SpaceX discloses revenue and losses as it prepares for an IPO

In short: SpaceX has shared key financial numbers for the first time as it prepares to go public, including fast-growing revenue and a large 2025 loss.

What happened

SpaceX has confidentially filed paperwork for an initial public offering, or IPO (when a private company starts selling shares to the public), according to reporting on draft and leaked documents. Reports say the company is aiming to raise about $75 billion and has lined up a large group of banks to help, including Morgan Stanley, Goldman Sachs, and JPMorgan.

The new documents include high-level financial results that SpaceX has not shared before. They indicate SpaceX brought in about $18.7 billion in revenue in 2025, up from about $13.1 billion in 2024. A major part of that is Starlink, SpaceX’s satellite internet service, which is estimated at about $11.4 billion in 2025 revenue.

The filings also show SpaceX recorded a nearly $5 billion GAAP loss in 2025. GAAP is standard accounting rules, like using the same measuring cup so companies can be compared. The loss is linked to costs from SpaceX’s acquisition of xAI in early 2026 and ongoing heavy spending on Starlink, Starship, and manufacturing expansion.

Draft IPO materials also describe a share structure that gives Elon Musk extra voting power through Class B shares, which carry 10 votes per share.

Why it matters

If SpaceX does go public, it could become one of the largest stock offerings ever. The new numbers give everyday investors a clearer picture: SpaceX is already a huge business with fast growth, but it is also spending heavily and losing money on paper while it builds.

Source: NYTimes