SpaceX’s newly released investor prospectus has offered the public its clearest look yet at the finances, ambitions and internal workings of Elon Musk’s flagship company ahead of its planned $1.75 trillion stock market debut next month.
Beyond revealing new details about revenue, losses and operating costs, the 300-page filing also contains a series of unusual disclosures, sweeping philosophical statements and warnings tied to the broader Musk business empire.
As SpaceX prepares for what could become the largest IPO in U.S. history, several details buried in the filing have drawn particular attention.
SpaceX spent roughly $131 million on Tesla Cybertrucks
The filing shows that SpaceX conducted substantial business with Tesla in recent years, spending hundreds of millions of dollars on products from Elon Musk’s electric vehicle company.
While most of that spending involved Tesla’s Megapack battery systems — totaling $506 million in 2025 and $191 million in 2024 — SpaceX also disclosed major purchases of Cybertrucks.
According to the prospectus, SpaceX acquired approximately $131 million worth of Cybertrucks during 2025 at manufacturer suggested retail pricing, which ranges from about $69,900 to $99,900 depending on configuration.
Based on those prices, the filing suggests SpaceX may have purchased at least 1,300 vehicles.
Industry sales data indicated Tesla sold 20,237 Cybertrucks last year, meaning SpaceX represented a notable portion of overall Cybertruck demand.
Prospectus repeatedly references humanity’s future beyond Earth
Throughout the filing, SpaceX repeatedly emphasizes its long-term objective of building permanent settlements on the Moon and Mars as part of a broader effort to expand human civilization beyond Earth.
“By moving beyond the only home we have ever known, we ensure species-level redundancy and that the light of consciousness will not be tied to a single planet subject to the inevitable hazards of a harsh and vast universe,” the prospectus says. “We do not want humans to have the same fate as dinosaurs.”
The document also includes what appears to be an AI-generated image depicting daily life on Mars, featuring families living among geodesic domes, solar panels and rocket launches.
These ambitions are directly linked to Musk’s compensation package. The filing states Musk would receive an award of one billion shares if SpaceX succeeds in establishing “the establishment of a permanent human colony on Mars with at least 1 million inhabitants”.
The filing also warns investors that achieving SpaceX’s broader mission — including understanding the “true nature of the universe” — may prove extremely difficult.
“We face a number of challenges relating to our business and growth strategy and, ultimately, the achievement of our mission to make life multiplanetary, understand the true nature of the universe, and extend the light of consciousness to the stars,” the prospectus reads.
Filing highlights legal and regulatory concerns surrounding Grok
The risk disclosure section also references multiple legal investigations, lawsuits and controversies involving Musk’s artificial intelligence company xAI, which SpaceX acquired earlier this year.
One section specifically warns that Grok’s “spicy” and “unhinged” modes could increase the risk of generating harmful or problematic material, including “the generation of potentially explicit content and misinformation or deceptive outputs, potential nonconsensual or exploitative imagery, intellectual property infringement, or content that could be viewed as exploitative, harmful, harassing, abusive, or discriminatory”.
The filing additionally states that the company is facing multiple domestic and international investigations related to allegations that Grok generated nonconsensual imagery.
According to estimates cited in the article, Grok created more than three million sexualized images over an 11-day period earlier this year before restrictions were tightened. The chatbot also reportedly acknowledged generating images involving “minors in minimal clothing”.
Several lawsuits have since been filed alleging the company profited from exploitative or abusive content involving minors.
SpaceX spending on Musk’s personal security continues to rise
The filing also revealed growing expenditures related to Elon Musk’s personal security arrangements.
According to the prospectus, SpaceX spent approximately $2 million on Musk’s security in 2023, $3 million in 2024 and $4 million during 2025. The company also disclosed an additional $1 million in security-related expenses during the first quarter of 2026 alone.
Musk has frequently spoken publicly about threats to his safety, particularly during periods of heightened political visibility connected to his government efficiency initiatives and criticism of federal agencies.
Filing warns profitability may never be achieved
Among the various risk factors disclosed to investors, SpaceX also cautioned that the company may never become consistently profitable.
The filing revealed losses of $4.9 billion during 2025 and an additional $4.3 billion in losses during the first quarter of the current year, driven by enormous spending on experimental technologies, infrastructure and expansion projects.
“We have a history of net losses and may not achieve profitability in the future,” the prospectus states.
Elsewhere, the company acknowledged that many of its technologies and long-term projects remain highly speculative and may ultimately fail despite requiring significant investment.
“Many of the innovative products and services described elsewhere in this prospectus may ultimately be unsuccessful and may require great expense.”