SpaceX released its first detailed financials in a nearly 400-page S-1 filing Wednesday, signaling a potential IPO by June 12. The document shows revenue of $18.67 billion in 2025, up from $14.02 billion, but a $4.94 billion loss due to heavy AI investment. This transparency marks a historic shift for the notoriously secretive company.

Founded in 2002 and led by Elon Musk, SpaceX now spans launch, Starlink, and social media via its xAI acquisition. The loss follows a small 2024 profit, underscoring the massive cost of its AI ambitions. The filing provides the first concrete look at the financial scale of Musk's space and AI empire.

SpaceX projects a $28.5 trillion total addressable market, with only $2 trillion tied to space or Starlink. The remaining $26.5 trillion is linked to AI enterprise services. The company states it has identified "the largest TAM in human history," aiming to leverage rockets and satellites for AI compute deployment. This frames SpaceX not just as a space launch provider but as a major AI infrastructure contender.