SpaceX reveals IPO filing: Here's what to know

Summary

Leslie Picker reports on SpaceX's public S-1 filing, revealing $18.7 billion in revenue for 2024, a $4.3 billion quarterly net loss, and $29 billion in long-term debt. The company is targeting a valuation around $1.5 trillion, with a massive TAM estimate heavily reliant on AI. The IPO will feature a larger-than-typical retail allocation, and Elon Musk will retain about 85% control, drawing governance concerns.

• Spacex filed its S-1 publicly, showing $18.7B revenue in 2024, up 33%.
• Company reported a net loss of $4.3B on $4.7B revenue in Q1 2025.
• Long-term debt stands at $29 billion.
• Valuation target is around $1.5 trillion, or 80x trailing revenue.
• Anthropic has a $1.25B/month deal through May 2029 for Starlink capacity.
• AI is cited as the largest component of the $28.5 trillion TAM estimate.
• Retail investors may get up to 30% of IPO allocations, via several brokerages.
• Elon Musk will hold about 85% voting control, raising governance flags with pension funds.