SpaceX’s IPO Filing Shows Elon’s Twitter ‘Business Genius’ Was A Fantasy
Summary
SpaceX's IPO filing discloses combined financials for X (formerly Twitter) and xAI, revealing actual revenue and subscriber figures far below the projections Elon Musk showed investors. The S-1 reports roughly $3.2 billion in combined 2025 revenue, only 4.4 million X Premium subscribers (6.3 million paid including Grok), and AI operations that lost over $6 billion. Payments (Money) only entered beta in November 2025, missing earlier revenue timelines, and ad revenue remains well under the targets Musk pitched. The filing suggests the IPO valuation may paper over operational shortfalls and still reward early investors despite the business underperformance.
Funding
Amount
$1.0B
Total raised
Date
April 14, 2022
Announcement date
Investors
Oracle Financial Services, x.ai, Andreessen Horowitz
Lead investors
Company
x.com
Funded company
Classifications
industries
No industries detected
applications
Calendar, Scheduling
AskAI Classifications
Labels
Generative AI
Developer Tools
AI Platform
Linked Companies
xAI
$10M to $25M