SpaceX Made $18.5 Billion and Still Lost $5 Billion — Here’s Why

TLDR

• SpaceX posted a loss of nearly $5 billion in 2025, according to The Information
• Revenue came in at more than $18.5 billion for the year
• The loss includes xAI, Elon Musk’s AI startup acquired by SpaceX in February 2025
• SpaceX confidentially filed for a U.S. stock listing in March 2026
• The company is targeting a public valuation of more than $1.75 trillion

Elon Musk’s SpaceX posted a loss of nearly $5 billion in 2025, according to a report from The Information, citing sources familiar with the matter. Reuters could not independently verify the figures, and SpaceX did not respond to a request for comment.

The company brought in more than $18.5 billion in revenue during 2025. That is a jump from the $15 billion to $16 billion in revenue it recorded the prior year, when it posted around $8 billion in profit.

The swing from profit to loss is a sharp reversal. In 2024, SpaceX was generating strong earnings. The 2025 results tell a different story.

A key reason for the loss is SpaceX’s acquisition of xAI, Elon Musk’s artificial intelligence startup. The deal closed in February 2025, and xAI’s financials are now folded into SpaceX’s overall results.

xAI was founded by Musk in 2023. It is the company behind the Grok AI chatbot. Absorbing a startup of that size into SpaceX’s books would naturally affect the bottom line.

SpaceX is currently the world’s most active rocket launch company. It operates the Falcon 9 and Falcon Heavy rockets, and is developing the Starship vehicle for deep-space missions.

The company has stated ambitions to make interplanetary travel possible. It has also announced plans to build and deploy artificial intelligence data centers in orbit.

SpaceX Eyes Public Listing at $1.75 Trillion Valuation

SpaceX confidentially filed for a U.S. stock market listing in March 2026. The company is targeting a valuation of more than $1.75 trillion if it proceeds with the offering.

That would make it one of the largest IPOs in history if the listing goes ahead at that price. No date for the public offering has been confirmed.

Revenue Growth Despite the Loss

Despite the net loss, revenue grew year over year. The $18.5 billion figure for 2025 compares favorably to the $15 billion to $16 billion reported in 2024.

That revenue growth shows the core business is expanding. Starlink, SpaceX’s satellite internet service, has been a major driver of that income.

SpaceX has tens of millions of Starlink subscribers globally. The service operates across more than 100 countries and continues to add users.

The company’s launch business also remains active. SpaceX conducts more orbital launches than any other company or government agency in the world.

The 2025 loss is largely tied to the xAI acquisition rather than the core launch and satellite operations. The Information’s report did not break out xAI’s individual contribution to the overall loss figure.

SpaceX filed its IPO paperwork confidentially, meaning the full financial details have not yet been made public through a formal prospectus.

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