SpaceX dropped its S-1 prospectus with the SEC on May 20, targeting a Nasdaq listing under the ticker SPCX — and the numbers inside tell a story the company’s private backers have never had to reckon with publicly. Starlink is a machine. The AI bet attached to it is burning cash at a pace that makes everything else look modest.
The filing disclosed Q1 revenue of $4.694 billion against a net loss of $4.3 billion. For full-year 2025, revenue reached $18.674 billion with a loss from operations of $2.589 billion. The top line is extraordinary. So is the spending.
The Connectivity segment — Starlink, functionally — produced $3.257 billion in Q1 revenue and $11.387 billion across all of 2025, making it the dominant contributor by a wide margin in both periods. At the end of March, Starlink counted 10.3 million subscribers and more than 9,600 satellites in orbit. No other private launch company has built anything close to that recurrent revenue base.
The Space segment added $619 million in Q1 and $4.086 billion last year, covering launch services anchored by Falcon 9 and the still-developing Starship platform, into which SpaceX has poured more than $15 billion.
Then there is the AI segment. Folded in after SpaceX acquired xAI in February — with plans to dissolve xAI as a separate entity — the division posted $818 million in Q1 revenue while running up a $2.469 billion operating loss in that single quarter. That one segment’s quarterly shortfall alone dwarfs SpaceX’s entire 2025 operating loss, illustrating how fast the xAI integration is reshaping the company’s financial profile. Whatever Starlink built, xAI is spending faster.
The governance structure will draw its own scrutiny. Elon Musk, who holds the titles of CEO, chairman, and chief technology officer simultaneously, is expected to retain 85% voting control after the offering. Public shareholders will have a seat at the table. They will not have much say at it.
SpaceX had filed its S-1 confidentially in April, targeting a raise of up to $75 billion at a valuation near $1.8 trillion. The public filing advances that process toward a roadshow scheduled to begin around June 5. To reach beyond institutional buyers, SpaceX plans to offer shares through retail platforms including Schwab, Fidelity, Robinhood, SoFi, and E*Trade.
At $1.8 trillion, the valuation rests on two assumptions: that Starlink’s subscriber trajectory holds, and that the AI segment’s losses eventually bend toward profitability. The Q1 numbers have not made either assumption easy to defend.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
