SpaceX's S-1 filing reveals it is now describing itself as an AI services and infrastructure company, with xAI fully consolidated into its financials following a February acquisition.

SpaceX generated $18.7 billion in total revenue in 2025 but posted an operating loss of $2.6 billion. The AI segment lost $6.4 billion on $3.2 billion in revenue, while the Connectivity segment (driven by Starlink) earned $4.4 billion in operating profit on $11.4 billion in revenue, growing 49.8% year over year.

SpaceX holds the right to acquire Cursor, an AI coding tool made by Anysphere, at an implied equity value of $60 billion payable in Class A shares, or alternatively pay $10 billion for joint development work, with a $10 billion breakup fee owed if the acquisition option is not exercised by year-end.

Cursor reached $3 billion in annualized revenue by May and is positioned as a challenger to GitHub Copilot, which commands roughly 37% market share in AI coding tools.

SpaceX is targeting an IPO valuation of $1.75 trillion on Nasdaq under ticker SPCX with a planned June 12 debut, and holds $29.1 billion in total debt including a $20 billion bridge loan that must be repaid within six months of IPO closing.