Venture
fromThe Cipher Brief
4 days agoA Bridge Too Small: Why $49 Billion Can't Fix a $1.5 Trillion Problem
A $1.5 trillion defense budget increase may not restore military advantage if 1950s-era bureaucracy cannot absorb modernization needs.
SpaceX generated some $15 billion revenues last year, and it's been widely reported that it booked roughly $8 billion in EBITDA. The scenario circulating widely in the media, and not refuted by Musk, shows a loss of $2.4 billion for the first 9 months of 2025. These numbers don't include interest and depreciation, the latter SpaceX's outlays for plant and equipment. Knitting this limited view of the now-united businesses, it appears likely that the current SpaceX is showing zero or even negative GAAP earnings.