The filing of the SpaceX IPO has been filled with AI bets, Starship dreams, and Elon Musk at the center.

SpaceX, the space company founded by Elon Musk 24 years ago, has ended made the IPO public. And once the company goes public, Musk will be among them as CEO, CTO, and Chairman of the board.

The massive filing, which was posted after markets closed on Wednesday, shows the company has expanded beyond its quest for recycled minerals – although its long-term goal of producing more planetary models remains unchanged. SpaceX is now a technology group working on satellites and AI, and has become one of the most important companies in the world.

When it goes public later this year on the Nasdaq exchange, it will be one of the most publicly traded companies. (Nvidia currently holds the crown with a market cap of $5.4 trillion.) SpaceX has chosen the ticker “SPCX” for the list.

The filing, known as the S-1, provides a clear and transparent financial overview of SpaceX’s business to date. And it’s coming weeks ahead of what’s expected to be the largest IPO ever, both in terms of potential cash to be raised (estimated at around $75 billion) and total valuation (estimated at $1.75 trillion). It has 36 pages that are at stake in the business of SpaceX, and details of the lawsuits they are facing following the absorption of Musk’s intellectual property and social media companies – SpaceX’s battles are said to cost $ 530 million.

Most of the headlines have been report in the weeks since SpaceX first launched gave a secret version of its S-1 filing with the Securities and Exchange Commission on April 1. The company expects to lose about $4.9 billion in 2025. at a cost of more than $18 billion, as Reuters reported last month.

The documents describe the business that is currently dominated by SpaceX’s Starlink satellite providing internet, which generated more than half of the company’s revenue last year – about $11 billion. It also shows how much SpaceX has burned to get to this point: more than $37 billion has been lost since its launch, according to the S-1.

XAI, Elon Musk’s artificial intelligence company that was created and recently merged into SpaceX, is not helping in the future. The filing shows that SpaceX has earmarked about 60% of its capital expenditure in 2025 for its AI sector, or about $20 billion. And yet the division – which houses the chatbot Grok – lost billions last year, and only grew revenue by about 22%. This is significantly lower than the amount reported for the AI ​​lab.

But the company, of course, is making a lot of astronomical promises in writing. One of the biggest? That it has “realized the largest stock market in human history” of $28.5 trillion. The company says that a large part of this – $22.7 trillion – is for “business applications” of AI.

It’s all about rockets

Although SpaceX’s business is tough, its future is largely dependent on the success of Starship, a heavy-lift rocket that has undergone a series of explosions and technological upgrades over the past few years. The company is expected to host the 12th launch of Starship earlier this week, and many are looking forward to it.

SpaceX said in a statement that it expects Starship to begin sending payloads in the second half of 2026, leaving a margin of error. Assuming SpaceX can do it, the company plans to begin using Starship to send its Starlink Broadband satellites into orbit in the second half of 2026 and its next-generation V2 satellites in 2027.

SpaceX’s plans for Starship extend beyond the launch of the satellite. The company wants to use a rapidly reusable spacecraft, designed to deliver 100 tons to Earth orbit, to explore Mars and launch orbital AI data into space.

The push toward that goal has been costly for SpaceX, the S-1 shows. The company’s space division invested heavily in the research and development of the Starship program, spending $ 3 billion in 2025 and $ 930 million in the first quarter of 2026.

The cost is worth it, in SpaceX’s opinion. The company said Starship is critical to reducing the cost of orbiting by 99% or more compared to the historical launch.

Vision of the stars

S-1 describes SpaceX’s main goals, such as creating life on multiple planets, reaching the moon and Mars, and creating orbiting satellites capable of space-based computing.

But there are some bright, futuristic ideas included in the document, too.

SpaceX seems to still want to use its Starship rocket as a way to Earth – Musk’s idea. it was first issued in 2017. The company says it plans to “develop high-speed international transportation using Starship, which enables passengers and cargo to move between major cities in shorter travel times, making international logistics and travel faster and faster.”

The company dismisses this idea as a “future market,” so it’s nowhere in the picture. As a result, the pros and cons of the idea of ​​space travel don’t get the same kind of scrutiny in the press as SpaceX’s main business.

Another “future market” listed is “space tourism.” SpaceX has flirted with this in the past, allowing private citizens to fly into space on its Dragon. It also planned a mission to orbit the moon with Japanese billionaire Yusaku Maezawa, but this was canceled before that. In the post, SpaceX says it expects “increased interest in human space travel as it becomes easier and more common to find space.”

SpaceX officials also believe that the company will one day create space stations around the moon and Mars.

“We want to establish a space manufacturing facility that uses a special environment of microgravity to produce materials, chemicals, and technology that are difficult or impossible to produce on Earth, opening new markets for high-tech companies,” the explanation reads. Missions to the moon and Mars were limited to the production of fuel, construction, and “essential goods,” as well as solar power generation.

Finally, SpaceX hopes to one day be involved in asteroid mining. As it’s listed as “another future market,” there’s not much information on how SpaceX plans to handle this idea.

Full control

Make no mistake, this is Elon Musk’s company. In keeping, Musk will be the CEO, CTO, and Chairman of the SpaceX board after the IPO.

The S-1 shows that he owns 93.6% of SpaceX’s Class B stock, which comes with 10 votes per share. So Musk is sitting on 85.1% of the voting power in SpaceX. This number is expected to drop following the IPO but will remain above 50%, allowing SpaceX to circumvent certain regulations regarding having independent controllers on board.

He was also given a new compensation package earlier this year, which would give him up to 1 billion shares of Class B stock if he hits increasing the value of SpaceX to $7.5 trillion and “the establishment of a permanent human colony on Mars with at least one million people.” They should also reap more shares if the company can build a data center capable of providing “100 terawatts of compute per year.”