SpaceX Reveals It Has Been Losing Billions

Elon Musk's rocket company just gave the world a look at its long-mysterious finances. For the first time, SpaceX has disclosed detailed financials as it files to go public, revealing it swung from a $791 million profit in 2024 to a loss of more than $4.9 billion last year and almost $4.3 billion in the first quarter of this year, the New York Times reports. The hit came as capital spending almost doubled to $20.7 billion from $11.2 billion, with the company plowing money into artificial intelligence and other big-ticket projects.

• Revenue, however, surged 33% to $18.7 billion in 2025, showing how fast its core rocket launch and Starlink satellite internet businesses are growing. Around 20% of SpaceX's revenue came from US federal agencies.

• The filing, required for firms preparing to go public, shows that Starlink was a big earner, bringing in $4.4 billion in operating income in 2025, the AP reports. But two other Musk businesses folded into SpaceX, social media platform X and AI business xAI, were a drag on finances, with xAI losing $6.4 billion last year.
• According to the filing, SpaceX sees a potential market of around $28.5 trillion, almost as big as the US gross domestic product, with all but $2 trillion of that coming from AI, the Washington Post reports. Such "total addressable market" figures are usually inflated, the Wall Street Journal notes, but combined with the $10 trillion market Musk predicted for Tesla's humanoid robot, "the numbers start to paint a picture where much of the world's money flows to Musk's companies."
• SpaceX is reportedly valuing itself at about $1.25 trillion and is looking to raise between $50 billion and $75 billion, which would eclipse the $26 billion record set by Saudi Aramco's IPO in 2019.

• SpaceX has said the money will go toward putting humans on the moon and Mars, the AP reports. "We do not want humans to have the same fate as dinosaurs," the filing states.
• A blockbuster listing would likely shower fees on Wall Street, mint fortunes for SpaceX employees, and further expand the wealth of Musk, already the world's richest person and now within striking distance of becoming the first trillionaire. Forbes puts his current wealth at $808 billion.
• The listing could also set the tone for a coming wave of tech IPOs, the Times reports. AI firms Anthropic and OpenAI are preparing their own offerings, and chipmaker Cerebras just jumped 68% on its first trading day in what's so far the year's biggest tech debut.