SpaceX has disclosed in its confidential IPO paperwork that it has poured more than $15 billion into developing Starship, which aims to expand capacity and pursue longer-range missions, including crewed exploration goals.

"We have continued to invest significantly in further increasing our lead by pursuing full and rapid reusability at ​scale, including investing over $15 billion in our next-generation rocket, Starship," SpaceX wrote in the confidential IPO registration document, as reported by Reuters.

In comparison, SpaceX spent approximately $400 million developing Falcon 9, the world's first orbital-class reusable rocket.

SpaceX told investors it expects to start flying its V3 Starlink satellites in the second half of 2026. The company said the vehicle's payload section can carry as many as 60 of the upgraded satellites per launch.

SpaceX is preparing for its first Starship test flight since October, the longest gap between launches for the program, and plans to debut the Starship V3 prototype.

In a video posted on X, Charlie Cox, Starship engineering director, said, "Version 3 is basically a clean-sheet design of the ship."

The updated vehicle is aimed at orbital operations, longer on-orbit tests and NASA-related lunar objectives under the Artemis program. NASA has paid SpaceX at least $3 billion.

Kent Chojnacki, deputy manager of NASA's Human Landing System program, said, “That Version 3 is what HLS is going to be based on,” and added, “A lot’s gonna be dependent on this first flight.”