In 2025, SpaceX reported a revenue of $18.67 billion, largely fueled by its Starlink satellite internet service, which alone generated over $11 billion, according to The Wall Street Journal. The company faced a loss exceeding $4.9 billion the previous year, with capital expenditures reaching $20.7 billion, a significant increase from $11.2 billion in 2024, as noted by The New York Times. Meanwhile, xAI, now integrated with SpaceX, experienced substantial losses but still managed to boost its revenue by 22 percent, as per TechCrunch.
Speculation has been rife for months about SpaceX’s potential groundbreaking market entry, with discussions of a $1.75 trillion valuation and an unprecedented $75 billion raise. With the release of official documents, we now have an in-depth look at the finances of the company that revolutionized reusable rockets, created a dominant space internet presence, and integrated Musk’s xAI and remnants of Twitter into its framework.
The company also warns that its “substantial level of indebtedness could materially adversely affect our financial condition.”
As reported by the WSJ, Elon Musk will maintain 85 percent control over SpaceX through his supervoting shares. Alongside Musk, prominent figures such as SpaceX President Gwynne Shotwell and CFO Bret Johnson are part of the board of directors, which also includes Google executive Donald Harrison, Tesla board member Ira Ehrenpreis, and investors like Randy Glein, Antonio Gracias, Steve Jurvetson, and Luke Nosek.
SpaceX outlines its mission to investors as follows:
Currently, SpaceX is at the forefront of commercial space launches, with the highly anticipated launch of its colossal Starship V3 rocket set for Thursday after a delay. The prospect of establishing “orbital AI compute” by deploying servers in space is highlighted as a significant revenue opportunity that SpaceX is uniquely equipped to seize. In January, the company sought permission from the Federal Communications Commission to launch one million data center satellites into orbit to support the burgeoning AI infrastructure.
Our mission is to build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars. To do this, we have formed the most ambitious, vertically integrated innovation engine on (and off) Earth with unmatched capabilities to rapidly manufacture and launch space-based communications that connect the world, to harness the Sun to power a truth-seeking artificial intelligence that advances scientific discovery, and ultimately to build a base on the Moon and cities on other planets.
SpaceX currently leads the industry in commercial space launches, with its massive Starship V3 rocket scheduled for flight on Thursday following a delay. The document repeatedly brings up establishing “orbital AI compute” by putting servers in space as a massive opportunity for revenue and one that it is uniquely positioned to deliver. In January, SpaceX asked the Federal Communications Commission for permission to launch one million data center satellites into space to support a growing AI buildout.
It’s telling investors that SpaceX believes it has “identified the largest actionable total addressable market (TAM) in human history,” potentially worth $28.5 trillion, with $370 billion from space, $1.6 trillion in connectivity with Starlink Broadband and Starlink Mobile, and $26.5 trillion in AI, which includes AI infrastructure, subscriptions, advertising, and $22.7 trillion in enterprise applications.
Update, May 20th: Added details about xAI’s revenue and Anthropic’s payments.
