SpaceX’s most recent financial disclosures, filed in its S-1 IPO prospectus in May 2026, reveal a company transitioning from private profitability to heavy public investment. In 2025, the company generated $18.7 billion in revenue, a 43% increase from 2024, driven primarily by Starlink, which accounted for $11.4 billion (61% of total revenue) and generated $4.4 billion in operating profit. Despite this top-line growth, SpaceX reported a GAAP net loss of $4.9 billion in 2025, a sharp reversal from the $791 million profit in 2024, due to massive capital expenditures.
The financial strain is largely attributed to aggressive spending on AI development and the acquisition of xAI, with capital expenditures nearly doubling to $20.7 billion in 2025. In the first quarter of 2026, revenue rose to $4.7 billion, but the company recorded a net loss of approximately $4.3 billion, indicating continued heavy cash burn as it scales its Starlink constellation and AI infrastructure. The company’s valuation reached $1.25 trillion in February 2026 ahead of its IPO, which launched in June 2026 with an initial share price of $150.