SpaceX Files S-1 IPO Prospectus — $18.7B Revenue, 10.3M Starlink Subscribers, Musk Holds 79-85% Voting Control

SpaceX filed its public S-1 registration statement with the SEC on May 20, 2026 (EDGAR filing ID 000162828026036936), marking the company's official entry into public market preparation after years of private operation. Key financial disclosures from the prospectus: 2025 full-year revenue of $18.7 billion (up 33% from $14.1B in 2024), 2025 net loss of $4.94 billion, Q1 2026 revenue of $4.69 billion with a Q1 2026 net loss of $4.27 billion, and accumulated deficit of $41.3 billion as of March 31, 2026. Starlink accounts for more than two-thirds of revenue, with 10.3 million subscribers (doubled year-over-year) and $1.2 billion profit in the most recent quarter, though ARPU declined from $99/month (2023) to $66/month (Q1 2026) as the service scaled into lower-income markets. SpaceX conducted 170 orbital launches in 2025, representing over 80% of global mass delivered to orbit. The S-1 confirms Elon Musk holds approximately 42% economic equity and 79–85% voting power via dual-class Class B shares — a structure that ensures Musk cannot be removed as a director except by his own vote. Notable disclosed contracts: Anthropic is paying SpaceX $1.25 billion per month through 2029 for cloud compute on the Colossus supercomputer cluster (~$45 billion total contract value). The xAI and X (Twitter) entities have been consolidated into the filing; the AI segment lost $1.24 billion in 2025. The S-1 includes a grant of 1.3 billion performance shares to Musk contingent on establishing a one-million-person Mars colony, representing an extraordinary long-term compensation structure. Starship is projected to begin orbital payload delivery in H2 2026. The target raise is approximately $75–80 billion on Nasdaq (ticker: SPCX), implying a $1.75–2.0 trillion valuation that would exceed Saudi Aramco's 2019 IPO record. Management roadshow is targeted for the week of June 8, with IPO pricing targeting June 18–30 and Nasdaq debut listed as June 12 per earlier filings. The S-1 was filed within the IPO prospectus window (May 15–22) alongside the Starship IFT-12 Block 3 launch attempt, creating an unprecedented convergence of SpaceX's most pivotal technical and financial milestones.