Pictured is a SpaceX photo of the company's Falcon 9 launch of the Space Development Agency’s Tranche 1 Transport Layer-B (T1TL-B) mission from Vandenberg Space Force Base, Calif. on Sept. 10, 2025.

The space industry and public got the first real look into SpaceX’s financials on Wednesday as the company published initial documents ahead of a planned initial public offering (IPO).  SpaceX published its S-1 with the Securities and Exchange Commission (SEC) on May 20, a prospectus to inform investors about the company’s business ahead of an IPO.  The company reported $18.7 billion in revenue in 2025, with Starlink serving as the largest driver of revenue. Despite the high revenue, SpaceX still…