SpaceX prospectus reveals: massive loss of 4.9 billion, Musk controls 85% voting rights.

Original Author: Bao Yilong

SpaceX officially submitted its prospectus to the U.S. Securities and Exchange Commission, which will be the largest IPO in history, potentially making founder Musk the first individual in the world to exceed a net worth of one trillion dollars.

The prospectus dated May 20 shows that SpaceX's total revenue for 2025 is expected to reach $18.7 billion, a year-on-year increase of 33%, but with a net loss of $4.9 billion. The revenue for the first quarter of 2026 is approximately $4.7 billion, with a net loss of $4.3 billion.

The prospectus did not disclose the planned financing scale, and the pricing range and other details will be announced in subsequent supplementary documents.

Funds raised from the IPO will primarily be used to repay $20 billion in transitional bridge loans, and to expand AI computing infrastructure, upgrade launch platforms, and scale satellite constellations.

The Wall Street Journal mentions that the core focus of this listing is SpaceX's space launches, Starlink satellite broadband, and the integrated AI business following the acquisition of xAI.

The prospectus indicates that the connectivity business has achieved scalable profitability, but the AI sector is still in a phase of large-scale loss investment, with capital expenditures far exceeding the combined total of the other two sectors.

Meanwhile, Musk will hold approximately 85.1% of the voting rights after the IPO. According to Bloomberg data, Musk currently has a net worth of about $667 billion; if SpaceX ultimately goes public at a valuation of $2 trillion, combined with his Tesla holdings, his personal wealth is expected to surpass the $1 trillion threshold for the first time.

Starlink Supports Revenue Base, AI Investment Weighs on Profitability

SpaceX divides its business into three main segments: space, connectivity, and AI, showing significant differences in financial performance.

The connectivity segment, centered on Starlink satellite internet services, is currently the only profitable business of the company.

In the first quarter of this year, Starlink generated $3.26 billion in revenue, accounting for 69% of the company's total revenue, with an operating profit of $1.19 billion.

As of the prospectus disclosure, Starlink's global users have reached 10.3 million, doubling from 5 million a year ago. However, the company also pointed out that as the proportion of users outside North America increases and low-price packages are promoted, average revenue per user is declining.

The space segment reported an operating loss of $619 million in the first quarter. The prospectus shows that SpaceX has invested over $15 billion in the Starship heavy rocket, with approximately $3 billion of that investment occurring in 2025 alone. The 12th test flight of Starship is expected to take place this week.

The AI segment reported an operating loss of $2.5 billion in the first quarter, becoming the biggest factor dragging down the company’s overall profitability. In the first quarter of this year, AI-related capital expenditures reached $7.7 billion, accounting for over 75% of the company’s total capital expenditures of $10.1 billion. The annual AI capital expenditure for 2025 is expected to be about $12.7 billion, nearly doubling year-on-year.

Ground Data Centers Remain the Main Battlefield, Space Computing Still a Blueprint

When Musk incorporated xAI into SpaceX in February this year, he cited solar-powered orbital data centers as one of the core logics, stating that the cost of operating computing in space would be lower than that on the ground within three years.

However, the prospectus reveals that xAI is currently still in the phase of large-scale expansion of ground facilities powered by natural gas turbines, including a transaction of about $2 billion.

The prospectus clearly states that SpaceX's ability to expand data center infrastructure depends on turbine supply, natural gas acquisition, and regulatory permits.

Nevertheless, SpaceX still positions orbital AI computing satellites as the next major growth engine in its prospectus, planning to begin deployment as early as 2028.

The company states in the prospectus:

Orbital AI computing is a highly challenging technological problem, and we believe we are the only company with a commercially viable path to build orbital AI computing capabilities at scale.

The prospectus reveals that achieving this goal relies on the Starship rocket completing its established performance objectives to facilitate economically viable deployment in orbit.

SpaceX has applied to the Federal Communications Commission for permission to launch up to 1 million satellites, which will be equipped with GPUs and powered by solar energy, creating a network of space data centers to serve AI projects.

The company anticipates a potential market size of up to $285 trillion, with AI opportunities estimated at about $265 trillion, covering several directions including space data centers, consumer subscriptions, digital advertising, and enterprise applications.

xAI Integration Reshapes AI Landscape, Grok Faces Regulatory Risks

SpaceX completed its merger with Musk's AI startup xAI in February this year, with a post-merger valuation of $1.25 trillion.

The prospectus notes in the risk factors section that Grok is facing multiple regulatory agencies and law enforcement departments in an "investigation and inquiry" related to deepfake content involving pornography, which could lead to legal liabilities, negative public opinion, or other sanctions.

Reports indicate that eight law enforcement and regulatory agencies have confirmed that investigations are ongoing. Musk himself has also admitted that xAI's technology "was not built right from the start" and needs "to be rebuilt from the ground up."

In terms of AI commercialization layout, SpaceX this month signed a $40 billion computing power cooperation agreement with Anthropic, where Anthropic will rent all computing power of SpaceX's Colossus 1 data center located in Memphis, Tennessee, at a price of $1.25 billion per month, continuing until May 2029.

However, this agreement comes with an unusual clause. Both parties can unilaterally cancel the contract with 90 days' notice, which is extremely rare for such a large-scale computing power agreement, making it difficult for investors to consider it a stable source of income in their valuation models.

Additionally, SpaceX plans to acquire the code editing tool startup Cursor for $60 billion in stock, with the transaction expected to proceed after the IPO is completed. If the acquisition fails to materialize, Cursor can receive a $1.5 billion termination fee and $8.5 billion in deferred service fees.

Large Scale of Related Transactions, Musk's Empire Provides Mutual Support

The prospectus first discloses specific figures regarding the scale of related transactions between SpaceX and Musk's other companies.

In 2025, SpaceX purchased $131 million worth of Cybertrucks from Tesla at suggested retail prices, alongside buying $506 million worth of Tesla Megapack energy storage products.

From early 2024 to February 2026, xAI has cumulatively paid approximately $731 million to Tesla.

Collaboration between the companies is not limited to procurement. SpaceX and Tesla are jointly advancing a large-scale chip factory project called "Terafab" and an AI collaboration project named "Macrohard."

Tesla is mentioned 87 times in the prospectus, which also states, "Plans to explore more strategic cooperation areas with Tesla in the future."

Musk Firmly Holds Voting Rights, Compensation Linked to Mars Colonization

The prospectus fully discloses SpaceX's equity structure and governance structure for the first time.

Musk holds 849.5 million Class A shares and 5.57 billion Class B shares (with 10 votes per share), controlling 85% of the company's voting rights, ensuring absolute control over the company after the IPO.

Aside from Musk, no individual or institution holds more than 5% of the shares, with private equity firm Valor Entities holding 7.3% of the common stock, making it the second-largest shareholder.

Musk's latest compensation plan at SpaceX consists of two astronomical options bets, with no set deadline, directly linked to Mars and AI infrastructure:

The unlock condition for the Mars colonization plan is for SpaceX's market value to reach $7.5 trillion.
The unlock condition for the orbital data center plan is for the company’s market value to reach $6.6 trillion.

Musk will receive a basic annual salary of $54,000, and if he does not meet the above technical and market value milestones, he will earn nothing.

The company's board of directors is also publicly disclosed for the first time; in addition to Musk serving as chairman, the president and COO Gwynne Shotwell, CFO Bret Johnsen, and several venture capitalists and private equity executives are also on the board, including Google executive Donald Harrison.

Severe Financial Losses, Valuation Logic Tests Investors

SpaceX's financial situation is particularly unique among the super-large market cap tech companies planning to go public.

In 2025, the company is expected to generate approximately $18.7 billion in revenue, but with a net loss of $4.9 billion. In contrast, Meta, which is in the same valuation range, generated revenue over 11 times that of SpaceX last year, with a net profit of $60 billion.

If the IPO valuation ultimately lands above $1.5 trillion, SpaceX's price-to-sales ratio would reach about 80 times, while the overall price-to-sales ratio of the top 15 largest listed companies in the U.S. is only about 7 times.

This pricing logic is quite similar to Musk's other company, Tesla, which has minimal profits in 2025 due to massive investments in AI, humanoid robots, and Robotaxi, yet still trades at nearly 400 times its rolling price-to-earnings ratio.

Analysts believe that investors betting on SpaceX or Tesla are fundamentally trusting Musk to convert the current massive investments into enormous future value.

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