SPACE EXPLORATION TECHNOLOGIES CORP.
Selected excerpts from the preliminary prospectus, arranged for annotation.
Overview
Founded in 2002, SpaceX is the only company building the integrated hardware and software infrastructure of the future across space, connectivity, and AI. We are redefining industries on Earth while aiming to create new ones on the Moon, Mars, and beyond.
The Company describes its segments through launch systems, Starlink connectivity, and AI infrastructure following the xAI merger.
Space: Reusability and Cadence
With the first successful launch of Falcon 1 in 2008, we became the first private company to successfully launch a liquid-fueled rocket to Earth orbit. As of March 31, 2026, our Falcon 9 rockets have demonstrated the ability to refly a first-stage 34 times.
Starship is designed to enable a step-function change in launch capability across reusability, payload capacity, and launch cadence.
Connectivity: Starlink Scale
Our Starlink satellite constellation provides high-speed, low-latency broadband services. As of March 31, 2026, we had approximately 9,600 Starlink broadband and mobile satellites in orbit and 10.3 million subscribers across 164 countries, regions, and markets.
The Company also provides satellite-to-mobile connectivity and secure government offerings through Starshield.
Connectivity: Economics
For the year ended December 31, 2025, our Connectivity segment generated revenue of $11.387 billion, income from operations of $4.423 billion, and Segment Adjusted EBITDA of $7.168 billion, benefiting from subscriber growth and continued improvement in network efficiency.
This is the section where the document stops sounding like science fiction and starts sounding like a business.
AI Infrastructure
We believe the convergence of launch, connectivity, and AI can unlock a new compute architecture. The logical path forward is to move power-intensive AI workloads into orbit, where solar energy is near-constant and uninterrupted.
The prospectus discusses orbital AI compute satellites, radiative cooling, Starlink backhaul, and xAI data centers including COLOSSUS.
Financial Results
In 2025, we generated revenue on a consolidated basis of $18.674 billion, loss from operations of $(2.589) billion and Adjusted EBITDA of $6.584 billion.
Space and Connectivity contributed the substantial majority of revenue; AI introduced a much heavier investment profile.
Capital Intensity
We have made and intend to continue to make substantial capital expenditures to support growth. We may choose to increase or accelerate the pace of any of these investments at any time, which could result in periods of reduced profitability or increased losses.
This is the adult sentence in the room. Dreams compound; so do funding needs.
Risk Factors
Many of our initiatives, including AI compute infrastructure and in-orbit, lunar, and interplanetary industrialization efforts, involve significant technical complexity, unproven technologies or technologies that do not exist.
The risk section is not legal boilerplate here. It is the list of dragons between narrative and cash flows.