SpaceX lifts the veil on its finances as Musk readies the biggest flotation in stock market history

SpaceX disclosed financial results in a prospectus for a potential stock market debut. Revenue for 2025 was $18.7bn, up 33% from the prior year. The company reported a loss of more than $4.9bn compared with a $791m profit in 2024. Capital expenditure nearly doubled to $20.7bn from $11.2bn. The company said much of the increase went to artificial intelligence development, satellite manufacturing, and expansion of the Starship programme. The prospectus also valued the company at $1.25 trillion and indicated a possible fundraising range of $50bn to $75bn. Starlink drove most revenue growth, with launch services and government contracts contributing additional revenue.

"SpaceX disclosed revenue of $18.7bn for 2025, a 33 per cent leap on the previous year. But the headline numbers also laid bare the cost of Mr Musk's ambitions. The Hawthorne-based group swung to a loss of more than $4.9bn, against a $791m profit in 2024, as capital expenditure nearly doubled to $20.7bn from $11.2bn the year before. Much of the increase, the company said, was funnelled into artificial intelligence development, satellite manufacturing and the build-out of its Starship programme."

"In a prospectus filed in preparation for a stock market debut that could rank as the largest in history, SpaceX disclosed revenue of $18.7bn for 2025. The disclosure, lodged with the Securities and Exchange Commission, marks the first time the world's most valuable private business has been forced to show its working. According to filings reviewed by CNBC, SpaceX is valuing itself at $1.25 trillion and could float as soon as next month, aiming to raise between $50bn and $75bn - a sum that would dwarf Saudi Aramco's $29bn record listing in 2019."

"For City watchers, the prospectus reads as a study in the trade-offs of frontier capitalism: vertiginous top-line growth bankrolled by equally vertiginous cash burn. Starlink, the satellite broadband arm that now serves several million subscribers worldwide and is fast becoming a fixture in rural Britain, drove the bulk of the revenue expansion. Launch services, including National Aeronautics and Space Administration and Pentagon contracts, contributed the rest. But the cost of staying ahead of rivals such as Jeff Bezos's Project Kuiper has rare"

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