SpaceX opens its books: S-1 shows $18.67B revenue in 2025, $4.94B loss, and a bold AI compute strategy
Summary
SpaceX released a detailed S-1 filing ahead of an IPO, disclosing $18.67B in 2025 revenue and a $4.94B net loss largely tied to AI development. The document outlines a $28.5T TAM across space, data, and AI, and highlights plans for orbital AI compute and a leadership compensation structure, signaling a major shift toward AI-enabled space infrastructure.