SpaceX generated $18.67B in revenue in 2025, according to paperwork filed Wednesday with the Securities and Exchange Commission ahead of the company’s IPO, expected next month.
By the numbers: This is the first peek we’re getting into the financials of the largest company in the space sector. Some other 2025 highlights include:
- An annual loss from operations of $2.59B;
- Adjusted EBITDA of $6.58B.
SpaceX also shared its Q1 business numbers through March 31, including:
- $4.69B in revenue;
- $1.94B loss;
- $1.13B adjusted EBITDA.
The company broke its earnings down into three segments: space, connectivity, and AI. 2025 revenue for each segment was:
- Space: $4.09B;
- Connectivity (aka Starlink): $11.39B;
- AI: $3.2B.
Other takeaways: The S-1 document is loaded with tidbits, including:
- SpaceX plans to launch AI-compute satellites starting in 2028.
- The company’s space segment invested $930M into Starship R&D in Q1—and more than $3B in 2025.
- Starlink revenue grew ~50% year-over-year in 2025, while income from operations was up 120%.
- SpaceX summed up its goal to make humans an interplanetary species succinctly: “We do not want humans to have the same fate as dinosaurs.”
- SpaceX believes it has a total addressable market of $28.5T, including space, connectivity and AI—and that’s excluding China and Russia from the global market.
TBD: We’re still awaiting some details of the IPO, including how many shares will be up for sale, and the opening price of those shares. SpaceX is expected to go public on the Nasdaq in mid-June.
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The Golden Dome missile defense system is intended to protect America—but Democratic lawmakers argued yesterday that it would have the opposite effect.
“It’s a gold-plated boondoggle that will enrich defense contractors and ignite a new nuclear arms race,” Sen. Ed Markey (D-MA) said yesterday in a press conference. “Golden Dome would push Russia and China to expand their arsenals, reject arms control treaties, and plunge the world into a terrifying new arms race.”
War gaming: Markey’s comments were tied to the release of a report written by three nonprofit or nonpartisan organizations working to prevent nuclear war. In the report, researchers studied a simulated missile attack, and found multiple holes in the proposed Golden Dome architecture.
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