SpaceX, the privately held company of Elon Musk known for rockets and satellites, has been shrouded in financial secrecy, despite its ambitious space goals. This changed through a recent financial disclosure as SpaceX prepares for a substantial public offering.
On Wednesday, SpaceX unveiled the profitability of its rocket launches and satellite internet operations. Revenue soared to $18.7 billion in 2025, marking a 33% increase from the previous year. In the first quarter of this year, revenue rose to $4.7 billion, up from $4.1 billion in the same period last year.
Despite increasing revenue, SpaceX reported a loss. The company experienced a $4.9 billion deficit last year, contrasted with a $791 million profit in 2024. This was due to capital expenses almost doubling to $20.7 billion fueled by significant investment in artificial intelligence. The first quarter of this year saw a $4.3 billion loss, almost matching the total loss of 2025.
In addition to its activities in aerospace, SpaceX owns the social media platform X and the artificial intelligence entity xAI, known for creating the Grok chatbot. It plans to enlarge its financial portfolio with an initial public offering projected to be one of the largest ever. SpaceX, estimating its value at $1.25 trillion, anticipates hitting the stock market soon, potentially raising $50 billion to $75 billion.
A successful offering could set a precedent for other large IPOs, including those from AI technology companies Anthropic and OpenAI, both poised for upcoming public filings. Recently, Cerebras, an AI chip manufacturer, ignited this trend with a 68% increase on its first trading day, representing the largest tech firm public offering since 2019.