SpaceX generated approximately $8 billion in profit on revenues of $15–$16 billion in 2025, according to sources familiar with the company’s results, providing new insight into the financial health of Elon Musk’s space venture ahead of its planned IPO later this year. Moreover, these figures have led some banks to project that SpaceX could raise over $50 billion at a valuation exceeding $1.5 trillion.
Starlink drives revenue growth
The company’s satellite internet business, Starlink, accounted for roughly 50–80% of revenue. Since 2019, SpaceX has deployed 9,500 Starlink satellites, becoming the world’s largest satellite operator with more than 9 million users. Government contracts for Starlink and the military-grade Starshield network have further contributed to revenue, supporting development of the next-generation Starship rocket. Additionally, SpaceX acquired $19 billion in wireless spectrum rights from EchoStar to expand Starlink’s direct-to-device services, enabling mobile phones to connect directly to satellites.
IPO and strategic expansion
SpaceX plans the world’s largest IPO, potentially around Musk’s 55th birthday on June 28. The company is also in talks to merge with Musk’s AI venture, xAI. Starship, which has undergone 11 test launches since 2023, is expected to begin operational payload launches this year. Musk intends to leverage Starship for future space-based AI data centers, aligning with the proposed xAI integration.
