Famously secret about its finances, SpaceX opens its books for the first time
Famously secret about its finances, SpaceX opens its books for the first time
以财务保密著称的 SpaceX 首次公开账目
After nearly a quarter of a century operating as a private company, with its financial accounts a closely guarded secret, SpaceX on Wednesday afternoon released a detailed accounting of its business in a nearly 400-page S-1 filing with the US Securities and Exchange Commission.
在作为一家私营公司运营了近四分之一个世纪，且财务账目一直被严密保护的情况下，SpaceX 于周三下午向美国证券交易委员会（SEC）提交了一份近 400 页的 S-1 注册文件，详细披露了其业务账目。
SpaceX, founded in 2002 and still led by Elon Musk, submitted the filing in anticipation of an initial public offering (IPO) of its stock as soon as June 12. The document revealed no major surprises about the company’s space operations, but there was a trove of details about its sprawling operations, which now encompass launch, spaceflight, space-based Internet, and, thanks to its recent acquisition of Musk’s xAI, social media and AI.
SpaceX 由埃隆·马斯克（Elon Musk）于 2002 年创立并至今仍由其领导，此次提交文件是为了筹备最早于 6 月 12 日进行的首次公开募股（IPO）。该文件在太空业务方面并未透露重大意外信息，但提供了大量关于其庞大业务版图的细节，这些业务目前涵盖了发射、航天飞行、天基互联网，以及得益于近期收购马斯克旗下 xAI 公司而涉足的社交媒体和人工智能领域。
The company reported revenues of $18.67 billion in 2025, up significantly from $14.02 billion the year before. However, after turning a small profit in 2024, the company lost $4.94 billion in 2025 largely due to spending on artificial intelligence development.
该公司报告 2025 年营收为 186.7 亿美元，较前一年的 140.2 亿美元大幅增长。然而，在 2024 年实现小额盈利后，公司在 2025 年亏损了 49.4 亿美元，这主要归因于在人工智能开发上的投入。
That’s a big market you’ve got there
巨大的市场潜力
SpaceX projects a “total addressable market,” or TAM, of $28.5 trillion across its present and future offerings in space, data, and AI services. However, of this amount, only about $2 trillion is directly related to space or the company’s Starlink network. The remaining $26.5 trillion is believed to come from AI, largely from enterprise applications.
SpaceX 预计其在太空、数据和人工智能服务领域的现有及未来产品，其“潜在市场总额”（TAM）高达 28.5 万亿美元。然而，在这笔金额中，仅有约 2 万亿美元与太空或公司的星链（Starlink）网络直接相关。其余 26.5 万亿美元被认为来自人工智能，主要源于企业级应用。
“We believe we have identified the largest TAM in human history,” the company states on page 171 of the filing. “We believe our next trillion-dollar market is AI compute, which we contemplate will leverage our rockets and satellites for massive orbital deployment.”
“我们相信我们已经确定了人类历史上最大的潜在市场，”该公司在文件第 171 页写道。“我们认为我们的下一个万亿美元市场是人工智能计算，我们计划利用我们的火箭和卫星进行大规模的轨道部署。”
Compensation details
薪酬细节
The document includes some interesting details about the company’s leadership. After the IPO concludes and SpaceX becomes a public company, Musk will retain 85.1 percent of the “combined voting power” in leading SpaceX. He will serve as the company’s chief executive officer and chairman of the board of directors. It will be very difficult to remove him from this position.
该文件包含了一些关于公司领导层的有趣细节。在 IPO 完成且 SpaceX 成为上市公司后，马斯克将保留 SpaceX 85.1% 的“合并投票权”。他将继续担任公司首席执行官和董事会主席。要将他从这些职位上撤换将非常困难。
Musk’s salary in 2025 was $54,080, a value tied to California’s minimum salary for exempt employees. Gwynne Shotwell, president and chief operating officer of the company, received a salary of $1.08 million in 2025, but including stock awards, her total compensation was valued at $85.8 million.
马斯克 2025 年的薪水为 54,080 美元，这一数值与加州豁免员工的最低工资标准挂钩。公司总裁兼首席运营官格温·肖特韦尔（Gwynne Shotwell）2025 年的薪水为 108 万美元，但如果计入股票奖励，她的总薪酬价值为 8580 万美元。
The S-1 filing notes that Musk has served as an advisor to President Trump and alludes to the possibility that changes in politics might materially affect the company’s future. “The current political environment in the United States is highly polarized, and shifts in the composition of the US Congress or changes in the presidential administration can result in significant changes in government spending priorities, regulatory posture, and the allocation of contracts and resources across industries and programs,” the filing states.
S-1 文件指出，马斯克曾担任特朗普总统的顾问，并暗示政治变动可能会对公司未来产生重大影响。文件中写道：“美国当前的政治环境高度两极分化，美国国会构成的变化或总统政府的更迭，可能导致政府在支出重点、监管立场以及各行业和项目的合同与资源分配方面发生重大变化。”
The space business
太空业务
There is relatively little new information in this document about the company’s launch business. For example, there is no breakdown of the Falcon 9’s internal launch cost (believed to be about $15 million per launch) relative to the base public price of $74 million. As for the larger Starship vehicle, the filing states that SpaceX aims to reduce the price per kilogram to orbit to at least $185.
该文件关于公司发射业务的新信息相对较少。例如，文件中没有披露猎鹰 9 号（Falcon 9）的内部发射成本（据信约为每次发射 1500 万美元）与其 7400 万美元的基础公开价格之间的明细。至于更大的星舰（Starship）运载工具，文件称 SpaceX 的目标是将每公斤入轨成本降低至至少 185 美元。
The filing also acknowledges the significant work that SpaceX has yet to complete with Starship to make it a fully reusable rocket capable of delivering large payloads to the Moon and Mars. “These systems involve significant technological, engineering, and operational challenges, including the need to develop habitable transportation and surface environments, and perform complex in-orbit operations,” the document states.
文件还承认，SpaceX 在星舰项目上仍有大量工作需要完成，才能使其成为能够向月球和火星运送大型载荷的完全可重复使用火箭。文件中写道：“这些系统涉及重大的技术、工程和运营挑战，包括需要开发可居住的运输和表面环境，并执行复杂的在轨操作。”
The AI business
人工智能业务
By staking its future on AI, SpaceX makes the case that it is the best-placed company to build a massive constellation of orbital data centers. “We believe we are the only company with a commercially viable path to building orbital AI compute at scale,” the filing states. “This is underpinned by our unique ability to launch substantial mass into orbit cost efficiently through reusable rockets and manufacture secure, reliable, and high performance satellites at low cost and high volume.”
通过将未来押注于人工智能，SpaceX 论证了它是最有能力构建大规模轨道数据中心星座的公司。“我们相信，我们是唯一一家拥有商业可行路径来大规模构建轨道人工智能计算的公司，”文件指出。“这得益于我们通过可重复使用火箭以高成本效益将大量载荷送入轨道的独特能力，以及以低成本、大批量制造安全、可靠且高性能卫星的能力。”
SpaceX said it expects to begin deploying its orbital AI compute satellites as early as 2028. This company, founded with an initial goal of launching a small rocket known as the Falcon 1, has come a long way since its humble beginnings. It has become the world’s most accomplished launch company and annually puts about 80 percent of the world’s mass into orbit.
SpaceX 表示，预计最早将于 2028 年开始部署其轨道人工智能计算卫星。这家最初以发射名为“猎鹰 1 号”的小型火箭为目标的公司，自卑微起步以来已经走过了漫长的道路。它已成为世界上成就最高的发射公司，每年将全球约 80% 的载荷送入轨道。