveals substantial financial details, including revenues of $18.67 billion in 2025, an increase from $14.02 billion the previous year. Despite this revenue growth, SpaceX reported a loss of $4.94 billion in 2025, a notable change from a small profit in 2024, largely attributed to significant investments in artificial intelligence development.
SpaceX projects a vast total addressable market (TAM) of $28.5 trillion across its current and future offerings in space, data, and AI services. The company estimates that approximately $2 trillion of this TAM is directly related to its space operations and Starlink network, with the remaining $26.5 trillion stemming from AI, particularly enterprise applications. The company stated, "We believe we have identified the largest TAM in human history," and contemplates leveraging its rockets and satellites for massive orbital deployment of AI compute.
The filing also provides insights into executive compensation. Elon Musk, who will continue as CEO and Chairman of the Board post-IPO, will retain 85.1 percent of the company's combined voting power. His salary in 2025 was $54,080, while President and COO Gwynne Shotwell received a salary of $1.08 million, with her total compensation valued at $85.8 million including stock awards.
The S-1 filing also touches upon the potential impact of political shifts on the company, noting that "changes in the presidential administration can result in significant changes in government spending priorities, regulatory posture, and the allocation of contracts and resources across industries and programs."