u/Ok_Trick_4824

The public S-1 hasn’t hit EDGAR yet as of this morning — but enough detail has emerged from pre-filing reporting to give a first look at the numbers. Here is what’s confirmed, sourced, and checkable.

The revenue picture — with a caveat:

Reuters reported in January that SpaceX generated $15–16B in 2025 revenue and ~$8B in EBITDA — the first public financial signal ahead of the IPO. (Reuters via Yahoo Finance)

A more recent report citing draft prospectus data puts 2025 total revenue at $18.67B — higher, because it includes xAI post-merger. Under that same draft, the GAAP net loss was $4.94B, driven almost entirely by xAI burning ~$14B annually against ~$3.2B in revenue. (BigGo Finance)

https://open.substack.com/pub/orbitaleconomics/p/spacex-numbers-are-leaking-heres?r=738mdo&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true

The race to put GPU-class AI compute in orbit is now a three-way standards war — and a fourth, fundamentally different paradigm just entered from Europe that most investors haven’t seen yet.