SpaceX generated $18.67 billion in revenue by 2025, driven largely by the Starlink internet service, which brought in more than $11 billion, as reported The Wall Street Journal. The company lost more than $4.9 billion last year, while capital expenditures rose to $20.7 billion last year, up from $11.2 billion in 2024, as reported The New York Times. xAI, which recently merged with SpaceX, lost billions last year, while growing revenue by 22 percent, according to the report. TechCrunch.
Rumors have swirled for months that SpaceX was gearing up for a historic market debut, with a rumored $1.75 billion valuation and a record-breaking $75 billion raise. Now that the documents are public, we finally have our first real look at the finances behind the company that adapted rockets, built a one-stop-shop for the Internet, and brought Musk’s xAI and Twitter into its orbit.
Many of our anticipated market opportunities, including certain AI, orbital, lunar, and interplanetary transportation and industrial applications, are still emerging and may or may not exist at this time, and such markets may not develop as we expect, or at all.
It also says “its large debt levels could adversely affect our financial condition.”
According to the The WSJMusk’s top stake will give him 85 percent control of 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 CEO Donald Harrison, Tesla board member Ira Ehrenpreis, and investors Randy Glein, Antonio Gracias, Steve Jurvetson, and Luke Nosek.
SpaceX explains its mission to investors as follows:
Our goal is to build the systems and technologies needed to make life on multiple planets, understand the true nature of the universe, and expand the light of consciousness in the stars. To do this, we have built an ambitious, vertically integrated innovation engine on (and off) Earth with unparalleled capabilities to quickly create and launch space-based communications that connect the world, use the Sun to power truth-seeking artificial intelligence that advances scientific discovery, and ultimately build a base on the Moon and cities on other planets.
SpaceX currently leads the industry in commercial space launches, with its massive Starship V3 rocket scheduled to fly on Thursday following delays. This document repeatedly presents the invention of “orbital AI compute” by placing servers in space as a major revenue opportunity and another one placed in a different place to deliver. In January, SpaceX asked the Federal Communications Commission for permission to launch one million data center satellites into space to support the development of growing AI.
It tells investors that SpaceX believes it has “identified the largest 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, including AI infrastructure, subscriptions, the installation of billions of $22, advertising.
Update, May 20: More details about xAI income and Anthropic fees.
