SpaceX's S-1 filing reveals a complex financial picture, with the company reporting $18 billion in revenue for 2025 but a net loss of $4.9 billion. Founded in 2002 by Elon Musk, SpaceX has raised over $10 billion in venture capital and is preparing for a significant liquidity event as it gears up for an IPO expected to achieve a $1.675 trillion pre-money valuation. The company's revenue grew 33% from 2024 to 2025, and in the first quarter of 2026, it saw a 15% year-over-year revenue increase. A key driver of this growth is Starlink, its satellite internet service, which reported an 86% increase in adjusted EBITDA and doubled its subscribers. However, SpaceX's financial health is strained by substantial losses in its AI division, which recorded a $6.35 billion operating loss in 2025 following the acquisition of xAI. This IPO could create significant wealth for Musk and early investors, marking a potential turning point for venture capital in the tech sector.