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.
