SpaceX files for IPO, reveals $18.7B revenue and $4.9B loss in 2025

SpaceX has officially filed for its long-awaited stock market debut, setting the stage for what could become the largest IPO in Wall Street history. The company plans to trade on the Nasdaq under the ticker "SPCX."

According to the filing, SpaceX generated roughly $18.6 billion to $18.7 billion in revenue in 2025 but posted losses of nearly $5 billion during the same period. Starlink, the company’s satellite internet business, accounted for more than half of overall revenue last year and nearly two-thirds of sales in the first quarter of 2026, with over 10 million subscribers globally.

One of the significant revelations was SpaceX's aggressive push into artificial intelligence. The company revealed that more than half of its capital spending in 2025 went toward AI infrastructure tied to xAI, Musk’s artificial intelligence business. SpaceX directed around $20 billion toward AI-related spending in 2025 alone, identifying a total addressable market valued at $28.5 trillion, with enterprise AI applications making up the bulk of that opportunity.

Despite these advancements, Elon Musk has admitted he "cannot predict" when the company will become profitable. Starship remains a major gamble, with SpaceX spending approximately $3 billion on its research and development in 2025. The company expects Starship to begin orbital payload deliveries in the second half of 2026.