SpaceX recorded total losses of $4.9bn in 2025 on $18.7bn in revenue, with revenue rising by about a third versus 2024. Losses widened during 2025, reaching $4.3bn in the first quarter compared with $528m in the same period the prior year. The company operates across three segments: space, connectivity, and AI. Connectivity generated the most revenue at $11.4bn, followed by space at $4.1bn and AI at $3.2bn. Starlink was the only profitable segment in the first three months. The AI unit lost $6.4bn last year, driven by higher computing expenses for AI models powering Grok. Capital expenditure totaled $20.7bn, with xAI accounting for $12.7bn due largely to massive datacentres such as Colossus. Future markets include space tourism, moon and Mars energy production and manufacturing, and asteroid mining, though these markets do not exist today.
"The entire business lost $4.9bn in 2025 on revenues of $18.7bn. Revenue is growing, however, rising by a third on 2024. SpaceX's losses have widened since the start of the year, losing $4.3bn in the first quarter, compared with a loss of $528m in the same period last year."
"The company is split into three segments: space, which incorporates the rocket launch business whose clients include Nasa; connectivity, which houses Starlink; and AI, the unit behind xAI and the X platform. Connectivity makes the most revenue, at $11.4bn, followed by space with $4.1bn and AI at $3.2bn. The Starlink unit was the only profitable segment in the first three months of this year."
"The AI unit is heavily loss making, losing $6.4bn last year, which reflected factors such as higher computing expenses (for instance to build and operate the AI models that power Musk's Grok tool). Capital expenditure was $20.7bn, with the xAI unit again showing itself to be a big cost centre. It accounted for $12.7bn of the total, primarily due to the cost of building massive datacentres. SpaceX has built the appropriately named Colossus datacentre."
"There are some extraterrestrial aspirations in the document that are not found in the average flotation prospectus. The section marked future markets includes the following: space tourism; energy production and manufacturing on the moon and Mars; and asteroid mining. The prospectus acknowledges these markets do not exist today."
Read at www.theguardian.com
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