SpaceX Reveals Financials Ahead Of Planned Nasdaq Listing

SpaceX has released its IPO prospectus, giving investors a first detailed look at the company’s finances before its proposed stock market debut on Nasdaq under the ticker “SPCX”.

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The filing, submitted to the U.S. Securities and Exchange Commission, came ahead of the company’s expected investor roadshow scheduled for June 5.

For the quarter ended March 31, 2026, SpaceX reported consolidated revenue of $4.694 billion. The company posted an operating loss of $1.943 billion, while adjusted EBITDA stood at $1.127 billion.

For the full year 2025, revenue reached $18.674 billion. Operating loss for the year came to $2.589 billion, according to the filing.

Starlink Remained The Main Revenue Driver

SpaceX said most of its revenue came from its Connectivity and Space businesses. The Connectivity division, led mainly by Starlink, generated $3.257 billion in revenue during the March 2026 quarter. Income from operations stood at $1.188 billion.

For 2025, the unit recorded revenue of $11.387 billion. Operating income rose to $4.423 billion.

The company said Starlink had deployed more than 9,600 satellites and served 10.3 million subscribers by the end of March 2026. Growth in the satellite internet business continued to support the company’s broader operations during the period.

Rocket Business Continued To Report Losses

SpaceX’s launch operations generated revenue of $619 million in the March quarter. The division reported an operating loss of $662 million during the same period. Adjusted EBITDA loss stood at $351 million.

For calendar year 2025, the Space segment reported revenue of $4.086 billion. The filing also disclosed that SpaceX has spent more than $15 billion on the development of Starship, its next-generation rocket programme. The company said Starship’s twelfth test mission is expected later this week.

AI Business Added To Overall Losses

The company’s artificial intelligence segment, now operating under the name “SpaceXAI”, reported revenue of $818 million in the March quarter.

The division recorded an operating loss of $2.469 billion during the three-month period. For 2025, the AI business reported losses of $6.355 billion.

The filing showed the AI segment accounted for a significant portion of the company’s overall operating losses, while the legacy launch and connectivity businesses remained profitable at the operating level.

IPO Process Moves Ahead

SpaceX had confidentially filed its draft papers with the SEC in April before publicly releasing the prospectus.

As per reports, the company may target raising as much as $75 billion through the offering at a valuation close to $1.8 trillion.

The IPO filing also outlined plans linked to semiconductor manufacturing and orbital computing infrastructure tied to AI operations.

Elon Musk created SpaceX in 2002, and began launching cargo missions to the International Space Station in 2012, before branching out into Starlink, which provides satellite internet services.

The public filing now starts the formal process leading to investor meetings, pricing discussions, and eventual trading of the stock on Nasdaq.