SpaceX filed an S-1 with the SEC; the extracted page is an EDGAR rate-limit block, so all financials below come from HN commenters citing the document.
Key Takeaways
SEC EDGAR blocks automated fetches exceeding 10 requests/second; direct S-1 content was not retrievable via the linked URL.
The filing is publicly available on SEC.gov via EDGAR; manual access or a declared user-agent is required to download it.
SEC policy allows IP blocks for excessive automated requests, with a 10-minute cooldown before access resumes.
Hacker News Comment Review
Commenters pulled key financials: 2025 revenue $18.7B, operating loss -$2.6B, net loss -$4.9B, EBITDA $6.6B, capex $20.7B – losses are worse than many expected at a rumored $1T+ valuation.
Starlink/Connectivity is the real business: $11.4B revenue and $4.4B operating income, but commenters warn launch costs can be shifted between segments, making standalone Starlink profitability hard to verify.
The S-1 apparently contains 773 mentions of “AI” vs 148 of “rocket,” and claims a $28.5T TAM including $26.5T for AI, which commenters widely mocked as unserious.
Anthropic is paying SpaceX $1.25B/month through May 2029 for compute on Colossus and Colossus II, a concrete revenue line that partially offsets the loss picture.
Notable Comments
@impulser_: Anthropic deal covers both Colossus and Colossus II at $1.25B/month, raising questions about whether xAI/Grok still has dedicated capacity.
@pu_pe: “148 mentions of ‘rocket’. 773 mentions of ‘ AI ‘“ – the document’s framing in one line.
@kentm: Notes xAI and Twitter being rolled into SpaceX as a material concern on top of already stretched fundamentals.
