SpaceX just filed for what could be the biggest IPO ever

SpaceX has filed an S-1 with the SEC, opening the door to a potential blockbuster Nasdaq IPO.

The filing shows 2025 revenue of $18.67 billion, with Starlink driving most of the growth, but also heavy losses and rising capital spending.

It gives the first detailed look at SpaceX’s finances, control structure, board, debt, and key risks ahead of a possible listing.

The company is pitching investors on launches, Starlink, and future bets on AI and orbital computing markets.