Key facts
- SpaceX has filed for its IPO, aiming for a record $75 billion raise and a $1.8 trillion valuation.
- The company reported $18.7 billion in revenue for 2025 but a $4.9 billion loss.
- Significant investments in AI infrastructure and xAI contributed to the company's losses.
- Starlink, SpaceX's satellite internet service, accounted for over half of the 2025 revenue.
- Elon Musk has admitted he cannot predict when the company will achieve profitability.
SpaceX is poised for a historic initial public offering (IPO), aiming to raise $75 billion at a valuation of approximately $1.8 trillion. The company plans to list on the Nasdaq under the ticker symbol 'SPCX'.
Despite immense investor excitement and Elon Musk's visionary appeal, concerns linger regarding SpaceX's profitability. In 2025, the company reported revenues of $18.7 billion, a 33% increase from the prior year, but also posted a substantial loss of $4.9 billion. A significant portion of this spending was directed towards artificial intelligence infrastructure, including investments in Musk's AI firm xAI, and research and development for Starship.
Starlink, SpaceX's satellite internet service, continues to be a revenue driver, accounting for over half of the company's overall revenue in 2025 and serving over 10 million subscribers globally. However, analysts like those at Morningstar have valued SpaceX significantly lower than the proposed IPO valuation, questioning whether the ambitious future plans will translate into consistent profits.
The performance of SpaceX's IPO is being closely watched as a potential barometer for future tech and AI company listings, with analysts suggesting a strong debut could spur further IPO activity, while a weak one might dampen investor appetite.