SpaceX has formally launched plans for a massive public stock offering, opening its financial records to investors for the first time and revealing a business generating billions in revenue while still losing heavily on operations.
The filing, made public Wednesday, showed Elon Musk's company lost $2.6 billion from operations in 2025 on revenue of $18.7 billion. The company also disclosed that losses continued into early 2026 as it expanded its satellite network, artificial intelligence operations and Starship rocket program.
