SpaceX S-1 filing, read
Space Exploration Technologies Corp filed its 424B4 with the SEC on 12 June 2026. This is what it says, read from the printed pages by code with no AI, in a fixed order: four questions about the business, and the price last. Every figure carries the page it was printed on. SpaceX now trades as SPCX: its results since the listing are on its company page.
Offer price$135set in this filing cover
Revenue$4.7B3M 2026 +15% on the year before p.F-64
Revenue$18.7BFY2025 +33% on the year before p.F-5
Net result-$4.9BFY2025 p.F-8
Operating cash$6.8BFY2025 p.F-8
Cash$24.7BFY2025 p.F-4
Debt$22.9BFY2025 p.F-4
What the business does
At our core, we are builders. We design, manufacture, launch, and operate products and services built on cutting-edge technologies, including the world’s most advanced rockets and spacecraft. We safely and reliably transport astronauts, satellites, and other payloads on missions that benefit life on Earth. Since 2023, we have launched more than 80% of mass to orbit for the world each year with an over 99% mission success rate with Falcon rockets. p.1
The five questions
Each reading with the chart behind it. Hover or tap a bar for its figure.
1 of 5Growing
Is revenue really growing?
Revenue grew 33% in FY25. Year to date it is up 15% (3M ’26 on 3M ’25). Across the audited years it went from $10.4B in FY23 to $18.7B in FY25. Connectivity was the largest business in FY25, 61% of segment revenue.
$4.7BRevenue, 3M ’26 p.F-5
Revenue by year, then year to date p.F-5
$ millions as printed; hover a bar for its figure
Revenue by business, by year p.F-58 p.F-57
Connectivity 61% in FY2025Space 22% in FY2025AI 17% in FY2025
2 of 5Mixed
Does it fund its own growth?
Free cash flow was negative in 2 of 3 periods shown. The latest, FY25, was −$14.0B. Check what the spending bought. In FY25 operations produced $6.8B, capital spending was $20.7B, and $26.4B came in from shareholders and lenders.
−$14.0BFree cash flow, FY25 p.F-8
Cash in from operations, cash out on capital spending p.F-8
Operating cash flowCapital spendingFree cash flow
Free cash flow = operating cash flow minus capital spending
3 of 5Ratio warning
Is the debt sane?
The ratio rose from 2.8x to 8.9x. Debt rose +66%, but equity fell -47%, and the shrinking equity moved the ratio more than the new debt did. Net debt is the better read. At FY25 the balance sheet held $24.7B of cash against $22.9B of debt and $38.8B of convertible preferred stock outside equity. 61% of the debt principal falls due in 2029.
−$1.9BNet debt, FY25 p.F-4
Cash, debt and equity on the balance sheet p.F-4
CashDebtEquity
At each year end
Debt principal due, by year p.F-33
4 of 5Loss mostly not cash
Does the profit show up as cash?
In FY25 the company reported a −$4.9B result but its operations produced $6.8B of cash. Most of the loss is not cash: read the non-cash items before reading the loss. The largest non-cash item in FY25 was “depreciation and amortization”, $6.7B.
−$4.9B / $6.8BResult / op. cash, FY25 p.F-8
The result against the cash operations produced p.F-8
Net result, profitNet result, lossOperating cash flow
5 of 5Priced
Only then: is the price sane?
The offer price is set at $135 in this filing. Divide the market value by the revenue and the operating cash flow, and decide. That decision is yours. The high-vote class carries 10 votes a share against one for the shares on offer, so public buyers will hold less of the vote than of the shares. At that price, the 13.08B shares outstanding after the offering put the market value at $1.77T and the enterprise value, after debt and cash, at $1.69T, 87.5 times revenue for the last 12 months through 3M ’26.
$135Offer price cover
Who controls it
Elon Musk, after the offering
Share of the Class A shares p.248
11.3%
Share of the Class B shares p.248
93.6%
Share of the vote p.248
84.4%
The filing prints the holder's share of each class. Each class's share counts shares the holder can acquire within 60 days, as the filing's table does.
The share classes, in the filing's words
| Class | Votes a share | What the filing says |
|---|---|---|
| Class A | 1 | Each share of Class A common stock will entitle its holder to one vote per share. cover |
| Class B | 10 | Each share of Class B common stock will entitle its holder to 10 votes per share. cover |
| Class C | 0 | Common Stock Voting Rights General Subject to the terms of our charter, each holder of our Class A common stock is entitled to one vote per share; each holder of our Class B common stock is entitled to ten votes per share; and the holders of our Class C common stock will have no voting rights. p.250 |
Control, in the filing's words
- Controlled companyAs a result, we will be a “controlled company” under the corporate governance rules of Nasdaq following the completion of this offering and, as a result, we intend to rely on exemptions from certain corporate governance requirements. cover
- Who elects the boardClass A shareholders and Class B shareholders will vote together as a single class on all matters to be voted on by shareholders, except Class B shareholders will be entitled to elect a majority of our board of directors in addition to having certain other class votes as described under “Description of Capital Stock.” cover
The owners table, shares held after the offering p.248
| Holder | Group | Class A shares | Class B shares | Vote |
|---|---|---|---|---|
| Elon Musk | 5% Shareholders | 849,494,440 | 5,569,053,075 | 84.4% |
| Gwynne Shotwell | Directors | 5,759,610 | 7,113,550 | |
| Bret Johnsen | Directors | 9,048,565 | 0 | |
| Ira Ehrenpreis | Directors | 809,050 | 564,650 | |
| Randy Glein | Directors | 277,800 | 0 | |
| Antonio J. Gracias | Directors | 503,414,530 | 0 | |
| Donald Harrison | Directors | 0 | 0 | |
| Steve Jurvetson | Directors | 0 | 0 | |
| Luke Nosek | Directors | 32,987,360 | 0 | |
| All executive officers and directors as a group (9 persons) | Directors | 1,401,791,355 | 5,576,731,275 | 85.3% |
A blank vote cell is under 1% or not printed in this version. Shares include any the holder can acquire within 60 days, as the filing counts them.
Key figures, as printed
From the statements of operations and cash flows
| $ million | FY2023 | FY2024 | FY2025 | 3M 2025 | 3M 2026 | Page |
|---|---|---|---|---|---|---|
| Revenue | 10,387 | 14,015 | 18,674 | p.F-5 | ||
| % change | +35% | +33% | ||||
| Revenue, year to date | 4,067 | 4,694 | p.F-64 | |||
| % change | +15% | |||||
| Net income (loss) | -4,628 | 791 | -4,937 | p.F-8 | ||
| % change | +117% | -724% | ||||
| Operating cash flow | 4,520 | 5,776 | 6,785 | p.F-8 | ||
| % change | +28% | +17% | ||||
| Free cash flow operating cash flow minus capital spending | 105 | -5,387 | -13,952 | p.F-8 | ||
| % change | -5,230% | -159% |
From the balance sheet
| $ million | FY2024 | FY2025 | Page |
|---|---|---|---|
| Cash | 11,385 | 24,747 | p.F-4 |
| % change | +117% | ||
| Debt current plus non-current lines, leases as the filing groups them | 13,793 | 22,896 | p.F-4 |
| % change | +66% |
The financial statements, as printed
Every line in the filing's own order and words. Switch between $ million and $ billion in the table's corner; the column headings stay in view as you scroll down.
Consolidated Statements of Operations p.F-5 p.F-64
| $ million | FY2023 | FY2024 | FY2025 | 3M 2025 | 3M 2026 |
|---|---|---|---|---|---|
| Revenue | 10,387 | 14,015 | 18,674 | 4,067 | 4,694 |
| % change | +35% | +33% | +15% | ||
| Costs and expenses | |||||
| Cost of revenue | 6,110 | 7,996 | 9,451 | 1,962 | 2,388 |
| % change | +31% | +18% | +22% | ||
| Research and development | 2,105 | 3,464 | 8,643 | 1,557 | 3,514 |
| % change | +65% | +150% | +126% | ||
| Selling, general, and administrative | 1,665 | 1,813 | 2,644 | 493 | 746 |
| % change | +9% | +46% | +51% | ||
| Restructuring charges | 237 | 213 | 487 | 4.0 | -11.0 |
| % change | -10% | +129% | -375% | ||
| Impairment | 3,775 | 63.0 | 38.0 | 24.0 | 0.0 |
| % change | -98% | -40% | -100% | ||
| Total costs and expenses | 13,892 | 13,549 | 21,263 | 4,040 | 6,637 |
| % change | -2% | +57% | +64% | ||
| Income (loss) from operations | -3,505 | 466 | -2,589 | 27.0 | -1,943 |
| % change | +113% | -656% | -7,296% | ||
| Interest expense (related party of $186 and $- for March 31, 2026 and 2025, respectively) | -1,693 | -1,580 | -1,945 | -447 | -664 |
| % change | +7% | -23% | -49% | ||
| Interest income | 249 | 371 | 492 | 117 | 213 |
| % change | +49% | +33% | +82% | ||
| Other income (expense), net | -42.0 | 985 | -177 | -211 | -1,876 |
| % change | +2,445% | -118% | -789% | ||
| Income (loss) before income taxes | -4,991 | 242 | -4,219 | -514 | -4,270 |
| % change | +105% | -1,843% | -731% | ||
| Provision for (benefit from) income taxes | -363 | -549 | 718 | 14.0 | 6.0 |
| % change | -51% | +231% | -57% | ||
| Net income (loss) | -4,628 | 791 | -4,937 | -528 | -4,276 |
| % change | +117% | -724% | -710% | ||
| Net income (loss) attributable to shareholders - basic | -4,628 | 18.0 | -4,937 | -528 | -4,947 |
| % change | +100% | -27,528% | -837% | ||
| Net income (loss) attributable to shareholders - diluted | -4,628 | 21.0 | -4,937 | ||
| % change | +100% | -23,610% | |||
| Net income (loss) per share of common stock attributable to common shareholders | |||||
| Basic per share, $ | -1.68 | 0.01 | -1.69 | -0.18 | -1.27 |
| % change | +101% | -17,000% | -606% | ||
| Diluted per share, $ | -1.68 | 0.00 | -1.69 | ||
| % change | +100% | ||||
| Weighted average shares used in computing net income (loss) per share of common stock | |||||
| Basic shares, millions | 2,759 | 2,848 | 2,926 | 2,875 | 3,884 |
| % change | +3% | +3% | +35% | ||
| Diluted shares, millions | 2,759 | 9,956 | 2,926 | ||
| % change | +261% | -71% |
Consolidated Balance Sheets p.F-4 p.F-63
| $ million | FY2024 | FY2025 | Mar 2026 |
|---|---|---|---|
| Assets | |||
| Current assets | |||
| Cash and cash equivalents | 11,385 | 24,747 | 15,852 |
| % change | +117% | ||
| Marketable securities | 800 | 0.0 | 7,823 |
| % change | -100% | ||
| Accounts receivable, net of allowance for credit losses of $47 and $39 at March 31, 2026 and December 31, 2025, respectively | 1,052 | 1,579 | 1,833 |
| % change | +50% | ||
| Inventory | 2,003 | 2,416 | 2,588 |
| % change | +21% | ||
| Prepaid expenses and other current assets | 868 | 2,210 | 1,636 |
| % change | +155% | ||
| Total current assets | 16,108 | 30,952 | 29,732 |
| % change | +92% | ||
| Property, plant, and equipment, net | 21,147 | 42,602 | 53,879 |
| % change | +101% | ||
| Finance lease right-of-use assets | 1,686 | 1,260 | 1,182 |
| % change | -25% | ||
| Intangible assets, net | 2,211 | 1,548 | 1,432 |
| % change | -30% | ||
| Digital assets | 1,749 | 1,637 | 1,293 |
| % change | -6% | ||
| Goodwill | 11,129 | 11,809 | 11,681 |
| % change | +6% | ||
| Deferred tax assets | 696 | 141 | 213 |
| % change | -80% | ||
| Other assets | 2,336 | 2,130 | 2,682 |
| % change | -9% | ||
| Total assets | 57,062 | 92,079 | 102,094 |
| % change | +61% | ||
| Liabilities, Redeemable Convertible Preferred Stock, and Shareholders’ Equity | |||
| Current liabilities | |||
| Accounts payable | 4,413 | 11,792 | 10,002 |
| % change | +167% | ||
| Deferred revenue, current | 5,498 | 6,111 | 7,207 |
| % change | +11% | ||
| Debt and finance leases, current (related party of $1,121 and $455 at March 31, 2026 and December 31, 2025, respectively) | 372 | 928 | 1,538 |
| % change | +149% | ||
| Accrued expenses and other current liabilities | 1,508 | 2,569 | 5,689 |
| % change | +70% | ||
| Total current liabilities | 11,791 | 21,400 | 24,436 |
| % change | +81% | ||
| Long-term liabilities | |||
| Deferred revenue, net of current | 4,681 | 6,005 | 6,029 |
| % change | +28% | ||
| Debt and finance leases, net of current (related party of $7,920 and $4,052 at March 31, 2026 and December 31, 2025, respectively) | 13,421 | 21,968 | 28,727 |
| % change | +64% | ||
| Other liabilities | 1,365 | 1,381 | 1,320 |
| % change | +1% | ||
| Total liabilities | 31,258 | 50,754 | 60,512 |
| % change | +62% | ||
| Commitments and contingencies (Note 16) | |||
| Redeemable convertible preferred stock | |||
| Redeemable convertible preferred stock, par value $0.001; 189 and 2,351 shares issued; 135 and 2,046 shares outstanding as of March 31, 2026 and December 31, 2025, respectively | 20,941 | 38,752 | 7,049 |
| % change | +85% | ||
| Shareholders’ equity | |||
| Class A common stock, par value $0.001; 2,965 and 2,036 shares issued; 2,883 and 1,952 shares outstanding as of March 31, 2026 and December 31, 2025, respectively | 2.0 | 3.0 | 3.0 |
| % change | +50% | ||
| Class B common stock, par value $0.001; 2,421 and 643 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 1.0 | 3.0 | |
| Class C common stock, par value $0.001; 494 and 484 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 0.0 | 0.0 | |
| Class D common stock, par value $0.0001; no shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 0.0 | 0.0 | 0.0 |
| Additional paid-in capital | 35,865 | 37,706 | 74,083 |
| % change | +5% | ||
| Accumulated deficit | -32,098 | -37,035 | -41,311 |
| % change | -15% | ||
| Accumulated other comprehensive income | 1,093 | 1,898 | 1,755 |
| % change | +74% | ||
| Total shareholders’ equity | 4,863 | 2,573 | 34,533 |
| % change | -47% | ||
| Total liabilities, redeemable convertible preferred stock, and shareholders’ equity | 57,062 | 92,079 | 102,094 |
| % change | +61% |
Consolidated Statements of Cash Flows p.F-8 p.F-9 p.F-67 p.F-68
| $ million | FY2023 | FY2024 | FY2025 | 3M 2025 | 3M 2026 |
|---|---|---|---|---|---|
| Cash flows from operating activities | |||||
| Net income (loss) | -4,628 | 791 | -4,937 | -528 | -4,276 |
| % change | +117% | -724% | -710% | ||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||||
| Depreciation and amortization | 2,635 | 3,824 | 6,701 | 1,443 | 2,442 |
| % change | +45% | +75% | +69% | ||
| Share-based compensation | 679 | 784 | 1,947 | 232 | 639 |
| % change | +15% | +148% | +175% | ||
| Intangible asset impairment | 3,775 | 0.0 | 0.0 | ||
| % change | -100% | ||||
| Deferred income taxes | -409 | -675 | 626 | ||
| % change | -65% | +193% | |||
| Unrealized (gain) loss on digital assets | 0.0 | -955 | 112 | 188 | 344 |
| % change | +112% | +83% | |||
| Impairment and loss on disposal of fixed assets, net | 36.0 | 135 | 88.0 | 32.0 | 5.0 |
| % change | +275% | -35% | -84% | ||
| Amortization of debt discount and issuance costs | 212 | 84.0 | 93.0 | 18.0 | 19.0 |
| % change | -60% | +11% | +6% | ||
| Loss on debt extinguishment | 0.0 | 1,526 | |||
| Other | 214 | 115 | 66.0 | 31.0 | -26.0 |
| % change | -46% | -43% | -184% | ||
| Changes in operating assets and liabilities | |||||
| Accounts receivable | 345 | -347 | -543 | -197 | -218 |
| % change | -201% | -56% | -11% | ||
| Inventory | -72.0 | -309 | -413 | -322 | -384 |
| % change | -329% | -34% | -19% | ||
| Prepaid expenses and other assets | 41.0 | -328 | -673 | -88.0 | -74.0 |
| % change | -900% | -105% | +16% | ||
| Accounts payable | 220 | 472 | 709 | 93.0 | -528 |
| % change | +115% | +50% | -668% | ||
| Deferred revenue | 1,695 | 1,876 | 1,929 | -34.0 | 1,119 |
| % change | +11% | +3% | +3,391% | ||
| Operating lease liabilities, net | -15.0 | -37.0 | -56.0 | -1.0 | -5.0 |
| % change | -147% | -51% | -400% | ||
| Other liabilities | -208 | 346 | 1,136 | -140 | 464 |
| % change | +266% | +228% | +431% | ||
| Net cash provided by operating activities | 4,520 | 5,776 | 6,785 | 727 | 1,047 |
| % change | +28% | +17% | +44% | ||
| Cash flows from investing activities | |||||
| Purchases of property, plant, and equipment (related party of $34 and $84 for March 31, 2026 and 2025, respectively) | -4,415 | -11,163 | -20,737 | -4,140 | -10,107 |
| % change | -153% | -86% | -144% | ||
| Capitalized interest | 0.0 | 0.0 | -169 | 0.0 | -7.0 |
| Proceeds from product rebates | 0.0 | 0.0 | 118 | 0.0 | 1,195 |
| Purchases of marketable securities | -3,535 | -3,542 | -611 | -312 | -7,801 |
| % change | -0% | +83% | -2,400% | ||
| Maturities of marketable securities | 2,731 | 3,712 | 548 | 289 | 0.0 |
| % change | +36% | -85% | -100% | ||
| Proceeds from sales of marketable securities | 333 | 193 | 1,457 | ||
| % change | -42% | +655% | |||
| Investments in unconsolidated affiliates | 0.0 | 0.0 | -86.0 | ||
| Other investing activities, net | 19.0 | 4.0 | -95.0 | -7.0 | -4.0 |
| % change | -79% | -2,475% | +43% | ||
| Net cash used in investing activities | -4,867 | -10,796 | -19,575 | -4,170 | -16,724 |
| % change | -122% | -81% | -301% | ||
| Cash flows from financing activities | |||||
| Principal repayments on finance leases | 0.0 | -154 | -295 | -66.0 | -82.0 |
| % change | -92% | -24% | |||
| Proceeds from debt and other financing obligations | 0.0 | 0.0 | 16,055 | 4,744 | 22,694 |
| % change | +378% | ||||
| Payment of debt issuance costs | 0.0 | 0.0 | -66.0 | -3.0 | -23.0 |
| % change | -667% | ||||
| Repayments on debt and other financing obligations | -112 | -77.0 | -6,858 | -4,745 | -18,295 |
| % change | +31% | -8,806% | -286% | ||
| Payment of debt extinguishment premium | 0.0 | -1,153 | |||
| Proceeds from issuance of capital stock, net of issuance costs | 774 | 13,101 | 18,807 | 899 | 8,319 |
| % change | +1,593% | +44% | +825% | ||
| Proceeds from employee equity award plans | 141 | 224 | 328 | 33.0 | 111 |
| % change | +59% | +46% | +236% | ||
| Payments for repurchase of common and redeemable convertible preferred stock | -170 | -1,021 | -1,125 | -508 | -4,346 |
| % change | -501% | -10% | -756% | ||
| Taxes paid related to net share settlement of equity award | -211 | -243 | -496 | 0.0 | -100 |
| % change | -15% | -104% | |||
| Net cash provided by financing activities | 422 | 11,830 | 26,350 | 354 | 7,125 |
| % change | +2,703% | +123% | +1,913% | ||
| Effect of exchange rate changes on cash and cash equivalents | -2.0 | 1.0 | 63.0 | 70.0 | 36.0 |
| % change | +150% | +6,200% | -49% | ||
| Net change in cash and cash equivalents and restricted cash | 73.0 | 6,811 | 13,623 | -3,019 | -8,516 |
| % change | +9,230% | +100% | -182% | ||
| Cash and cash equivalents and restricted cash, beginning of year | 4,617 | 4,690 | 11,501 | 11,501 | 25,124 |
| % change | +2% | +145% | +118% | ||
| Cash and cash equivalents and restricted cash, end of year | 4,690 | 11,501 | 25,124 | 8,482 | 16,608 |
| % change | +145% | +118% | +96% | ||
| Supplemental disclosures of cash flow information | |||||
| Cash paid for the following | |||||
| Interest, net of interest capitalized | 1,365 | 1,500 | 1,476 | 382 | 990 |
| % change | +10% | -2% | +159% | ||
| Income taxes, net | 45.0 | 134 | 154 | 7.0 | 8.0 |
| % change | +198% | +15% | +14% | ||
| Supplemental schedule of noncash investing and financing activities | |||||
| Share-based compensation capitalized in property, plant, and equipment, net | 108 | 132 | 154 | 30.0 | 60.0 |
| % change | +22% | +17% | +100% | ||
| Purchases of property, plant, and equipment included in accrued expenses and accounts payable | 565 | 10,649 | |||
| % change | +1,785% | ||||
| Purchases of property, plant, and equipment financed by other financings | 0.0 | 2,684 | |||
| Acquisition of property, plant, and equipment included in accounts payable | 505 | 2,481 | 7,088 | ||
| % change | +391% | +186% |
Stock pay and commitments
Stock-based pay p.F-8 p.F-67
3M 2026 14% of revenue
Commitments by year p.F-53
Unconditional obligations, $ as printed
The people
Executive officers and directors as the filing lists them.
| Name | Role | Age | Page |
|---|---|---|---|
| Elon Musk | Chief Executive Officer, Chief Technical Officer and Chairman of the Board | 54 | p.226 |
| Gwynne Shotwell | President, Chief Operating Officer and Director | 62 | p.226 |
| Bret Johnsen | Chief Financial Officer | 57 | p.226 |
| Ira Ehrenpreis | Director | 57 | p.226 |
| Randy Glein | Director | 60 | p.226 |
| Antonio J. Gracias | Director | 55 | p.226 |
| Donald Harrison | Director | 54 | p.226 |
| Steve Jurvetson | Director | 59 | p.226 |
| Luke Nosek | Director | 50 | p.226 |
The offer and the flags
The offer
- Listing
- The Nasdaq Stock Market LLC cover
- Ticker
- SPCX cover
- Lead underwriters
- Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC p.266
- Lock-up
- 180 days p.268
- Employees
- 22,000 p.220
- Risk headings
- 53
- Auditor
- PricewaterhouseCoopers LLP p.F-3
- Use of proceedsWe will receive approximately $74.4 billion of net proceeds from this offering (or $85.7 billion if the underwriters exercise their option to purchase additional shares of Class A common stock in full), based upon the initial public offering price of $135.00 per share after deducting underwriting discounts and commissions and estimated offering expenses payable by us. We intend to use the net proceeds from this offering to fund our growth strategy, including the expansion of our AI compute infrastructure, enhancements to our launch infrastructure and launch vehicles, increases in the scale and capacity of our satellite constellations, and any remaining amounts for general corporate purposes. p.67
- Lock-upWe have agreed with the underwriters that during the period of 180 days after the date of this prospectus (the “lock- up period”), without the prior written consent of Goldman Sachs & Co. p.268
- DividendsWe do not anticipate declaring or paying any cash dividends to holders of our common stock in the foreseeable future. We currently intend to retain future earnings, if any, to finance the growth of our business. p.68
What the filing flags · 13 in all
- NumbersLoss in 2023 turned into a profit in 2024 p.F-8
- DebtDebt to equity moved by shrinking equity p.F-4
- Debt61% of debt falls due in 2029 p.F-33
- DebtA default or lender waiver actually happened p.F-30 p.F-77
- DisclosureAnthropic: $1.25 billion in the body, no figure in the audited notes p.13 p.F-62
Patterns from past IPO reads that fired on this filing. Each is a page to read, not a verdict.
What changed in the latest version
Between the filings of 3 June 2026 and 12 June 2026, sentence by sentence, the sections that changed most.
| Section | Added | Reworded | Removed | Sentences |
|---|---|---|---|---|
| Cover and front pages | 1 | 6 | 66 | |
| Underwriting | 2 | 3 | 8 | |
| Shares Eligible For Future Sale | 0 | 10 | 0 | |
| Executive Compensation | 0 | 6 | 0 | |
| Use Of Proceeds | 0 | 1 | 3 | |
| Dilution | 1 | 1 | 1 |
addedrewordedremoved
The risks it lists first
The filing lists 53 risk headings. The first 8, in its own words:
- Any failure or delay in the development of Starship at scale or in achieving the required launch cadence, reusability and capabilities thereafter would delay or limit our ability to execute our growth strategy, including the deployment of next-generation satellites, global satellite-to-mobile connectivity, and orbital AI compute, which could materially adversely affect our business, financial condition, results of operations, and future prospects. p.27
- Any delays or difficulties in obtaining, maintaining or renewing required regulatory approvals and licenses required for our space-related activities, including FAA launch and reentry licenses, would materially delay or disrupt our operations, harm our business, or limit our ability to execute our business strategy. p.28
- Our AI products and X platform are subject to complex and evolving U.S. and foreign laws and regulations regarding privacy, cybersecurity, data use, data combination, data protection, content, AI, competition, youth protection, safety, consumer protection and notification, advertising, e-commerce, sanctions, export controls, and other matters. Many of these laws and regulations are subject to change and uncertain interpretation, and we could be required to make changes to our products and business practices, and be exposed to monetary penalties, increased cost of operations, declines in user growth or engagement, or loss of customers, or other harm to our AI products and X platform. p.30
- Our Starlink and other satellite services are subject to complex and evolving U.S. and foreign laws and regulations, particularly relating to data privacy, cybersecurity, and telecommunications. p.32
- Our business strategy depends on successfully designing, developing, and deploying our products and services, as well as related platforms, infrastructure, and other strategic initiatives, at an unprecedented scale, which presents significant execution, cost, and timing risks. p.33
- We have experienced, and will likely continue to experience, launch delays and failures that could have a material adverse effect on our business, financial condition, results of operations, and future prospects. p.33
- Our satellites, launch vehicles, and other space-related technologies operate, and in the case of orbital AI compute, will operate, in the harsh and unpredictable environment of space, exposing them to a wide and unique range of space-related risks that could cause them to malfunction or fail, and any such malfunction or failure could adversely affect our business, financial condition, results of operations, and future prospects. p.34
- The continued proliferation of satellite constellations in Low-Earth Orbit, as well as the risk of collisions with space debris or other spacecraft, could limit or impair our launch flexibility and satellite deployment, which could adversely affect our business, financial condition, results of operations, and future prospects. p.34
When did SpaceX file its S-1?
SpaceX filed its first registration statement, a S-1, on 20 May 2026, and its latest version, a 424B4, on 12 June 2026.
What does SpaceX's S-1 say about revenue?
Revenue grew 33% in FY25. Year to date it is up 15% (3M ’26 on 3M ’25). Across the audited years it went from $10.4B in FY23 to $18.7B in FY25. Connectivity was the largest business in FY25, 61% of segment revenue.
Who controls SpaceX after the IPO?
Elon Musk holds 11.3% of the Class A shares and 93.6% of the Class B shares, which carry 84.4% of the vote after the offering.
The filing itself
- S-1 filed 20 May 2026: the filing on SEC EDGAR
- S-1/A filed 1 June 2026: the filing on SEC EDGAR
- S-1/A filed 3 June 2026: the filing on SEC EDGAR
- 424B4 filed 12 June 2026: the filing on SEC EDGAR
Read 08 November 2026, 23:07 from SEC EDGAR. Information from a public filing, not advice.