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Big TechSpaceX finally files IPO prospectus, reveals revenue is up–but losses are too

In a S-1 filing replete with glossy photos of rockets and space, SpaceX gave investors the first peek at its business financials and plans for a massive IPO.

By Allie Garfinkle and Alexei OreskovicMay 20, 2026
Samuel Corum/Getty Images
Big TechElon Musk’s proposed pay package in SpaceX’s IPO filing reveals what the company actually is: a $1 trillion monster built to colonize Mars
By Eva RoytburgMay 20, 2026
Jensen Huang, chief executive officer of Nvidia
AINvidia tells skeptical investors that AI is ready to go mainstream
By Ian King and BloombergMay 20, 2026
U.S. President Donald Trump arrives for a 'Rose Garden Club' dinner for National Police Week in the Rose Garden at the White House on May 11, 2026 in Washington, DC.
EconomyU.S. national debt officially hits $39 trillion—adding approximately $5 billion a day since October
By Eleanor PringleMay 20, 2026
Latest
Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year19 minutes ago
Legion Recharge Creatine Review (2026): Expert Tested1 hour ago
MacKenzie Scott gave away more than $7 billion last year—but her secretive style got her snubbed from a top donors list2 hours ago
Current price of Ethereum for May 21, 20262 hours ago
Antler CEO Magnus Grimeland says Silicon Valley doesn’t have a monopoly on tech: ‘People can innovate from almost anywhere’
AsiaAntler CEO Magnus Grimeland says Silicon Valley doesn’t have a monopoly on tech: ‘People can innovate from almost anywhere’
By Angelica AngMay 20, 2026
traffic
Future of WorkGoldman Sachs: The U.S. labor market is healthier now than when ChatGPT launched. Yes, really
By Nick LichtenbergMay 19, 2026
grantham
Big Tech‘Blood in the streets’: Legendary investor Jeremy Grantham pulls back the curtain on the AI wars to reveal a ‘brutal, competitive world’
By Nick LichtenbergMay 19, 2026
Yahoo Finance's AlphaSpace is live as of May 19.
InvestingExclusive: Yahoo Finance is building a Bloomberg Terminal for everyone else
By Nick LichtenbergMay 19, 2026
broker
InvestingAI is eating the market and Wall Street strategists have bubble brain as they debate: are we in 1997 or 1999?
By Nick LichtenbergMay 18, 2026
Women’s representation on boards of directors falls below 30%—but there’s one bright spot
NewslettersWomen’s representation on boards of directors falls below 30%—but there’s one bright spot
By Emma HinchliffeMay 18, 2026
trump
EconomyChina will remain an ‘incomplete superpower’ until it can catch up with U.S. financial might, market veteran says
By Jason MaMay 18, 2026
David Solomon
SuccessGoldman Sachs CEO David Solomon had 2 jobs as a teenager while also juggling 3 sports. Now, he’s telling Gen Z to stop wasting time
By Preston ForeMay 18, 2026
Newsletters
Term SheetBy Allie Garfinkle
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SpaceX’s IPO filing is full of surprises
Fortune TechBy Andrew Nusca
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Rollout complete: SpaceX files IPO prospectus
CEO DailyBy Diane Brady
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The SpaceX IPO is a referendum on Elon Musk and his plan to colonize Mars
MPW DailyBy Emma Hinchliffe
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What the DEI rollback says about corporate values, according to Dr. Bernice King
CIO IntelligenceBy John Kell
How 8,000 robots are changing work inside logistics giant DHL Supply Chain
CFO DailyBy Sheryl Estrada
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Indeed chief economist says execs are ‘overestimating the speed’ of AI transformation in the labor market
Fortune Workplace Innovation Summit
Clinical Psychologist Daniel Wendler
ConferencesA ‘proudly autistic’ workplace expert says putting neurodivergent employees in a typical office is like dropping a polar bear in Austin, Texas
By Tristan BoveMay 20, 2026
Pay transparency is exposing a bigger problem: Most companies can’t explain why they pay what they pay
Workplace CulturePay transparency is exposing a bigger problem: Most companies can’t explain why they pay what they pay
By Sydney LakeMay 20, 2026
Hiba Mona Anver, wearing a black and white striped dress, gestures with her hands as she speaks onstage.
North America80% of companies have an immigrant in a top leadership role—Trump’s visa crackdown is forcing them to make a ‘plan C,’ warns immigration expert
By Sasha RogelbergMay 20, 2026
Professor Jeff DeGraff.
Success‘We’ve given them the short end of the stick’: Business school dean says AI could eliminate many jobs for young people—even as they lead innovation
By Preston ForeMay 20, 2026
AI
allbirds
AIAllbirds’ 600% stock surge says a lot about how ‘AI washing’ became the new ‘greenwashing’
By Suvrat Dhanorkar and The ConversationMay 21, 2026
Microsoft lost its way in the AI race. Can Copilot get it back on course?
MagazineMicrosoft lost its way in the AI race. Can Copilot get it back on course?
By Jeremy KahnMay 21, 2026
Ex-Facebook exec Sheryl Sandberg tells Gen Z the 10-year career plan is dead thanks to AI:  ‘Don’t script your career when the future is uncertain’
SuccessEx-Facebook exec Sheryl Sandberg tells Gen Z the 10-year career plan is dead thanks to AI:  ‘Don’t script your career when the future is uncertain’
By Orianna Rosa RoyleMay 21, 2026
Jensen Huang, chief executive officer of Nvidia
AINvidia tells skeptical investors that AI is ready to go mainstream
By Ian King and BloombergMay 20, 2026
Term Sheet podcast
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This creator investor on the truth about the AI gold rush | Term SheetMay 13, 2026
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From a Palo Alto closet to $1 billion revenue: how Gusto cracked small business software | Term SheetMay 7, 2026
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How to raise a CEO: The "Godmother of Silicon Valley" Esther WojcickiApril 22, 2026
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The Startup Fighting to Save the American Farm with Modern FinanceApril 8, 2026
Video ThumbnailPlay51:28
How Winston Weinberg built his $11 billion AI Company | Term SheetMarch 18, 2026
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Why revenue is an outdated metric | Term SheetFebruary 18, 2026
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Chemistry cofounder: "more talented founders than ever" are moving into health care | Term SheetFebruary 4, 2026
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Exelon CEO on if our utilities can handle the AI boom | Term SheetJanuary 21, 2026
Success
Jeff Bezos
SuccessJeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
By Preston ForeMay 21, 2026
Photo of MacKenzie Scott
SuccessMacKenzie Scott gave away more than $7 billion last year—but her secretive style got her snubbed from a top donors list
By Sydney LakeMay 21, 2026
Ex-Facebook exec Sheryl Sandberg tells Gen Z the 10-year career plan is dead thanks to AI:  ‘Don’t script your career when the future is uncertain’
SuccessEx-Facebook exec Sheryl Sandberg tells Gen Z the 10-year career plan is dead thanks to AI:  ‘Don’t script your career when the future is uncertain’
By Orianna Rosa RoyleMay 21, 2026
elon
SuccessSpaceX IPO targets $28.5 trillion total addressable market, mission to ‘make life multiplanetary’ and understand ‘true nature of the universe’
By Nick LichtenbergMay 20, 2026
Energy
Current price of oil as of May 21, 2026
Personal FinanceCurrent price of oil as of May 21, 2026
By Joseph HostetlerMay 21, 2026
Girl doing backflip into the ocean.
Travel & LeisureYour ‘flexible hot girl summer’ is going to cost you
By Catherina GioinoMay 21, 2026
electrical transmission lines hang over a housing development on March 24, 2026 in Sylmar, California.
Energy2025 was a turning point for your electricity bill and it’s just getting more expensive from here. It’s not just data centers
By Tristan BoveMay 20, 2026
Prices at the pump hit $4 a gallon in all 50 states—just as summer driving season begins
EnergyPrices at the pump hit $4 a gallon in all 50 states—just as summer driving season begins
By Jordan BlumMay 20, 2026
From the Magazine
MagazineKen Griffin wants to reshape Miami—and maybe American politics

The mega-donor Republican is betting the Sun Belt is the future of American enterprise, and breaking with the president on trade and immigration.

By Shawn TullyMarch 31, 2026
Who owns ideas in the AI age?
MagazineWho owns ideas in the AI age?
By Francesca CassidyApril 8, 2026
Anthropic’s research shows that AI can already do a huge portion of many jobs; its top economist talks about how that could shape the future of work
MagazineAnthropic’s research shows that AI can already do a huge portion of many jobs; its top economist talks about how that could shape the future of work
By Matthew Heimer and Nicolas RappApril 7, 2026
Fortune Archives: Who gets a seat at the table?
MagazineFortune Archives: Who gets a seat at the table?
By Indrani SenApril 5, 2026
The Walmart billionaires next door: Quiet backlash is brewing against the heirs who remade the retailer’s hometown
MagazineThe Walmart billionaires next door: Quiet backlash is brewing against the heirs who remade the retailer’s hometown
By Jessica MathewsApril 3, 2026
Fortune Rankings
Fortune 100 Best Companies to Work For
Fortune 100 Best Companies to Work For
By FortuneApril 1, 2026
Fortune World's Most Admired Companies
World’s Most Admired Companies
By FortuneJanuary 21, 2026
Fortune 500 Europe logo
Fortune 500 Europe
By FortuneOctober 29, 2025
Fortune 500
Fortune 500
By FortuneJune 2, 2025
Leadership
Jeff Bezos
SuccessJeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
By Preston ForeMay 21, 2026
Photo of MacKenzie Scott
SuccessMacKenzie Scott gave away more than $7 billion last year—but her secretive style got her snubbed from a top donors list
By Sydney LakeMay 21, 2026
allbirds
AIAllbirds’ 600% stock surge says a lot about how ‘AI washing’ became the new ‘greenwashing’
By Suvrat Dhanorkar and The ConversationMay 21, 2026
The SpaceX IPO is a referendum on Elon Musk and his plan to colonize Mars
NewslettersThe SpaceX IPO is a referendum on Elon Musk and his plan to colonize Mars
By Diane BradyMay 21, 2026
Fortune Crypto Playbook
Crypto is entering its ‘collared-shirt’ era says Andreessen Horowitz partner Guy Wuollet
CryptoCrypto is entering its ‘collared-shirt’ era says Andreessen Horowitz partner Guy Wuollet
By Jeff John RobertsMarch 27, 2026
Trump’s memecoin does have a purpose: Access to the White House
CryptoTrump’s memecoin does have a purpose: Access to the White House
By Fortune EditorsMarch 20, 2026
Kraken co-CEO Arjun Sethi on why the crypto exchange’s new Fed master account access and NASDAQ partnership isn’t designed to ‘disrupt the banking system’
CryptoKraken co-CEO Arjun Sethi on why the crypto exchange’s new Fed master account access and NASDAQ partnership isn’t designed to ‘disrupt the banking system’
By Leo SchwartzMarch 13, 2026
Crypto industry could get its long-awaited bill as soon as July, says longtime D.C. insider
CryptoCrypto industry could get its long-awaited bill as soon as July, says longtime D.C. insider
By Jeff John RobertsMarch 6, 2026
Features
Photo of Marc Benioff
MagazineSalesforce CEO Marc Benioff turned his earnings call into a vodcast. Why other Fortune 500 CEOs might follow
By Rachel VentrescaMay 6, 2026
The American Express CEO defied haters who said he’d never have the top job—winning with millennials and Gen Z and trouncing the competition
MagazineThe American Express CEO defied haters who said he’d never have the top job—winning with millennials and Gen Z and trouncing the competition
By Shawn TullyMay 6, 2026
A Michigan farm town voted down plans for a giant OpenAI-Oracle data center. Weeks later, construction began
MagazineA Michigan farm town voted down plans for a giant OpenAI-Oracle data center. Weeks later, construction began
By Sharon GoldmanMay 6, 2026
Anduril CEO Brian Schimpf
MagazineInside Anduril: Meet the quiet engineer-CEO building America’s $31 billion weapons startup
By Allie GarfinkleMay 6, 2026
The AI Economy
MagazineHow EarthRanger uses AI to help protect endangered species—and boost the wildlife tourism industry

EarthRanger is an AI-integrated data visualization and analysis software platform that gives conservationists the real-time information they need to keep animals, habitats, and communities safe.

By Alexandra KirkmanMay 18, 2026
Photo montage of a person working on a laptop surrounded by tech imagery
AISolo founders are using AI to do the work of entire teams—but going it alone has limits
By Beatrice NolanMay 18, 2026
The smartphone’s days are numbered. Meet the device that could come next
AIThe smartphone’s days are numbered. Meet the device that could come next
By Alyson ShontellMay 18, 2026
Photo collage of people at work
AIAfter AI stole his clients, one Big Tech ghostwriter is using AI to get them back
By Sage LazzaroMay 18, 2026
Photo montage of machines that make up a car wash
AIHow a mom-and-pop car wash chain went from sticky notes to AI-powered operations that are upleveling every part of the company
By Sage LazzaroMay 18, 2026
Real Estate
Current ARM mortgage rates report for May 21, 2026
Personal FinanceCurrent ARM mortgage rates report for May 21, 2026
By Glen Luke FlanaganMay 21, 2026
Current refi mortgage rates report for May 21, 2026
Personal FinanceCurrent refi mortgage rates report for May 21, 2026
By Glen Luke FlanaganMay 21, 2026
Mortgage rates today, May 21, 2026
Personal FinanceMortgage rates today, May 21, 2026
By Glen Luke FlanaganMay 21, 2026
target
RetailTarget posts biggest jump in comparable sales in 4 years as turnaround takes shape
By Anne D'Innocenzio and The Associated PressMay 20, 2026
Great Place to Work Rankings
Fortune 100 Best Companies to Work For Southeast Asia 2025 logo
Fortune 100 Best Companies To Work For – Southeast Asia
By Fortune and Great Place To WorkDecember 1, 2025
Best Large Workplaces for Parents
Best Large Workplaces for Parents
By Fortune and Great Place To WorkNovember 18, 2025
World’s 25 Best Workplaces
World’s 25 Best Workplaces
By FortuneNovember 13, 2025
100 Best Large Workplaces for Women
100 Best Large Workplaces for Women
By FortuneOctober 23, 2025
Commentary
White HouseBy Jin Huang and Stephen Roll
Trump Accounts have a bigger problem than billionaire stock donations
RailroadsBy Brigham A. McCown
The U.S. freight network is broken by design. One merger could start fixing it
spaceBy Tejpaul Bhatia
SpaceX will be worth trillions, but the space station that made it possible is worth even more — if we don’t squander it
SoftwareBy Martin Casado and Abhishek Nagaraj
The 50-year-old law that governed every software company just broke. Here’s what replaces it
HealthBy FJ Campbell
A doctor shortage is coming. AI could be the only realistic fix
CongressBy Karen Kornbluh and Libby Rodney
Milken-Harris Poll: 80% of Americans want AI workforce programs now — and Washington hasn’t delivered
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