# SpaceX S-1 Source

Generated: 2026-05-20

## Primary Source

- SEC filing: https://www.sec.gov/Archives/edgar/data/1181412/000162828026036936/spaceexplorationtechnologi.htm
- Filing type: Form S-1 registration statement
- Registrant: Space Exploration Technologies Corp.
- Filed: May 20, 2026

Local extraction files used during analysis:

- Raw HTML: `/tmp/spacex-s1-20260520.htm`
- Extracted text: `/tmp/spacex-s1-20260520.txt`

## Key Extracted Facts

### Offering

- Initial public offering of Class A common stock.
- Expected listing: Nasdaq and Nasdaq Texas.
- Proposed ticker: `SPCX`.
- Price range, share count, proceeds, and post-offering voting percentages are blank placeholders in this preliminary S-1.
- Underwriters include Goldman Sachs & Co. LLC as a joint book-running manager.

### Governance

- Class A common stock: one vote per share.
- Class B common stock: 10 votes per share.
- Class B shareholders elect a majority of the board.
- Elon Musk is expected to control shareholder outcomes through Class A and Class B ownership.
- SpaceX expects to qualify as a Nasdaq controlled company.

### Business Framing

- SpaceX presents itself as a vertically integrated company across Space, Connectivity, and AI.
- xAI was acquired by SpaceX effective February 2, 2026.
- X Holdings was acquired by xAI effective March 28, 2025.
- Historical financials are presented as a retrospective common-control combination including xAI and X Holdings.

### Operating Metrics

- Approximately 9,600 Starlink broadband and mobile satellites in Low-Earth Orbit as of March 31, 2026.
- Approximately 10.3 million Starlink subscribers as of March 31, 2026.
- Starlink ARPU: $66/month for Q1 2026.
- Dedicated satellite-to-mobile constellation: approximately 650 V1 Mobile satellites serving approximately 7.4 million monthly unique devices across approximately 30 countries.
- Falcon 9: approximately 620 orbital launches as of March 31, 2026, with over 99% mission success.
- Starship: 11 flight tests completed; 12th scheduled; payload delivery to orbit expected in H2 2026.
- V3 Starlink satellites: expected deployment on Starship in H2 2026, one Tbps downlink capacity per satellite.
- Orbital AI compute satellites: expected deployment as early as 2028.

### Financials

Consolidated:

- Q1 2026 revenue: $4.694B.
- Q1 2026 operating loss: $(1.943B).
- Q1 2026 net loss: $(4.276B).
- 2025 revenue: $18.674B.
- 2025 operating loss: $(2.589B).
- 2025 net loss: $(4.937B).
- 2025 adjusted EBITDA: $6.584B.
- Cash and cash equivalents at March 31, 2026: $15.852B.
- Total assets at March 31, 2026: $102.094B.

Segments:

- Space, Q1 2026: revenue $619M, operating loss $(662M), Segment Adjusted EBITDA $(351M).
- Space, 2025: revenue $4.086B, operating loss $(657M), Segment Adjusted EBITDA $653M.
- Connectivity, Q1 2026: revenue $3.257B, operating income $1.188B, Segment Adjusted EBITDA $2.087B.
- Connectivity, 2025: revenue $11.387B, operating income $4.423B, Segment Adjusted EBITDA $7.168B.
- AI, Q1 2026: revenue $818M, operating loss $(2.469B), Segment Adjusted EBITDA $(609M).
- AI, 2025: revenue $3.201B, operating loss $(6.355B), Segment Adjusted EBITDA $(1.237B).

Capital expenditures:

- Q1 2026 total capex: $10.107B.
- Q1 2026 AI capex: $7.723B.
- 2025 total capex: $20.737B.
- 2025 AI capex: $12.727B.

## Deck Interpretation

The filing frames SpaceX as:

1. A Starlink-backed cash-flow and scale platform.
2. A Starship-dependent expansion story.
3. A SpaceX + xAI + X vertical integration story.
4. A controlled-company IPO where public investors buy economics with limited governance influence.

The main investor question is whether Connectivity can continue funding and de-risking the capital intensity of Starship and AI before the AI/orbital compute strategy produces durable returns.