The SpaceX IPO filing has arrived

SpaceX, the space company founded by Elon Musk 24 years ago, has ended made the IPO public.

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).

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 filing details the business currently run by SpaceX’s Starlink internet delivery satellite, which accounted for more than half of the company’s revenue last year. 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.

While SpaceX’s business is tough, its future largely depends on the success of Starship, a reusable cargo rocket that has exploded in a series of technological upgrades over the past few years. The company is expected to host the 12th launch of Starship earlier this week.

The S-1 filing is hundreds of pages long, and this one in particular can be full of interesting numbers, threats to SpaceX’s business, and other confidential information. TechCrunch will be releasing more exciting content throughout the day, so stay tuned.

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