The particular joy of an S-1 is that it cracks open a business long held close.
So, when SpaceX finally and officially filed to go public last week, it was momentous. At long last, there was visibility: We know the company’s 2025 revenue was $18.67 billion, that its losses are also up to nearly $5 billion, and that Elon Musk’s pay package is partially linked to establishing a minimum-one-million-citizen colony on Mars.
But, as a recent note from PitchBook’s Franco Granda pointed out, there’s also a lot we didn’t see, and that even in this wave of disclosures, crucial pieces of information didn’t come to light. Granda wrote that SpaceX’s S-1 isn’t nearly as granular as you might expect when it comes to, say, information around subscriptions, which appear in the business not only in the context of X (formerly Twitter) but Starlink.
This is especially material, as Starlink is clearly the economic engine of the business in so many ways and has stunning mar
We współpracy z: https://fortune.com/2026/05/28/spacex-s-1-starlink/
