Founded Mar 2002 · Aerospace · Private — S-1 filed, June 2026 SPCX/Nasdaq IPO imminent

SpaceX Financials

The S-1 filed May 20, 2026 ahead of a targeted June 12 Nasdaq listing under SPCX at a $135/share fixed price (~$1.77 trillion valuation, ~$75 billion raise, ~30% earmarked for retail — reportedly the largest IPO ever), the three-segment FY2025 revenue split ($18.7 billion total — Starlink / connectivity at $11.39 billion and the only profitable segment, the launch business at ~$4.1 billion, and the xAI AI division absorbed in February 2026 at ~$3.2 billion), the funding-round and tender-offer valuation arc from a $12 billion 2015 mark to the IPO target, the Falcon 9 / Falcon Heavy launch-and-reuse cadence, the Starlink subscriber ramp, the NASA / Space Force / NRO federal-contract roster, the Starship development-and-Artemis capex bet, and the February 2026 all-stock acquisition of xAI — every figure cited to the S-1 or to primary reporting rather than to model memory.

Roster row: SpaceX on /orgs/ · Sibling Musk-constellation pages: xAI Financials · Tesla Financials.

FY2025 revenue (S-1)

$18.7B

Up 33% from $14.1B in FY2024. Consolidated FY2025 net loss of $4.94B, driven by the absorbed xAI AI division; adjusted EBITDA ~$6.6B.

Starlink / connectivity FY2025

$11.39B

61% of total sales and the only profitable segment at $4.42B operating income; rose to 69% of revenue in Q1 2026.

Target IPO valuation

~$1.77T

$135/share fixed price · ~555.6M shares · ~$75B raise. Pricing after close June 11; first trade targeted June 12 on Nasdaq: SPCX.

Starlink subscribers

10.3M

As of end of March 2026 (S-1), up from 8.9M at year-end 2025 and 4.4M a year earlier.

Imminent IPO as of 2026-06-09

SpaceX is going public — Nasdaq: SPCX, first trade targeted June 12, 2026

SpaceX filed its S-1 prospectus on May 20, 2026 (SEC accession 0001628280-26-036936, CIK 1181412, "Space Exploration Technologies Corp."). Breaking with IPO convention, the company skipped the customary price range and went straight to a fixed $135.00 per share, implying a ~$1.77 trillion valuation — which would rank it among the most valuable U.S. companies, above Tesla. It plans to sell ~555.6 million shares for a ~$75 billion raise, reportedly the largest IPO ever attempted (more than triple the prior record). Up to ~30% of the offering (~$22.5 billion) is earmarked for retail — versus the usual 5–10% — with shares made available through Charles Schwab, Fidelity, Robinhood, SoFi, and Morgan Stanley's E-Trade. Shares price after the close on June 11; first trade is targeted for June 12.

What the S-1 discloses. FY2025 revenue of $18.7 billion (up 33%), a consolidated $4.94 billion net loss (versus a $791 million profit in FY2024) driven by the xAI AI division absorbed in the February 2026 merger, and a three-segment split in which Starlink / connectivity ($11.39 billion, 61% of sales) is the only profitable segment at $4.42 billion operating income. Governance is a dual-class, "controlled company" structure: Musk controls the outcome of shareholder votes through Class B super-voting stock. The filing runs 38 pages of risk factors, headlined by Musk himself — the S-1 states the company is "highly dependent" on him while noting he "does not devote his full time and attention" to SpaceX (he also runs Tesla, Neuralink, and The Boring Company) — alongside federal-contract concentration, the Starlink capex-versus-revenue balance, Starship development risk (the program's failures are described in the language of "rapid unscheduled disassembly"), and ~$530 million of disclosed legal exposure.

How this page will change once SPCX trades. This is the pre-IPO view: a citation-discipline summary of the prospectus while SpaceX is still private. The moment SPCX begins trading on Nasdaq, the page sheds the hand-written private-company recipe and moves to the public-company shape — live EDGAR XBRL financials, a TradingView SPCX quote and chart, an Earnings Reaction History section stubbed for the first call — and this "Imminent IPO" callout becomes an "IPO event" anchor on the funding timeline below. Sources: CNBC, Jun 3, 2026 · CNBC, Jun 9, 2026 · Fortune, May 22, 2026 · Moneywise (risk factors).

The xAI acquisition — February 2026

On February 2–3, 2026 SpaceX acquired xAI (Grok + the X platform) in an all-stock transaction — each xAI share converting at a 0.1433 ratio into SpaceX equity — valuing SpaceX at $1 trillion and xAI at $250 billion for a combined $1.25 trillion entity, reported at the time as the largest private merger ever. SpaceX was the acquirer; xAI became a SpaceX subsidiary, and in May 2026 Musk announced xAI would cease to exist as a separate company, with Grok and X folded in as SpaceX's AI division. The stated rationale is vertical: orbital, solar-powered data centers that pair SpaceX launch and Starlink connectivity with xAI compute, with xAI supplying captive first-customer demand.

What this means for the numbers on this page.

The S-1's consolidated FY2025 figures fold in the AI division, which is why a company whose launch and connectivity businesses were profitable on a standalone basis reports a $4.94 billion consolidated net loss — the AI segment alone carried a ~$6.4 billion operating loss on ~$3.2 billion of revenue. Where the page distinguishes the segments, it does so explicitly: Starlink / connectivity is the profit engine, the launch business runs a deliberate operating loss while it funds Starship R&D, and the AI division is the new, deeply loss-making third leg. The xAI-side mechanics — the funding-round arc that preceded the merger, the Memphis Colossus capex, and the leadership reshuffle — are covered in detail on the sibling xAI Financials page.

Funding rounds, tender offers & the IPO

Newest event first. SpaceX's valuation has been reset less by priced primary rounds than by recurring secondary-market tender offers — employee and early-investor share sales that re-mark the company every six to twelve months. Each row's Confirmed / Reported pill reflects whether the figures come from a primary source (the S-1, a company announcement) or from contemporaneous reporting only. Click a row for detail. The February 2026 xAI merger and the June 2026 IPO are share-conversion / offering events rather than fund-raising rounds, but the implied valuation at each is itself a load-bearing datum and is plotted on the arc below.

IPO (pending) $135/share fixed · ~$1.77T · ~$75B raise Reported

Per the S-1 filed May 20, 2026 and the roadshow that followed, SpaceX is offering ~555.6 million shares at a fixed $135.00, a ~$75 billion raise at a ~$1.77 trillion valuation. Up to ~30% is earmarked for retail. Shares price after the close on June 11; first trade is targeted for June 12 on Nasdaq under SPCX. Labeled Reported because the $135 price comes from roadshow reporting and is not final until the pricing event; the share count and offering structure are S-1-grade.

Sources: S-1 · CNBC, Jun 3, 2026 · CNBC, Jun 9, 2026.

xAI merger mark SpaceX valued at $1T (xAI $250B; $1.25T combined) Confirmed

The all-stock acquisition of xAI marked SpaceX at $1 trillion. This is a share-conversion mark, not a cash raise; it is the most recent pre-IPO valuation datum and sits on the arc as an amber-ringed event point. See the merger callout above.

Source: CNBC, Feb 3, 2026.

Tender offer ~$800B insider share sale (~$421/share) Reported

A December 2025 insider share sale was reported at roughly a $800 billion valuation (~$421/share pre-split), roughly doubling the mid-2025 mark in six months. Per-share figures across the tender history are not directly comparable to the $135 IPO price because of share-structure changes around the merger and the offering; the page therefore plots the arc by valuation, not per-share.

Source: Sacra valuation history.

Tender offer ~$400B (~$212/share) Reported

A mid-2025 tender was reported near a $400 billion valuation, shares around $212, as part of a ~$1 billion transaction.

Source: Sacra valuation history.

Tender offer ~$350B (~$185/share) Reported

A December 2024 tender priced shares at ~$185, lifting the valuation to about $350 billion — a jump of more than two-thirds in half a year.

Source: Sacra valuation history.

Tender offer ~$210B Reported

Secondary sales through the first half of 2024 marked SpaceX around a $210 billion valuation.

Source: Sacra valuation history.

Tender offer ~$180B Reported

A year-end 2023 employee-and-investor tender valued SpaceX at about $180 billion — the starting point for the steep 2024–2026 re-rating that culminates in the IPO.

Source: Sacra valuation history.

Equity round $1.16B at $74B (Sequoia, Coatue, Valor, Fidelity) Confirmed

In February 2021 SpaceX raised $1.16 billion at a $74 billion post-money valuation, with Sequoia Capital, Valor Equity Partners, Coatue, and Fidelity among the named participants — the round that funded the early Starlink and Starship ramp.

Source: SpaceX funding-round history.

Google + Fidelity $1B at ~$12B (~10% stake) Confirmed

In January 2015 Google and Fidelity led a $1 billion round for roughly a 10% stake, valuing SpaceX at about $12 billion — the capital that seeded the Starlink broadband program. Valor Equity Partners, Founders Fund, Capricorn, and DFJ Growth also participated.

Source: SpaceX funding-round history.

Founding & survival Musk ~$100M seed; 2008 NASA CRS $1.6B award Confirmed

Musk incorporated Space Exploration Technologies Corp. on March 14, 2002 and seeded it with roughly $100 million of his own capital. Founders Fund made an early ~$20 million investment in 2008. The company's survival moment came in December 2008, when — days after the first successful Falcon 1 orbital flight — NASA awarded SpaceX a $1.6 billion Commercial Resupply Services contract for cargo flights to the ISS.

Source: SpaceX funding history · spacex.com.

Valuation arc

Valuation per event on a logarithmic scale, from the $12 billion 2015 Google / Fidelity mark to the ~$1.77 trillion IPO target — roughly a 150× re-rating over eleven years, most of it in the 2023–2026 window. Confirmed marks (the 2015 and 2021 rounds, the February 2026 merger, the IPO offering) are drawn filled; reporter-only tender marks are drawn hollow. The merger and IPO carry an amber ring to flag them as share-conversion / offering events rather than fresh-capital rounds.

$10B $30B $100B $300B $1T $2T $12B $74B $180B $350B $400B $800B $1T merger $1.77T IPO Jan '15 Feb '21 Dec '23 Dec '24 Jul '25 Dec '25 Feb '26 Jun '26 Valuation (log)
Filled: company / filing-confirmed mark
Hollow: reporter-only tender mark
Amber ring: merger / IPO event

The three revenue streams — FY2025

The S-1 splits SpaceX's $18.7 billion of FY2025 revenue across three structurally distinct segments with very different unit economics. Connectivity (Starlink) is the profit engine; the launch business runs a deliberate operating loss while it funds Starship; and the AI division (xAI, absorbed February 2026) is the new, deeply loss-making third leg. Figures below are S-1-grade Confirmed. A filing-grade segment split for FY2024 and earlier is not broken out at this granularity in the same comparable form, so the page anchors the breakdown on FY2025 (FY2024 total revenue was $14.1 billion).

FY2025 revenue by segment — $18.7B total

Connectivity / Starlink — 61% Space / launch — ~22% AI division (xAI) — ~17%

Connectivity / Starlink

$11.39B

Operating income +$4.42B; adjusted EBITDA ~$7.17B. The only profitable segment. Rose to 69% of revenue in Q1 2026.

Confirmed · S-1

Space / launch

~$4.1B

Operating loss of −$657M — a deliberate one, as launch margins fund Starship development. About one-fifth of total FY2025 revenue came from U.S. federal agencies.

Confirmed · S-1

AI division (xAI)

~$3.2B

Operating loss of −$6.4B — the segment that turns a profitable launch-plus-Starlink core into a consolidated net loss. Absorbed via the February 2026 merger.

Confirmed · S-1

Consolidated FY2025: revenue $18.7B (+33% YoY), net loss $4.94B (vs a $791M profit in FY2024), adjusted EBITDA ~$6.6B. Sources: S-1 · CNBC, May 21, 2026 · Morningstar (6 charts on the S-1).

Falcon launch cadence & reuse

Annual Falcon 9 and Falcon Heavy orbital launches, 2010 through 2025. The cadence is the most-watched operational metric outside the financials proper, and it anchors the commercial-launch revenue stream: SpaceX flew the majority of the world's orbital launch mass in recent years. The step-change tracks first-stage reuse — the first booster land-back in December 2015, the first re-flight in March 2017, and a fleet that by 2026 includes boosters with 35+ flights apiece.

50 100 150 2 0 2 3 6 7 8 18 21 13 26 31 61 96 134 165 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 Orbital launches

Reuse milestones. First booster land-back: December 21, 2015. First re-flight of a recovered booster: March 30, 2017. By 2026 the workhorse booster B1067 had flown 35 times, and SpaceX is certifying boosters for up to 40 flights — against the original Block 5 design target of 10. The reuse economics are what let the cadence climb from single digits to 165 orbital flights in 2025 without a proportional cost increase. Counts are aggregated by calendar year and do not include Starship integrated flight tests (covered below). Sources: launch manifest · Space.com, 2025 record · spacex.com/launches.

Federal-contract roster

About one-fifth of FY2025 revenue came from U.S. federal agencies, and the S-1 names federal-contract concentration as a top-tier risk. The major awards below are public-record. Cross-reference the broader picture on Federal Tech Spending.

NASA HLS — Artemis III lander (Appendix H) Apr 2021 $2.89B firm-fixed-price NASA
NASA HLS — Artemis IV option (Option B) Nov 2022 $1.15B (~$4.3B potential total) SpaceNews
NASA Commercial Crew (Crew Dragon) 2014 $2.6B base + task orders NASA
NASA Commercial Resupply (Cargo Dragon) 2008– / CRS-2 Multi-billion, rolling task orders SpaceX
Space Force NSSL Phase 3, Lane 2 2025 ~$714M / 5 launches (FY27+) GovConWire
NRO — classified national-security launches ongoing Undisclosed (proliferated architecture) SpaceX

Contract values are the award amounts as announced; obligations and outlays accrue over each contract's period of performance and are tracked on usaspending.gov under "Space Exploration Technologies Corp." HLS task orders, NSSL Phase 3 assignments, and NRO awards accumulate continuously; the roster is re-verified at each refresh.

Starship — the capex bet

Starship is the largest single capital program in commercial aerospace and the load-bearing piece of SpaceX's forward narrative — the fully-reusable super-heavy vehicle meant to land NASA's Artemis astronauts on the Moon and, eventually, carry the Mars architecture. The launch segment's deliberate operating loss is, in effect, the Starship development bill; the S-1 names Starship development cost among its top risk factors.

Starbase build-out

Development, manufacturing, and launch are concentrated at Starbase (Boca Chica, Texas) — the factory, two orbital launch pads, and the catch-tower infrastructure. Starbase is also SpaceX's corporate headquarters following the 2024 relocation from Hawthorne, California, and was incorporated as a Texas city in 2025.

Integrated flight-test history

Twelve integrated flight tests had flown as of late May 2026 (roughly seven successes to five failures across Blocks 1–3). IFT-1 flew April 2023; IFT-11 (October 13, 2025) was the last flight of the V2 vehicle; IFT-12 (May 22, 2026) debuted the larger V3 / Block 3 vehicle and the second Starbase launch pad. The program's setbacks are described in the S-1 in the language of "rapid unscheduled disassembly." Verify the current flight count and milestone state at each refresh against the SpaceX updates feed.

Artemis HLS tie-in

The Starship Human Landing System is the crewed lunar lander for Artemis III and (under Option B) Artemis IV — a ~$4.3 billion potential NASA commitment that links this section to the federal-contract roster above. Sources: spacex.com/updates · Starship flight-test list.

Acquisitions

SpaceX has historically built in-house rather than acquiring; its M&A history is short and dominated by the February 2026 xAI deal.

xAI — all-stock acquisition, February 2026

SpaceX acquired xAI (Grok + X) at a $250 billion mark against SpaceX's $1 trillion, combined $1.25 trillion — reported as the largest private merger ever. xAI now operates as SpaceX's AI division. See callout above · full detail on xAI Financials.

Swarm Technologies — 2021

SpaceX acquired Swarm Technologies in 2021 for its low-cost IoT satellite constellation, spectrum rights, and engineering team — folded into the broader Starlink / connectivity effort. The only notable pre-xAI acquisition.

Beyond these, no other material SpaceX acquisitions have been publicly announced. The recurring refresh task picks up any future M&A.

Named investors & ownership

The named-investor roster below is drawn from funding-round announcements and tender-offer reporting. Post-IPO, the S-1's beneficial-ownership disclosure becomes the filing-grade source for Musk's stake and the 5%+ holder cohort.

Control & governance

Per the S-1, SpaceX will be a dual-class, "controlled company" under Nasdaq rules: Elon Musk controls the outcome of shareholder votes (including a majority of the board) through Class B super-voting stock for as long as he holds a majority of its voting power. Commentators have described the structure as among the least shareholder-friendly of any large IPO. Confirmed · S-1.

Venture & growth investors

Founders Fund (early, 2008), Google and Fidelity (2015 round), Sequoia Capital, Valor Equity Partners, Coatue, a16z (Andreessen Horowitz), Capricorn, DFJ Growth, and Gigafund are among the named participants across rounds and tenders. Saudi and Gulf sovereign-linked vehicles have reportedly participated in tender offers. Reported for the tender-participant cohort.

Per-class share counts and exact beneficial-ownership percentages beyond what the S-1 discloses are out of scope; the page does not speculate. Source: Fortune, May 22, 2026 · funding-round history.

Read these primary sources

With the S-1 on file, SpaceX now has a filing-grade primary source for its financials for the first time. The links below are the load-bearing originals — the S-1 prospectus and EDGAR filer index, SpaceX's own launch / updates / mission surfaces, the FCC and federal-contract feeds, and the contemporaneous reporting on the IPO and the xAI merger.

SEC EDGAR — the S-1 prospectus and filer index

The load-bearing primary source. The S-1 (accession 0001628280-26-036936, filed May 20, 2026) carries the FY2025 three-segment split, the connectivity operating-income line, the subscriber ramp, the risk-factor roster, the dual-class governance, and the offering terms. After pricing, a 424B carries the final terms; after the IPO, the XBRL companyfacts endpoint becomes the live-fetch source on every build.

# S-1 prospectus (May 20, 2026)
https://www.sec.gov/Archives/edgar/data/1181412/000162828026036936/spaceexplorationtechnologi.htm

# Filer index — Space Exploration Technologies Corp., CIK 1181412
https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001181412

# Post-IPO XBRL company-facts (live-fetch once SPCX reports)
https://data.sec.gov/api/xbrl/companyfacts/CIK0001181412.json

SpaceX's own surfaces — launches, updates, mission

The primary source for launch cadence and outcomes, Starship flight-test milestones, and program updates. Counts on this page are reconciled against these surfaces rather than from memory.

https://www.spacex.com/launches/
https://www.spacex.com/updates
https://www.spacex.com/mission/

The IPO and the xAI merger — contemporaneous reporting

The roadshow $135 price, the ~30% retail allocation, the three-segment framing, and the February 2026 merger mechanics are sourced to the wire-service and trade-press posts below.

# IPO pricing & structure
https://www.cnbc.com/2026/06/03/spacex-ipo-stock-price-roadshow-musk.html
https://www.cnbc.com/2026/06/09/spacex-ipo-explained-stock-price-date.html
https://fortune.com/2026/05/22/space-x-stock-ipo-price-elon-musk-shareholders/

# S-1 financials breakdown
https://www.cnbc.com/2026/05/21/spacex-starlink-growth-profit-nasdaq-ipo.html
https://www.morningstar.com/stocks/6-charts-spacexs-s-1-financials

# Feb 2026 xAI acquisition
https://www.cnbc.com/2026/02/03/musk-xai-spacex-biggest-merger-ever.html

Federal contracts, FCC, and valuation history

NASA HLS / Commercial Crew, Space Force NSSL Phase 3, the federal-obligations record on usaspending.gov, the FCC Starlink filings, and the secondary-market valuation history.

# NASA / Space Force contracts
https://www.nasa.gov/humans-in-space/nasa-awards-spacex-second-contract-option-for-artemis-moon-landing/
https://spacenews.com/nasa-awards-spacex-1-15-billion-contract-for-second-artemis-lander-mission/
https://www.govconwire.com/articles/space-force-spacex-ula-nssl-phase-3-lane-2-launches

# Federal obligations + FCC Starlink filings
https://www.usaspending.gov/
https://www.fcc.gov/

# Secondary-market valuation history
https://sacra.com/c/spacex/valuation/

Sibling Mungomash pages

The xAI-side mechanics of the February 2026 merger, the corporate-constellation context on Tesla, and the broader federal-spending picture.

# The acquired AI division — funding arc, Colossus capex, leadership
/orgs/xai/financials/

# Musk-corporate-constellation cross-link
/orgs/tesla/financials/

# Federal contractor / agency spending
/data/federal-tech-spending/

# SpaceX's row on the Orgs index
/orgs/#spacex

Methodology & data sources

Source discipline. Every value-bearing claim is labeled Confirmed (sourced to the S-1 or a company announcement) or Reported (contemporaneous reporting only). With the S-1 on file, the segment financials, the Starlink subscriber ramp, the risk factors, and the governance structure are now filing-grade; the tender-offer valuation history and the not-yet-final IPO price remain reporter-sourced.

The S-1 is the new primary source. Where the S-1 covers a figure, it supersedes prior reporting and the cell moves toward Confirmed. Pre-filing reporting still anchors the historical valuation arc. Citations are by accession number throughout (0001628280-26-036936, CIK 1181412).

Calendar-year fiscal year. SpaceX's fiscal year is the calendar year; all charts and prose use calendar years.

Segment-split methodology. The three-segment FY2025 breakdown is taken directly from the S-1. A comparable filing-grade split for FY2024 and earlier is not presented at this granularity, so the page anchors the breakdown on FY2025 and notes FY2024 only at the consolidated level ($14.1 billion). The AI division reflects xAI consolidated retrospectively after the February 2026 merger.

Valuation plotted by valuation, not per-share. Per-share tender prices ($185, $212, $421) are not directly comparable to the $135 IPO price because of share-structure changes around the merger and the offering; the arc therefore plots total valuation.

This is the pre-IPO view, and it will be re-shipped. While SpaceX is still private, the page is a hand-written summary of the prospectus with no embedded stock widget. The moment SPCX begins trading on Nasdaq, the page moves to the public-company recipe (live EDGAR XBRL financials, TradingView SPCX quote and chart, an Earnings Reaction History section), and the "Imminent IPO" callout becomes an IPO-event anchor on the funding timeline. The exclusion of a live stock widget expires the instant trading begins.

What's intentionally not here. Peer-comparison valuation multiples against Boeing / Lockheed / Northrop / Rocket Lab. Cap-table specifics beyond the S-1's disclosure. Per-mission launch narratives (the cadence chart aggregates by year). Detailed vehicle specifications. Editorial framing about Musk personally — the page reports facts (rounds, the merger, contract awards, capex programs, launch outcomes) and cites primary sources. Detailed lawsuit / regulatory dockets, surfaced only where they directly affect a financial line.

Refresh cadence. Hand-curated values are re-verified weekly during the IPO-pricing window (the few weeks around the June 2026 pricing and first-trading dates) and monthly thereafter, against the S-1 / EDGAR, spacex.com/launches and /updates, FCC filings, the NASA / Space Force / NRO contract feeds, usaspending.gov, and the most-recent reporting. SpaceX moves fast on launches (weekly), Starlink subscribers (quarterly milestones), federal contracts (rolling), Starship tests (irregular), and — most consequentially right now — IPO timing and pricing.

Cross-references. xAI Financials for the acquired AI division's funding arc and capex. Tesla Financials for the Musk corporate constellation. Federal Tech Spending for the contractor / agency picture. SpaceX's row on the Orgs index for the company profile.

Last updated: 2026-06-09. Status at build: still private — S-1 filed, price set at $135, pricing June 11, first trade June 12. Primary-source anchor: the S-1.

Last refreshed 2026-06-09 by Ganymede — new page; pre-IPO S-1 summary.