SpaceX's prospectus reveals that Starlink revenue reached $4.42 billion and SpaceX's cash reserves exceeded $22.8 billion.

SpaceX's prospectus shows that its Starlink business generated $4.42 billion in operating revenue last year, a significant increase from $2 billion in 2024 and $469 million in 2023. Furthermore, the document discloses that Musk and a few insiders will maintain voting control after the IPO through a dual-class share structure. The company's cash reserves increased from approximately $11.4 billion at the end of 2024 to over $22.8 billion. As of the end of 2025, total assets are projected at approximately $92 billion, total liabilities at approximately $50.8 billion, and cash and cash equivalents on the balance sheet at $24.8 billion. Meanwhile, the xAI business saw its operating loss widen to $6.4 billion last year. (RTRS)