Elon Musk’s rocket company SpaceX reported a $5 billion loss on $18.5 billion in revenue for 2025, according to The Information. The details emerge as SpaceX prepares for one of history’s largest IPOs. Much of the loss stems from integrating its recently acquired AI startup, xAI. In February, Musk merged his AI startup with SpaceX, signaling a bold push into advanced computing and AI infrastructure.
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SpaceX has confidentially filed for an IPO, targeting a $2 trillion valuation and up to $75 billion in fundraising. If it stays on track, the listing could debut as early as June 2026. As one of the sector’s most active players, SpaceX has launched multiple rockets and operates the profitable Starlink internet service. Musk also envisions commercial space travel and setting up data centers in space through the company.
Here’s What the Financials Reveal
According to the report, SpaceX spent nearly $13 billion on chips and data centers for its AI arm, xAI, more than it invested in rockets and satellites combined. Notably, launch services and Starlink generated nearly $8 billion in EBITDA (earnings before interest, taxes, depreciation, and amortization) and stock compensation. However, company-wide adjusted EBITDA (including xAI) reached $6.5 billion.
Heavy depreciation, including $6.6 billion on chips, rockets, and satellites, as well as $2 billion each in stock compensation and interest, led to a nearly $5 billion net loss.
SpaceX IPO Welcomes Retail Investors
Reports indicate SpaceX will allocate a significant share portion to retail investors and host about 1,500 at a special June 11 event post-roadshow. The offering will notably open to investors beyond the U.S., to the U.K., Europe, Australia, Canada, Japan, and South Korea. The retail investor focus rewards loyal supporters, generates buzz, broadens the shareholder base, and aims to boost pricing and post-IPO performance. It taps into SpaceX’s popularity, especially among Musk fans.
Though SpaceX is still a private company, investors can track its performance and updates via TipRanks’ Private Companies Center. See the screenshot below for reference.
