SpaceX files first IPO documents with SEC

5:00 am

Starship/Superheavy (version 3) on launchpad
Starship/Superheavy (version 3) on launchpad for launch
later today.

After months of speculation and behind the scenes planning, SpaceX yesterday finally filed the initial public offering (IPO) documents with the Securities and Exchange Commission (SEC) outlining the company’s financial standing, in order to give potential stock purchasers an idea of what they are buying.

The filing shows SpaceX’s Connectivity segment, driven primarily by Starlink, has become the company’s financial engine. The segment generated $11.4 billion in revenue during 2025, along with $4.4 billion in operating income and $7.2 billion in adjusted earnings before interest, taxes, depreciation and amortization. The company said the business benefited from subscriber growth [now 10.3 million], wider enterprise adoption and improved network efficiency, with operating income rising more than 120% year over year.

By contrast, the company’s newly acquired AI segment is consuming cash at a remarkable pace. The AI business generated $3.2 billion in revenue during 2025 but posted an operating loss of $6.4 billion as SpaceX ramped investment in AI applications and compute infrastructure. Capital expenditures tied to the AI segment reached $12.7 billion during the year, far exceeding spending in the Space and Connectivity businesses.

…SpaceX’s Space segment generated $4.1 billion in revenue in 2025 and posted a $657 million operating loss. The company spent more than $3 billion on research and development tied to Starship during the year alone. The filing described Starship as the “key enabler” of SpaceX’s long-term growth strategy, saying the vehicle is designed to dramatically improve payload capacity, reusability and launch frequency while opening entirely new categories of missions.

Capital expenditures in the Space segment totaled $3.8 billion in 2025, reflecting the enormous infrastructure demands tied to developing and scaling the Starship program. On a consolidated basis, SpaceX reported $18.7 billion in revenue during 2025, alongside an operating loss of $2.6 billion and adjusted EBITDA of $6.6 billion. For the first quarter of 2026, the company reported revenue of $4.7 billion and an operating loss of nearly $1.9 billion.

In other words, Starlink and rocket sales are paying for the development of Starship and AI.

It appears the company is targeting an early to mid June date for the actual IPO, which some on Wall Street predict could bring in $75 billion in cash. This will be in addition to the $12 billion SpaceX has already raised in private investment capital as well as the more than $12 billion in revenue it earns each year from its Starlink subscribers. Note also that this Starlink annual revenue is presently about half that of NASA’s annual budget, with no upper limit in sight.

In other words, if all goes as planned, the company will have about $100 billion on hand to develop all its business models, with Starship/Superheavy likely leading the way.

I repeat: SpaceX is America’s space program. NASA is merely a sideshow that will become increasingly irrelevant as SpaceX gears up to full speed. And if things go as I believe they will, SpaceX’s success will act to fuel the rest of the American space industry, making the government even less important.

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Genesis cover

On Christmas Eve 1968 three Americans became the first humans to visit another world. What they did to celebrate was unexpected and profound, and will be remembered throughout all human history. Genesis: the Story of Apollo 8, Robert Zimmerman's classic history of humanity's first journey to another world, tells that story, and it is now available as both an ebook and an audiobook, both with a foreword by Valerie Anders and a new introduction by Robert Zimmerman.

The print edition can be purchased at Amazon or any other book seller. If you want an autographed copy the price is $60 for the hardback and $45 for the paperback, plus $8 shipping for each. Go here for purchasing details. The ebook is available everywhere for $5.99 (before discount) at amazon, or direct from my ebook publisher, ebookit. If you buy it from ebookit you don't support the big tech companies and the author gets a bigger cut much sooner.


The audiobook is also available at all these vendors, and is also free with a 30-day trial membership to Audible.
 

"Not simply about one mission, [Genesis] is also the history of America's quest for the moon... Zimmerman has done a masterful job of tying disparate events together into a solid account of one of America's greatest human triumphs."--San Antonio Express-News

May 20, 2026 Quick space links

2:46 pm

Courtesy of BtB’s stringer Jay. This post is also an open thread. I welcome my readers to post any comments or additional links relating to any space issues, even if unrelated to the links below.

2 comments

Conscious Choice cover

Now available in hardback and paperback as well as ebook!

From the press release: In this ground-breaking new history of early America, historian Robert Zimmerman not only exposes the lie behind The New York Times 1619 Project that falsely claims slavery is central to the history of the United States, he also provides profound lessons about the nature of human societies, lessons important for Americans today as well as for all future settlers on Mars and elsewhere in space.

 
Conscious Choice: The origins of slavery in America and why it matters today and for our future in outer space, is a riveting page-turning story that documents how slavery slowly became pervasive in the southern British colonies of North America, colonies founded by a people and culture that not only did not allow slavery but in every way were hostile to the practice.  
Conscious Choice does more however. In telling the tragic history of the Virginia colony and the rise of slavery there, Zimmerman lays out the proper path for creating healthy societies in places like the Moon and Mars.

 

“Zimmerman’s ground-breaking history provides every future generation the basic framework for establishing new societies on other worlds. We would be wise to heed what he says.” —Robert Zubrin, founder of the Mars Society.

 

All editions are available at Amazon, Barnes & Noble, and all book vendors, with the ebook priced at $5.99 before discount. All editions can also be purchased direct from the ebook publisher, ebookit, in which case you don't support the big tech companies and the author gets a bigger cut much sooner.

 

Autographed printed copies are also available at discount directly from the author (hardback $29.95; paperback $14.95; Shipping cost for either: $6.00). Just send an email to zimmerman @ nasw dot org.

Frost on Mars

11:33 am

Frost on Mars
Click for original image.

Cool image time! The picture to the right, cropped to post here, was taken on March 23, 2026 by the high resolution camera on Mars Reconnaissance Orbiter (MRO).

It shows the eastern interior rim of a 4.5-mile-wide crater, and was taken to find out if there has been any change to the gullies flowing down that 800 foot slope since the last high resolution image was taken in 2020.

Both pictures were taken in the spring, and both pictures not only don’t appear to show much change, both show the same white frost in exactly the same places. As no pictures have been taken at other times in the year, we do not know yet if this frost disappears as expected in summer.

In fact, until such images are taken and prove this white material disappears in the summer, we don’t even know for sure if it is indeed frost. We could instead be looking a some unusual form of white bedrock, though in my review of many MRO pictures such things are quite rare.
» Read more

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Vast unveils new high powered satellite bus to support the expected boom in satellite construction

9:21 am

Haven-1 with docked Dragon capsule
Artist rendering of Vast’s Haven-1 station, with a docked
Dragon capsule. Like Have Demo, it is being built using
company funds with no government support.

The space station startup Vast yesterday unveiled a new product line of high powered satellite buses, dubbed Vast Satellite, designed to support the expected boom in satellite construction.

With the launch of Vast Satellite, Vast is expanding beyond commercial space stations into high-volume spacecraft platforms designed for high-performance orbital missions. The first offering is a 15 kW-class satellite bus designed to support a wide array of power-intensive missions through flexible configurations.

Built around common in-house subsystems—including avionics, power, communications, propulsion, and flight software—Vast Satellite leverages technologies already developed for its Haven-1 space station, and validated through the successful Haven Demo mission in 2025. This shared architecture combined with Vast’s vertically integrated manufacturing model and advanced production capabilities is designed to support faster development timelines, lower costs, and increased mission reliability.

The company says it has already sold four buses to a confidential customer, with an option for 200 more. This sale occurred because Vast has proved itself with its policy of committing its own investment capital in designing, building, and flying demo missions. The Haven Demo was initially launched to test the subsystems to be used on the Haven-1 single module station the company hopes to fly next year on a three-year mission, during which four two-week manned crews will occupy it. That success allowed Vast to now diversify, using what it learned and proved on that demo to sell new products to other customers.

Similarly, its Haven-1 station, built on its own dime with no NASA funds, is intended to prove its capability as a space station provider. If successful, it is certain at that point to attract customers, including NASA.

9 comments

Leaving Earth cover

Leaving Earth: Space Stations, Rival Superpowers, and the Quest for Interplanetary Travel, can be purchased as an ebook everywhere for only $3.99 (before discount) at amazon, Barnes & Noble, all ebook vendors, or direct from my ebook publisher, ebookit.

If you buy it from ebookit you don't support the big oppressive tech companies and I get a bigger cut much sooner.

 

Winner of the 2003 Eugene M. Emme Award of the American Astronautical Society.

 
"Leaving Earth is one of the best and certainly the most comprehensive summary of our drive into space that I have ever read. It will be invaluable to future scholars because it will tell them how the next chapter of human history opened." -- Arthur C. Clarke

Sri Lanka’s government to formulate a space policy

8:45 am

The Sri Lanka government has now established a committee whose task will be to formulate the country’s first space policy.

The Cabinet of Ministers has approved a resolution presented by the Minister of Science and Technology to appoint an expert committee tasked with formulating Sri Lanka’s first National Space Policy. According to the government, space technology has become a critical driver of national development, delivering benefits across disaster management, communication, security, environmental monitoring, and economic innovation.

Sri Lanka is a signatory to the Outer Space Treaty, so any policy it establishes has to fall under its rules and limitations. This op-ed today in one of the nation’s major media outlets provides a very detailed overview of the issues. It seems the country has a lot of options, most of which revolve around attracting already established aerospace companies to build there.

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SpaceX launches 24 Starlink satellites

8:30 am

SpaceX in the early morning hours today successfully placed another 24 Starlink satellites into orbit, its Falcon 9 rocket lifting off from Vandenberg Space Force Base in California.

The first stage completed its second flight, landing on a drone ship in the Pacific.

The leaders in the 2026 launch race:

58 SpaceX
28 China
8 Russia
6 Rocket Lab

For the third straight year SpaceX leads the entire world combined in total launches, 58 to 50.

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Psyche completes its Mars fly-by

8:01 am

Mars' south pole as seen by Psyche@
Click for original image.

The asteroid probe Psyche on May 15, 2026 successfully completed its last fly-by of Mars, sending the spacecraft on its way to the asteroid Psyche, with a planned arrival in 2029.

The image to the right, cropped, rotated, and, reduced to post here, was the highest resolution image released by the science team of the Martian south polar icecap.

The image scale is around 0.7 miles per pixel (1.14 kilometers per pixel). The cap itself extends across more than 430 miles (700 kilometers). The image was acquired with Imager A on May 15, 2026, at about 1:53 p.m. PDT.

The white material is the perennial dry ice cap overlaying a water ice cap of larger size.

NASA also released several other images taken during the fly-by, including a close-up of the 290-mile-wide Huygens Crater, located in the Martian southern cratered highlands.

The pictures reveal no significant science, but they prove once again that Psyche’s cameras are working and the spacecraft is pointing accurately.

1 comment

Contractor dies at Boca Chica falling eight feet from scaffold

3:16 pm

A worker at SpaceX’s Boca Chica facility died on May 15, 2026 after falling eight feet from a scaffold.

A 25-year-old man died after falling 8 feet from a scaffold at a SpaceX facility, according to Justice of the Peace Mary Esther Sorola.

The Cameron County Sheriff’s Office first confirmed the death and said it happened on Friday, May 15. The man has been identified as Jose Bautista from Donna. Sorola said Bautista was taken to Valley Regional Medical Center by a SpaceX ambulance. A preliminary autopsy report says he suffered blunt force trauma from the fall; he died at the hospital.

The Wall Street Journal calls the victim a “contractor”, not a SpaceX employee.

As is routine for such incidents, the Occupational Safety and Health Administration (OSHA) has begun an investigation.

This incident is likely unrelated to the more recent short delays in the 12th Starship/Superheavy test flight, as it occurred prior to those delays. It is also puzzling for someone to die from so short a fall. Either the height is incorrect, or some other factors must have been at play.

12 comments

May 19, 2026 Quick space links

2:39 pm

Courtesy of BtB’s stringer Jay. This post is also an open thread. I welcome my readers to post any comments or additional links relating to any space issues, even if unrelated to the links below.

4 comments
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