We reported on SpaceX’s continued C-suite shakeups as the company prepared to court investors, including executive changes tied to xAI and the company’s push to clean up its financial profile ahead of the IPO.

Our reporting showed how much SpaceX depends on Starlink, which generated $11.4 billion in revenue last year, accounting for roughly 61% of SpaceX’s total revenue.

We revealed the Wall Street jockeying behind SpaceX’s IPO, internally known as “Project Apex,” including the competition among top banks to lead what became a record-breaking offering.

We reported on the compensation structure that could give Musk another massive payday if SpaceX reaches ambitious milestones, including a far higher market cap and major progress in orbital data centers.

We reported that Starlink’s subscriber growth came alongside falling average revenue per user, showing that even SpaceX’s strongest business faces competitive and pricing pressure.

Our reporting showed how xAI changed SpaceX’s financial profile, adding a new layer of risk to a company already defined by capital-intensive bets across rockets, satellites and AI.

Our reporting broke down who stood to benefit most from SpaceX’s IPO, including early backers such as Founders Fund and Valor Equity Partners.

After obtaining drafts of SpaceX’s confidential S-1 prospectus, we analyzed the details investors would be watching closely, from financial performance to governance and the company’s growing ties to AI infrastructure.

Our latest reporting confirmed SpaceX was seeking a $1.75 trillion valuation, moving the IPO from buildup to market reality.

Goldman Sachs forecasts shared with prospective investors show SpaceX could burn $350 billion in cash through 2030, largely for its AI buildout, and may need to raise more capital as soon as next year.

Bret Johnsen has spent more than a decade behind the scenes at SpaceX. Now, the company’s low-profile CFO is helping steer one of the wildest IPOs Wall Street has seen.