SpaceX's business and finances: rockets, satellite communications and budding AI

REUTERS - SpaceX is gearing up for a stock market debut that could value it at more than $1.75 trillion, as the Elon Musk-led company reaches for the stars in what could be the largest IPO in history.

It has confidentially filed for a US initial public offering, a person familiar with the matter told Reuters on Wednesday.

SPACEX IN BRIEF

SpaceX, founded in 2002, is the largest private space company in the U.S. and conducts more launches annually than any other company globally. It offers launch services on its reusable Falcon 9 rockets and is developing a larger "Starship".

Its Starlink satellite communications network offers internet service to individuals and organizations, with more than 9,500 satellites deployed since 2019 to service more than 9 million users globally. Starlink generates 50%-80% of SpaceX's revenue.

Musk's mega-merger of his companies SpaceX and xAI in February combined the space-and-defense contractor with a fast-growing, money-losing AI developer spending heavily to build data centers.

SpaceX's main rocket customers include NASA, the U.S. Department of Defense, international space agencies, and commercial satellite companies.

The Starship system, a combination of SpaceX's Super Heavy booster and Starship upper stage, is designed for full reusability and built to carry crew and cargo.

NASA has been pressing SpaceX to advance Starship toward lunar mission readiness. Musk sees Starship as core to fulfilling his ⁠goal of routinely ferrying humans to Mars.

SpaceX launched five Starship flight tests last year, the first three of which suffered complex and explosive setbacks, while the last two were successful.
Looking ahead, SpaceX has filed plans to launch a constellation of 1 million solar-powered AI data center satellites.

Musk's vast business empire — unofficially dubbed the "Muskonomy" by some investors and analysts — also encompasses brain-chip company Neuralink and tunneling venture the Boring Company.

SPACEX FINANCIALS

SpaceX generated roughly $8 billion in profit against $15 billion to $16 billion in revenue in 2025, Reuters exclusively reported in January. The profit figure reflects EBITDA — earnings before interest, taxes, depreciation, and amortization — a measure of operating performance.

Revenue increased 51% to $13.1 billion in 2024, according to media reports. SpaceX's revenue reportedly doubled from $2.3 billion in 2021 to $4.6 billion in 2022, then rose 90% to $8.7 billion in 2023.

Musk has noted that NASA will contribute only 5% of SpaceX's revenue this year, adding that the vast majority of revenue is from the commercial Starlink system.