SpaceX generated $18.67 billion in revenue in 2025, driven largely by its Starlink satellite internet service, which brought in more than $11 billion, as reported by The Wall Street Journal. The company lost over $4.9 billion last year, with capital expenditures soaring to $20.7 billion last year, a leap from $11.2 billion in 2024, as reported by The New York Times. xAI, which recently merged with SpaceX, lost billions last year, while growing revenue by 22 percent, according to TechCrunch.
For months, rumors have swirled that SpaceX was preparing a historic market debut, with whispers of a $1.75 trillion valuation and a record-shattering $75 billion raise. Now that the paperwork is public, we finally have our first real look at the financials behind the company that normalized reusable rockets, built a space internet monopoly, and absorbed Musk’s xAI and the dredges of Twitter into its orbit.
It also says its “substantial level of indebtedness could materially adversely affect our financial condition.”
According to the WSJ, Musk’s supervoting shares will give him 85 percent control over the company. In addition to Musk, SpaceX president Gwynne Shotwell, and CFO Bret Johnson, the SEC filing lists several other members of SpaceX’s board of directors, including Google executive Donald Harrison, Tesla board member Ira Ehrenpreis, as well as investors Randy Glein, Antonio Gracias, Steve Jurvetson, and Luke Nosek.
SpaceX currently leads the industry in commercial space launches, with its massive Starship V3 rocket scheduled for flight on Thursday following a delay. The document repeatedly brings up establishing “orbital AI compute” by putting servers in space as a massive opportunity for revenue and one that it is uniquely positioned to deliver. In January, SpaceX asked the Federal Communications Commission for permission to launch one million data center satellites into space to support a growing AI buildout.
It’s telling investors that SpaceX believes it has “identified the largest actionable total addressable market (TAM) in human history,” potentially worth $28.5 trillion, with $370 billion from space, $1.6 trillion in connectivity with Starlink Broadband and Starlink Mobile, and $26.5 trillion in AI, which includes AI infrastructure, subscriptions, advertising, and $22.7 trillion in enterprise applications.
The S-1 also says that in 2025, xAI earned $3.2 billion in revenue but had a $6.4 billion loss from operations, as noted by TechCrunch. And Anthropic, as part of its compute deal with “SpaceXAI”, is paying the company $1.25 billion per month through May 2029, per the filing and as reported by Axios.
Update, May 20th: Added details about xAI’s revenue and Anthropic’s payments.
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