SpaceX's debt soared to $23 billion last year.

The prospectus for the IPO shows that SpaceX's debt scale increased by nearly two-thirds last year, with total debt climbing from $14 billion in 2024 to around $23 billion by the end of 2025. The substantial increase in debt this time is mainly due to its acquisition of the artificial intelligence company xAI, which added a significant financial burden to itself. The document shows that a large part of the new debt comes from a leasing agreement with Valor Equity Partners, which is used to purchase chips and other artificial intelligence infrastructure equipment for xAI. SpaceX records this lease as $4.5 billion in debt on its balance sheet. SpaceX openly admits in the risk section of the prospectus that its high levels of debt may have adverse effects on its financial condition. SpaceX plans to sell approximately $75 billion worth of shares in this IPO, with the final issuance amount adjusted based on market investment demand.