SpaceX IPO Filing Reveals $18.6B Revenue, $20B AI Spend, and Mars Gamble
SpaceX finally opens its books: $5B loss, Starlink dominates, AI bet revealed.
SpaceX filed for its IPO under ticker SPCX, disclosing roughly $18.6 billion to $18.7 billion in revenue and nearly $5 billion in losses in 2025. Starlink accounted for more than half of overall revenue last year and has over 10 million subscribers. The company directed around $20 billion toward AI-related spending in 2025 tied to xAI, which it plans to fully absorb into SpaceX. Starship R&D cost roughly $3 billion in 2025 alone, and SpaceX expects Starship to begin orbital payload deliveries in the second half of 2026. Investors face risks from Musk’s control and legal challenges, according to the filing.
- Starlink generated over half of SpaceX's $18.6B revenue in 2025, with 10M+ subscribers and 70% projected by 2026.
- SpaceX spent ~$20B on AI infrastructure via xAI in 2025, absorbing the business and eyeing a $28.5T enterprise market.
- Starship cost $3B in R&D last year; orbital deliveries expected H2 2026, aiming for 99% cost reduction.
Why It Matters
SpaceX’s IPO gives investors a rare look at its finances—Starlink’s cash flow, AI’s massive burn, and Starship’s costs.