SpaceX has opened its financial books to the public for the first time in nearly 25 years. The company filed a nearly 400-page S-1 with the SEC on Wednesday, signaling an initial public offering of its stock as soon as June 12.
The documents show SpaceX generated $18.67 billion in revenue in 2025, up from $14.02 billion a year earlier. But after turning a small profit in 2024, the company lost $4.94 billion last year, driven largely by spending on artificial intelligence development.
Founder and CEO Elon Musk continues to lead the company, which now spans launch, spaceflight, satellite internet, and social media through its recent acquisition of Musk's xAI.
SpaceX projects a total addressable market of $28.5 trillion across space, data, and AI services. Of that, only $2 trillion is directly tied to space or its Starlink network. The remaining $26.5 trillion comes from AI, primarily enterprise applications.
"We believe we have identified the largest TAM in human history," the company states in the filing. "We believe our next trillion-dollar market is AI compute."