Famously secret about its finances, SpaceX opens its books for the first time

Key points

• After nearly a quarter of a century operating as a private company, with its financial accounts a closely guarded secret, SpaceX on Wednesday afternoon released a detailed accounting of its business in a nearly 400-page S-1 filing with the US Securities and Exchange Commission.
• SpaceX, founded in 2002 and still led by Elon Musk, submitted the filing in anticipation of an initial public offering of its stock as soon as June 12. The document revealed no major surprises about the company’s space operations, but there was a trove of details about its sprawling operations, which now encompass launch, spaceflight, space-based Internet, and, thanks to its recent acquisition of Musk’s xAI, social media and AI.
• The company reported revenues of $18.67 billion in 2025, up significantly from $14.02 billion the year before.
• However, after turning a small profit in 2024, the company lost $4.94 billion in 2025 largely due to spending...