SpaceX IPO: S1 Breakdown
SpaceX is going public, and Elon’s trillion dollar stock award only fully vests if there is a self-sustaining human colony of one million people on Mars.
“Our mission is to build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars.”
It felt ambitious when MongoDB said they wanted to build a NoSQL document-oriented database in their IPO prospectus. It feels jarring to hear SpaceX wants to put people on mars and expose the secrets of the universe (passes joint to the left). I'm just trying to get my kids to daycare on time tomorrow. And you drop this S1 on a Wednesday evening right after dinner and bath time. Save some ambition for the rest of us.
So back to the Mars thing. I am not exaggerating for effect (affect?). It is right there on page 235 of the S-1...
“Just need to grow a million potatoes to clear the next vesting tranche”
That's the cleanest thing in the filing. Wait until you see what they did with the accounting.
Auditor’s looking at this first thing in the morning
The company filing this S-1 is SpaceX, plus xAI, plus what used to be Twitter, all stuffed into one entity in February 2026 and presented as if they'd been one company since 2023. The accountants call this common-control accounting. Mr. Musk had a controlling interest in all three companies for all periods presented, so under GAAP you can recast the financials retroactively and combine them. Which they did.
So when you read "$18.7 billion in 2025 revenue," that is:
Rockets, plus
Starlink subscriptions, plus
X advertising, plus
Grok subscriptions… all in one bucket.
Same for the $2.6 billion operating loss, the $6.8 billion in operating cash flow, and the $20.7 billion in capex. The historical SpaceX-only numbers you may have seen reported in past leaks no longer exist as a clean comparable.
What Does SpaceX Do?
(Checks notes and takes a deep drag of cig)
TL;DR: Starlink is the part that makes money. xAI is the part that burns it. The launch business sits between them, mostly serving the other two.
SpaceX has been around for more than 20 years. Elon started it in 2002 with money from the PayPal sale, and the company has raised $11.9 billion in primary funding across 30 rounds since then. Thirty rounds. The reason it took thirty and not three is that going to space is expensive and the early years were mostly explosions.
The thing that made all of this possible was figuring out how to land the rocket and use it again. A Falcon 9 first-stage booster has now flown 34 times. It launches from Florida or California, and once it has burned through most of its fuel pushing the payload upward, the first stage separates from the second stage and falls back toward Earth. The second stage keeps climbing with the payload. The first stage relights its engines mid-fall, slows itself down, and lands upright on a floating drone ship in the Atlantic with a name like Of Course I Still Love You. Then a tugboat hauls the whole thing back to port, the booster gets refurbished, and it flies again, sometimes within weeks. The first time I watched this happen on a livestream with my kids I got goosebumps.
“SpaceX is the only company that has cracked the code on accessing space at scale, revolutionizing an industry characterized by decades of stagnation, risk aversion, and economically perverse cost structures.”
NASA estimated the first version of Falcon 9 in 2010 brought launch costs down to roughly $2,700 per kilogram from a historical industry average of $18,500. Falcon Heavy got it to about $1,400. Starship is designed to take another 99% off, if it works at commercial scale.
That falling cost curve allows the rest of the company to exist. You can't run a satellite broadband business if every launch costs $60 million per ton. You can't put a data center in orbit. You can't move a million people to Mars. The whole prospectus is a story about what becomes possible when you take a couple zeros off the price of getting to space.
In my simple mind, SpaceX is creating the railroad infrastructure for space. What they put on those rails (whether that’s satellites for broadband or AI datacenters) is anyone’s guess. (Insert corny ‘sky is the limit’ joke here).
The company reports in three segments.
Launch services. About $4 billion in 2025 revenue.
SpaceX builds and flies rockets. Customers pay them to put stuff in orbit. The pricing is shockingly transparent.
The active vehicles are Falcon 9, Falcon Heavy, and Dragon (the crew capsule, which has carried 78 astronauts since 2020). Starship is the next-generation vehicle, still in test flights, supposed to start delivering commercial payloads later this year.
Customers are NASA, the Department of Defense, the National Reconnaissance Office (sounds like a very large lost and found), and commercial satellite operators.
In 2025 they flew 11 of 12 National Security Space Launch missions and all five U.S. crew and cargo missions to the International Space Station.
They control about 85% of global launches.
Starlink. About $11.4 billion in 2025 revenue, growing 50% a year, at 63% EBITDA margins.
This is the Netflix of satellite internet. You buy a kit, pay a monthly fee, get broadband anywhere on Earth.
9,600 satellites in orbit. 10.3 million subscribers across 164 countries. I have one in my house in case I ever have to leave my house. I used it to close an M&A transaction in the Botswana jungle.
The fastest-growing piece is the B2B side: airlines, cruise ships, oil rigs, enterprise IT, government emergency response.
Since 2023, no enterprise customer paying more than $750K a year has voluntarily cancelled.
xAI and X. About $3.2 billion in 2025 revenue. Lost $6.4 billion on operations.
This is the AI and social media piece. SpaceX bought xAI in February of this year. xAI had previously bought Twitter in March of 2025.
Revenue comes from X advertising, Grok and X subscriptions, data licensing, and selling AI compute to outside customers.
so the same revenue line contains both ad dollars from vibrator companies on X and Grok subscriptions from Pentagon analysts running war-game simulations.
The business burns roughly $1 billion a month
Did you hear about the part where it burns $1 billion bucks a month
The COLOSSUS supercomputer in Memphis is a one-gigawatt cluster, the largest coherent AI training facility on Earth.
The growth plan involves putting a version of it in orbit, where solar power is constant. The sun is hot.
“We believe AI infrastructure in space can utilize the virtually limitless power of the Sun.”
Key Stats
Total Revenue (FY2025): $18.7 billion, +33% Y/Y
Up from $14.0 billion in 2024 and $10.4 billion in 2023.
Q1 2026 came in at $4.7 billion, which annualizes to roughly $19 billion before any back-half ramp.
Reminder: these numbers include xAI and X, recast retroactively under common-control accounting.
Segment mix:
Connectivity (Starlink): $11.4 billion, +50% Y/Y.
61% of total revenue. Consumer broadband at $7.2 billion (up 49%), enterprise and government at $4.2 billion (up 51%).
Space (launch services): $4.1 billion, +8% Y/Y.
22% of revenue. Looks like slow growth but the launch business is increasingly being used to put up Starlink and AI satellites, which don't show up as Space revenue.
This product line makes the rest possible.
AI (xAI + X): $3.2 billion, +22% Y/Y.
17% of revenue. The headline growth rate hides the fact that X advertising shrank year-over-year.
Grok subscriptions and AI infrastructure sales are doing the lifting.
Adjusted EBITDA (FY2025): $6.6 billion
Starlink alone generated $7.2 billion of segment EBITDA at 63% margins.
The launch business contributed $653 million.
xAI dragged the consolidated number down by $1.2 billion.
Loss from operations (FY2025): ($2.6 billion)
Q1 2026 alone lost $1.9 billion on operations
The biggest line item dragging this down is xAI compute depreciation, which runs fast because GPUs lose value quickly.
Capital expenditures (FY2025): $20.7 billion
AI: $12.7 billion. Mostly COLOSSUS and COLOSSUS II buildouts.
Connectivity: $4.2 billion. Satellite manufacturing and launch capitalization.
Space: $3.8 billion. Mostly Starship development.
Q1 2026 capex was $10.1 billion in a single quarter.
Operating cash flow (FY2025): $6.8 billion
Sounds great until you put it next to $20.7 billion in capex.
The $14 billion gap got funded with debt and preferred equity raises.
Remember the 30 fundraises?
Cash on hand:
$24.7 billion at year-end 2025.
$15.9 billion at March 31, 2026.
Down $8.8 billion in a single quarter.
Debt outstanding: $29.1 billion
Includes a March 2026 bridge loan from Morgan Stanley.
Interest expense was $1.9 billion in 2025.
Backlog: $28.4 billion
Multi-year launch contracts and enterprise Starlink deals. Consumer Starlink subscriptions aren't in there because they bill monthly.
$12.1 billion already sitting on the balance sheet as deferred revenue.
About a third recognized within the next 12 months.
Starlink subscribers: 10.3 million
Up from 4.4 million a year prior. More than doubled.
Across 164 countries.
ARPU dropped from $81 monthly in 2024 to $66 in Q1 2026, even as the subscriber count doubled. More on that later.
Launch operations:
170 launches in 2025.
2,213 metric tons to orbit, more than 80% of the world's total.
99%+ mission success rate across roughly 650 cumulative Falcon launches.
One Falcon 9 booster has now flown 34 times.
Target valuation: $1.5 to $1.75 trillion
Plans to raise $50 to $75 billion in primary capital at this offering.
The largest IPO in U.S. history. The previous record was Saudi Aramco at $29 billion of capital raised.
Targeting roughly 30% retail allocation. Typical IPO is 10% or less.
Also, Tesla’s market cap is around $1.3 trillion at the moment, so smaller
CEO voting power post-IPO: 85.1%
Class B shares get 10 votes per share. Musk holds 93.6% of Class B.
Controlled company under Nasdaq rules. SpaceX is opting out of the independent board requirement.
The Starlink Section (it’s late, not a creative title, IK)
“Connectivity infrastructure in space is designed to help everyone on Earth have access to education, healthcare, entertainment, and communications, and to enable people to overcome many traditional limits, such as physical and political borders.”
Starlink is the only part of SpaceX that makes money right now. It threw off $7 billion of segment EBITDA in 2025 at 63% margins on $11.4 billion of revenue. That cash is what funds Starship, xAI, and everything else in the prospectus that incinerates capital.
The subscriber count more than doubled in 2025, from 4.4 million to 8.9 million, and hit 10.3 million by the end of March 2026, across 164 countries. About three-quarters of all active maneuverable satellites in low-Earth orbit belong to SpaceX. There is no real second-place competitor.
The number that should make you uncomfortable though is the average revenue per subscriber per month. It was $99 in 2023. It was $66 in the first quarter of this year. That is a one-third decline in three years, with most of the drop happening in the most recent twelve months.
The S-1 explains why directly: international expansion into markets where $99 is too expensive, and the introduction of cheaper service tiers like the Starlink Mini residential plan. The price is dropping on purpose to grab subscribers in places that cannot afford the original price point.
To use an analogue, Netflix charges different amounts in different countries to match the purchasing power of consumers in the region.
That price drop only works if the cost of adding each new subscriber drops faster than the price does. I think it probably does, at least for now. The expensive part of this business is putting satellites in space, and the satellites are already up there. And the factory that makes more of them is already running. Once a customer in a new country plugs in a dish and starts paying, they are pure margin until the satellites above them run out of capacity, which is a problem SpaceX keeps solving by launching bigger satellites. The next generation can carry roughly twenty times the bandwidth of the current one to orbit on the same rocket.
The customer mix is also moving toward higher-quality revenue. Consumer broadband revenue grew 49% in 2025 to $7.2 billion. Enterprise and government revenue grew 51% to $4.2 billion. The enterprise side has gross margins above the consumer side and churn that is essentially zero. Since 2023, no Starlink enterprise customer paying more than $750,000 a year has voluntarily cancelled. That number is so unusual in consumer-adjacent infrastructure that I had to read it three times to make sure I was understanding the disclosure correctly. The customers are United Airlines, Carnival Cruises, Maersk, John Deere. They cannot afford to switch, and there is nobody to switch to.
There is also the EchoStar deal, which is how Starlink eventually gets into the cell phone in your pocket. SpaceX agreed in late 2025 to buy roughly $20 billion of wireless spectrum from EchoStar in cash and equity. The FCC cleared the transaction in May 2026 and it is expected to close in November 2027. Spectrum is what lets Starlink connect directly to a phone without a Starlink dish in between. Without the EchoStar deal, the direct-to-phone product is limited to texting and emergency messaging. With it, the same dish-free service can carry actual broadband.
I have a Starlink dish in my house. I pay $120 a month for it and it has not gone out in two years. My in-laws have one at their cabin, my neighbor has one on his sailboat, and I used mine to close an M&A deal from a tent in Botswana. The next 10 million subscribers will not look like me. They will look like a family in Nairobi paying $25 a month for a connection that powers a village clinic. Each of them adds less revenue than I do. But each one will cost less to serve as the infrastructure is amortized over a larger base.
At 10 million subscribers and $66 ARPU, Starlink is already generating $7 billion of segment EBITDA.
At 30 million subscribers and $50 ARPU, with constellation costs roughly flat, the math gets you something close to $18 billion.
At 50 million subscribers and $40 ARPU, you are north of $25 billion.
The bear case is that ground operations and customer support costs scale linearly with subscribers rather than asymptotically, in which case the margin compresses from 63% toward something more like a regulated utility, and a lot of the IPO valuation compresses with it.
About that consolidated entity
The financials in this S-1 are not really SpaceX. They are SpaceX plus xAI plus what used to be Twitter, mashed together and recast back to 2023 as if they had always been one company. The accounting term is common-control accounting. When one person controls multiple companies and combines them, GAAP treats it as a reorganization, not an acquisition.
There is no purchase price allocation, no goodwill, and no clean before-and-after. The reader gets one set of numbers and is asked to take it whole. The 2024 revenue line everyone is going to quote includes a full year of Twitter advertising. The 2024 R&D line is mostly xAI compute, not Starship development. None of the prior SpaceX leaks compare to anything in this document.
Where it gets uncomfortable is the related-party section, which runs nine pages.
Antonio Gracias sits on the SpaceX board and runs Valor Equity Partners, which manages $55 billion across a fleet of funds.
Valor is also a major shareholder, holding around 7% of the Class A common stock through dozens of affiliated entities.
The unusual part is that xAI subsidiaries have signed three separate equipment lease agreements with Valor for aggregate cash payments of $6.986 billion, $6.633 billion, and $6.587 billion ($20.2B total)
SpaceX is the guarantor on all three.
The S-1 does not specify what equipment is being leased, but the timing and the dollars say it is the GPU clusters sitting inside COLOSSUS. Valor's CEO sits on the SpaceX board.
The SpaceX board approved the SpaceX guarantee.
Then there is Tesla, which Musk also runs.
xAI bought $506 million of goods and services from Tesla in 2025 and another $34 million in the first two months of this year.
SpaceX bought another $144 million.
Tesla committed to invest in xAI in January, and when SpaceX acquired xAI a month later, that investment converted into a SpaceX equity stake.
The two companies are also working on a joint chip manufacturing project called Terafab, which the prospectus describes at length without specifying any timeline, capex, or milestones.
I have sat in audit committee meetings over a single $200,000 related-party transaction. The Tesla footprint here is north of $700 million in a single year.
There is also a security company owned by Musk that protects Musk and bills SpaceX for it.
There is office space that X leases from a Boring Company subsidiary, also owned by Musk.
There is property in another state that xAI leases from an entity called Musk Industries LLC.
There are SpaceX-owned aircraft that Musk uses to do Tesla business, with Tesla billed for the time.
The Cerebras's related-party section that I analyzed last week looked like the cap table of a Targaryen wedding. SpaceX makes Cerebras look like a tame holiday party at a local VFW.
Financials
When you put ten pounds of shit in a five pound bag
R&D: $8.6 billion, +149% Y/Y, 46% of revenue.
For comparison, Cerebras spent 48% of revenue on R&D last year. NVIDIA spent 12%.
About $3 billion of this is Starship development inside the Space segment.
The rest is mostly xAI compute depreciation, which is what happens when you buy $12 billion of GPUs that lose value fast.
SG&A: $2.6 billion, +46% Y/Y, 14% of revenue.
Modest for a company with 10 million consumer subscribers.
Starlink mostly sells itself. People in remote places want internet, and there is no other provider.
Restructuring charges: $487 million.
Up from $213 million in 2024.
The S-1 attributes it mostly to X. Letting go a lot of people at the company formerly known as Twitter is expensive.
Interest expense: $1.9 billion.
Tied to the $29 billion of debt outstanding.
Includes a $1 billion bridge loan from Morgan Stanley that closed in March 2026.
When your AI company requires more capex than your space rocket company
Operating cash flow: $6.8 billion.
All of it came from Starlink subscription billings collected up front.
Capex was $20.7 billion, so the $14 billion gap got funded with $26 billion of debt and preferred equity raised during the year.
Cash on hand:
$24.7 billion at year-end 2025.
$15.9 billion at March 31, 2026.
Down $8.8 billion in one quarter. Q1 capex was $10.1 billion.
Backlog: $28.4 billion.
$12.1 billion already collected as deferred revenue.
About a third recognized within the next 12 months.
The Starship line in R&D is the one to watch. If Starship slips another year, that $3 billion line goes up before any of the orbital AI compute or next-gen Starlink revenue starts ramping. The whole growth case sits on Starship working at commercial scale in 2026.
Potential red flags
bold creative choice to make the cover page of your Risk Factors section a massive explosion with balls of fire
1. The CEO comp award fully vests with a million people on Mars.
1 billion restricted Class B shares granted to Musk in January 2026.
Vests in 15 tranches.
Each tranche requires both a market cap milestone (from $500 billion up to $7.5 trillion) and the establishment of a self-sustaining human colony on Mars with at least one million people.
A separate 302 million share award vests at market caps from $1 trillion to $6.5 trillion plus the construction of non-Earth-based data centers delivering 100 terawatts of compute.
The board approved both awards in writing. LOL.
2. Starship is a big part of the growth case and has not flown a paying customer yet.
Starship is the next-generation rocket SpaceX is building, designed to be twice the size of Falcon 9 and fully reusable (the second stage comes back too, not just the first).
It is the only vehicle big enough to put V3 Starlink satellites, orbital data centers, or anything heading to the Moon or Mars into space at the scale and price SpaceX is selling.
11 test flights to date.
Commercial payloads scheduled to begin in the second half of 2026, per the prospectus.
V3 Starlink, orbital AI compute, the lunar economy, and the Mars colony from item #1 all require Starship to work at commercial scale.
The Space segment is running about $3 billion a year of Starship-specific R&D inside that segment's results, with no Starship revenue offsetting it.
SpaceX listed this as the top risk factor on its own list.
3. Musk is on every line of the org chart.
CEO, CTO, Chairman, 85% of the voting power.
Also CEO of Tesla, founder of The Boring Company, and the principal of xAI before the merger.
SpaceX owns aircraft that Musk uses for Tesla business, and SpaceX bills Tesla for the time.
A security firm owned by Musk is paid by SpaceX to provide his personal security.
Musk pledged 237,530 Class A shares as collateral against personal loans.
4. The Cursor option has a $10 billion downside if SpaceX walks.
In April 2026, SpaceX entered into a compute agreement and an option to acquire Cursor at $60 billion implied equity value.
If SpaceX terminates the option, or Cursor terminates for SpaceX material breach, SpaceX owes Cursor $1.5 billion in termination fees and $8.5 billion in deferred services fees.
The acquisition itself, if it happens, would be paid in SpaceX Class A stock.
5. The X advertising business is shrinking.
AI segment advertising revenue declined $100 million year-over-year in Q1 2026.
The S-1 attributes it to "an overhaul of the Company's advertising platform which impacted ad sales for a short period of time during the rebuild."
The advertising business inside the AI segment is the X (formerly Twitter) ad business, and it is going backwards while the rest of the segment grows.
Cap table and IPO structure
1. The mechanics of the offering.
Two classes of common stock. Class A gets 1 vote per share, Class B gets 10. Both trade after the IPO but only Class A is being sold.
6.93 billion Class A shares and 5.6 billion Class B shares outstanding pre-offering, after the 5-for-1 stock split SpaceX executed in May 2026.
Listed on both Nasdaq and Nasdaq Texas under the ticker SPCX. The Texas exchange is brand new and SpaceX is the marquee listing.
IPO range not disclosed in the S-1 (blanks in the filing). Secondary market transactions in Q1 2026 cleared at roughly $95 per share pre-split, implying a fully-diluted valuation of $1.2 trillion at the time.
Press reports have the target IPO valuation at $1.5 to $1.75 trillion. That would make this the largest IPO in U.S. history by a factor of roughly five. The previous record was Saudi Aramco at $29 billion of capital raised.
Plans to raise $50 to $75 billion in primary capital. Most of that goes to fund AI compute infrastructure, launch capacity, and Starlink build-out, per the use-of-proceeds section.
2. 30% of the offering is going to retail.
A typical IPO allocates 10% or less to retail investors. SpaceX is reserving roughly 30%.
The mechanism is a directed share program where the underwriters set aside Class A shares for sale at the IPO price to "employees of the Company and certain other designated individuals." Directed shares don't have lockups.
The decision creates a different kind of opening day. Three times the normal retail base, no lockups on those shares, and a stock that is already a Musk meme.
The Class A held by institutional and pre-IPO investors carries the usual 180-day lockup.
3. Index inclusion will force buying within weeks.
S&P 500 inclusion happens within 15 days for IPOs that meet the size threshold, which SpaceX clears by a factor of about 150.
Index-fund managers don't choose whether to buy. Once SPCX is in the index, every S&P 500 tracker has to hold it at its index weight.
At a $1.5 trillion market cap, the index weight would be roughly 3%, which is the kind of position that requires real selling elsewhere in the index to fund.
The same dynamic applies to 401(k) target-date funds, most large pension funds, and the bulk of corporate retirement plans.
4. Other major holders.
Antonio Gracias and Valor entities collectively hold about 7.3% of the Class A common stock, across the dozens of fund vehicles listed in the prospectus.
Tesla owns roughly 1% of the Class A shares post-IPO, the result of Tesla's January 2026 investment in xAI converting into a SpaceX equity stake when SpaceX bought xAI a month later.
Other named pre-IPO investors include Google, DFJ Growth, and a long tail of growth equity funds.
The Cursor acquisition, if SpaceX exercises the option, would be paid in Class A stock at the volume-weighted average closing price over the seven trading days before close. A stock pop on opening makes the deal more expensive in shares for SpaceX to consummate.
5. Underwriting bracket.
Goldman Sachs is lead-left.
The senior bracket includes Morgan Stanley, BofA, Citi, JPM, Deutsche Bank, RBC, UBS, Wells Fargo, and Barclays.
A second tier brings in Allen & Co., Cantor, Needham, Raymond James, Societe Generale, Stifel, and William Blair.
A third tier rounds out the cover with BTG Pactual, ING, Macquarie, Mirae Asset, Mizuho, and Santander.
22 underwriters total.
If 30% of the float goes to retail without lockups, and the rest gets vacuumed into S&P 500 trackers within two weeks, the price discovery in the opening month is happening between meme-stock buyers and forced index buyers, with very little real selling pressure on either side. That's an unusual setup, and it's where most of the post-IPO action probably comes from.
Valuation
“We believe that space represents the largest economic frontier in human history.”
The honest way to value SpaceX would be a multi-business comp ladder.
Starlink (recurring connectivity) is closer to T-Mobile or a tower REIT.
The launch business is closer to a defense prime like Lockheed or Northrop.
xAI is closer to a private frontier model lab.
Nobody would value Bloomberg by applying one multiple to the whole company. You would value the Terminal one way, the news operation another way, and the trading systems a third way. SpaceX is that, plus rockets, plus a satellite ISP, plus an AI lab, plus a social network.
For the sake of getting through this in one issue, the simpler version is one forward-revenue multiple against the public comps.
2026E revenue, growing each segment at its current rate (Connectivity 50%, Space 8%, AI 22%), lands at roughly $25 billion.
At a $1.5 trillion market cap, that's a 60x forward revenue multiple.
At $1.75 trillion, it's 70x forward revenue.
Where the public market currently is.
Median tech company: 3x forward revenue.
Top 10 within an index of 142 tech names I track: 14x.
Tesla: 14x.
NVIDIA: 18x.
Cloudflare: 25x.
Palantir: 36x.
Cerebras (which IPO'd a few months ago): 50x.
SpaceX is asking the market for somewhere between 1.2x and 1.4x the Cerebras multiple, on a company that loses $2.6 billion at the operating line.
At that multiple, you are not pricing 2026 results; you are pricing a 2030 outcome where Starlink is doing $40 billion of revenue, Starship is reusable at scale, and at least one of orbital AI compute or Mars optionality has started to print real numbers.
And, to be fair, you’re pricing the value of monopolistic space power.
What you are buying at $1.5 trillion is conviction that Musk delivers on a 2030 set of milestones the rest of the market has never priced for any single CEO before (how could it?)
Misc. stuff of note
1. The Nasdaq Texas listing.
SpaceX is dual-listing on Nasdaq and Nasdaq Texas under the ticker SPCX.
Nasdaq Texas is a brand new exchange that launched in 2025 in response to political pressure on companies leaving Delaware. SpaceX redomiciled to Texas in 2024 and moved its headquarters from Hawthorne, California to Starbase, Texas in early 2026.
Whatever you think of the exchange, hosting the largest IPO in U.S. history gives it real institutional credibility on day one.
2. The CFO's award works the way a CFO award should.
Bret Johnsen's 4 million performance-based options were amended in January 2026.
The new vesting is 371,125 options per $10 billion of adjusted EBITDA achieved during fiscal years 2025 through 2029, assessed annually.
Zero options vested based on 2025 performance.
Bret Johnsen has the only sane compensation plan in this filing, which says something about either Bret Johnsen or this filing.
3. Bitcoin is on the balance sheet.
SpaceX holds bitcoin as a treasury asset, marked to fair value based on quoted exchange prices.
The dollar amount isn't broken out in the summary, but it's referenced in the accounting policies section under "digital assets."
That puts SpaceX in a cohort of roughly a dozen large companies holding bitcoin directly on the balance sheet, alongside Tesla (also Musk), MicroStrategy, and Block.
Disclosures: None of this is investment advice. Do your own homework.
Wishing you an IPO with separated stages and a soft landing
CJ
