SpaceX S-1 Filing Reveals $4.7B Q1 Revenue, $1.94B Operating Loss
SpaceX’s S-1 filing shows Q1 revenue of $4.7 billion, operating loss of $1.94 billion and adjusted EBITDA of $1.13 billion, versus 2025 revenue of $18.7 billion, a $2.59 billion loss and $6.58 billion EBITDA. Starlink generated $3.26 billion revenue and $2.09 billion EBITDA, Starship costs topped $15 billion and subscribers reached 10.3 million ahead of a June 5 IPO.
1. IPO Filing and Financial Overview
SpaceX filed its S-1 prospectus ahead of a June 5 IPO roadshow, reporting consolidated Q1 2026 revenue of $4.694 billion, an operating loss of $1.943 billion and adjusted EBITDA of $1.127 billion. For full-year 2025, consolidated revenue was $18.674 billion with a $2.589 billion loss and $6.584 billion adjusted EBITDA.
2. Starlink and Connectivity Performance
The Connectivity segment, driven by Starlink, generated $3.257 billion in revenue, $1.188 billion in operating income and $2.087 billion in adjusted EBITDA for Q1, with subscriber count reaching 10.3 million. In 2025, the unit achieved $11.387 billion revenue, $4.423 billion operating income and $7.168 billion adjusted EBITDA, reflecting strong year-over-year growth.
3. Space Segment and Starship Development
The Space segment posted Q1 revenue of $619 million, an operating loss of $662 million and a $351 million EBITDA loss. Starship development spending exceeded initial budgets by over $15 billion, with the rocket set for its twelfth test mission later this week.
4. AI Segment Challenges
SpaceXAI, encompassing the xAI business, reported Q1 revenue of $818 million, an operating loss of $2.469 billion and an adjusted EBITDA loss of $609 million. The AI segment’s 2025 operating loss totaled $6.355 billion, driving deeper overall quarterly operating deficits.