SpaceX S-1 Filing Omits Subscriber Retention and Launch Cost Data

SpaceX filed its S-1 registration statement last week, reporting 2025 revenue of $18.67 billion and losses approaching $5 billion. The document also stated that a portion of Elon Musk's compensation is tied to establishing a colony of at least one million people on Mars.

PitchBook analyst Franco Granda examined the filing and identified several areas where detailed data were not provided. Granda wrote that the company did not disclose subscriber retention or churn metrics for its Starlink service, which had 10.3 million subscribers at the time of filing.

9 The analyst noted that Starlink generated an adjusted EBITDA margin of 63 percent. Without retention figures, investors cannot determine whether reported subscriber growth reflects sustained usage or is offset by customer departures, Granda stated.

The filing also did not break out the cost of individual Falcon 9 launches. Granda observed that the economics of the company's primary launch vehicle therefore remain undisclosed despite the vehicle's extensive flight history.

SpaceX reported that its AI segment, excluding advertising, accounted for 6.7 percent of total revenue. The filing did not separate revenue from Grok subscriptions, X subscriptions, or xAI API services, according to Granda. The company stated it had deployed $20 billion in AI infrastructure.

The filing did not indicate the current utilization rate of that capacity or whether it meets projected demand, including commitments to Anthropic. SpaceX is seeking to raise as much as $80 billion in the planned initial public offering.