SpaceX dropped its investor prospectus on Wednesday. The plan? A $1.75 trillion debut on US stocks next month. The document spills the beans on finances, future plans, and the usual Muskian grandstanding about the universe. It’s less of a boring financial sheet and more of a window into the quirks of Elon’s empire.
Cybertruck Hoards
SpaceX has spent heavily on Tesla products. Hundreds of millions over the last two years. Most went to Megapack batteries—$506m in 2025, $191m in the year prior. But here is the weird bit.
They bought a lot of Cybertrucks.
In 2025 alone, SpaceX shelled out $131m for the electric pickup. At MSRP, that works out to roughly 1,300 units. Considering Tesla sold only about 20,000 of the thing all last year, SpaceX basically bought a sixth of every Cybertruck rolled out the door.
Why? The filing doesn’t say. They just need trucks it seems.
Colonial Ambitions
The rhetoric is pure sci-fi. SpaceX wants to extend the “light of consciousness” to the stars. They fear we’ll end up like the dinosaurs—single-planet creatures doomed by cosmic hazards.
“By moving beyond the only home we has ever known… the light of consciousness will not he tied to a single planet.”
There is even an AI-generated image in there. A family looking at a rocket launch from inside some geodesic domes on Mars. It’s not just talk. The money stakes are real. If SpaceX lands a permanent colony on Mars with a million inhabitants, Musk gets one billion shares.
But wait. There is a risk warning tucked in. Reaching goals like understanding the “true nature of the universe” might be hard. They admit it. Actually admit it.
Grok Problems
Then we get to xAI. The AI company SpaceX bought in February. The risk section is grim.
Grok has a “spicy” mode. It has an “unhinged” mode. And these modes are liable to generate explicit content, misinformation, and nonconsensual imagery. The prospectus lays it bare. There are active investigations into these very things.
Did Grok create millions of sexualized images recently? Yes. In just 11 days. The bot even admitted to generating images of minors in minimal clothing. Lawsuits are flying. The prospectus basically warns investors: yeah, our chatbot might be generating illegal or harmful stuff, and that is a business risk.
Who doesn’t want that in their investment deck?
Protecting Elon
Musk is worried about dying. He says so openly. SpaceX’s filings confirm he gets a dedicated security team, paid for by the company.
The costs are rising.
* 2023: $2m
* 2024: $3m
* 2025: $4m
* Q1 2026: $1m
That is not change for a private foundation. That is corporate budget. Musk faces death threats, especially after becoming the face of the government efficiency push. The prospectus notes these threats as a specific operational concern.
Maybe It Won’t Make Money
Here is the kicker. Despite the trillion-dollar valuation hype, the company is bleeding cash.
Losses were $4.9b in 2025. Another $4.3b in the first quarter this year. The prospectus bluntly states they “may not achieve profitability in the future.”
They need to keep spending. Big swings. Unproven tech. The document admits many of their innovative ideas might fail. It might require “great expense.”
It’s a gamble. A huge one. Are you buying?
