SpaceX has poured over $15 billion into developing its Starship rocket, according to its confidential IPO registration reviewed by Reuters. That figure far exceeds the $400 million spent on the Falcon 9 as Elon Musk's company pushes toward a fully reusable launch system at a $1.75 trillion valuation.
Starship is central to SpaceX's future, designed to launch larger Starlink V3 satellites, carry humans to the Moon and Mars, and deploy AI computing satellites. The company expects to start launching the V3 Starlink satellites in the second half of 2026, with Starship's payload bay able to fit up to 60 of them per flight-a dramatic increase from Falcon 9.
"We have continued to invest significantly in further increasing our lead by pursuing full and rapid reusability at scale," SpaceX said in the filing. The development spending for Starship jumped to $3 billion in 2025, up from $1.8 billion the previous year.
Starship has conducted 11 test flights since 2023, with mixed results. Milestones include catching the Super Heavy booster with mechanical arms, but challenges remain. The company aims for "thousands of launches per year" to deploy 100 gigawatts of solar-powered AI satellites, but hurdles include ground infrastructure, heat shields, and in-orbit refueling-a process not yet attempted.
NASA has paid SpaceX at least $3 billion under its Artemis program for a crewed lunar landing version, which will be based on the Starship V3 prototype now preparing for flight near Starbase, Texas.