SpaceX Files S-1 for IPO, Reports $18.7B Revenue and $4.9B Loss in 2025

SpaceX filed its public S-1 registration statement and began an IPO roadshow with shares expected to debut late in the week of June 8, 2026. 7 billion in revenue for 2025. CFO Bret Johnsen, who has held the position for the last 15 years, presented the company’s case in a 17-minute investor video shared by SpaceX.

The presentation covered rocket operations, Starlink performance, and AI investments. Johnsen stated that SpaceX was the first private company to successfully dock a spacecraft at the International Space Station and the first to propulsively land a rocket from space. He highlighted reusability as the factor that has driven down costs and increased launch cadence.

3 million users and recorded over 100% year-over-year growth, Johnsen said. He added that commercial airlines use the service. SpaceX acquired xAI, Elon Musk’s AI company, and now owns the full value chain of its AI business, according to the presentation.

Johnsen pointed to the Colossus 2 data center and referenced orbital AI compute as a potential clean-energy solution for data-center power demands. The company has deals with Anthropic and Cursor, Johnsen said. He described X as a source of real-time data for SpaceX.

Johnsen said SpaceX’s total addressable market exceeds $28 trillion. He also noted that the company made $21 billion in investments last year, with the majority allocated to AI. Johnsen cited extreme vertical integration across orbital launches, satellites, AI models, and X as the basis for the company’s competitive position.

The video includes an appendix of tables with additional numerical detail.