SpaceX prospectus shows consolidated financials for SpaceX, xAI and Starlink:
xAI operating loss widened to $6.4 billion last year from $1.56 billion in 2024
and $3.97 billion in 2023; cash and equivalents rose to $24.8 billion at
end-2025 from $11.4 billion in 2024; total assets reached $92 billion and
liabilities $50.8 billion; Starlink operating income jumped to $4.42 billion
from $2 billion in 2024 and $469 million in 2023; Elon Musk and insiders will
retain voting control post-IPO via a dual-class structure.
