SpaceX revenue was $18.7 billion in 2025, according to the Form S-1 registration statement the company filed for its initial public offering (IPO). Starlink supplied the largest share, with the Connectivity segment bringing in $11.4 billion, about 61% of the total. The Space segment, which covers launch and NASA (National Aeronautics and Space Administration) crew services, added about $4 billion. The artificial intelligence (AI) segment, which comes from xAI, added $3.2 billion.
SpaceX published the S-1 on May 20, 2026, and Satellite Today reported the main figures from it. The numbers are recast to include xAI, which SpaceX acquired in February 2026, so they do not match estimates published before the filing. Revenue and profit differ: SpaceX posted a $2.6 billion loss from operations in 2025.
SpaceX Revenue in 2025
SpaceX reported $18.7 billion in total revenue for 2025 in its Form S-1, the IPO registration statement. The filing became public on May 20, 2026. SpaceX then listed on Nasdaq under the ticker SPCX on June 12, 2026, as covered in the SpaceX IPO explainer.
The 2025 total includes xAI. SpaceX acquired xAI in February 2026 and recast its financial statements to show the combined company. Any SpaceX annual revenue estimate published before May 2026 therefore does not match the S-1 figures, so compare an older number against the filing on SEC EDGAR before using it.
The three segment figures add up to $18.6 billion ($11.4 billion + about $4 billion + $3.2 billion). The Space figure is reported as approximate. The parts land about $0.1 billion short of the $18.7 billion total.
Revenue by Segment
SpaceX splits its revenue into three segments: Connectivity, Space, and AI. Connectivity is Starlink, and it is the largest. The share column below is calculated from the reported dollar figures.
| Segment | What it covers | 2025 revenue | Share of total revenue |
|---|---|---|---|
| Connectivity | Starlink | $11.4 billion | About 61% |
| Space | Launch and NASA crew services | About $4 billion | About 21% |
| AI | xAI | $3.2 billion | About 17% |
| Total | All segments | $18.7 billion | 100% |
Connectivity brought in more than the other two segments combined. Space and AI together come to about $7.2 billion, against $11.4 billion for Starlink. Starlink alone produced roughly 2.85 times the revenue of the Space segment ($11.4 billion divided by $4 billion).
The Space segment holds the launch business and NASA crew services. For what a single launch costs a customer, see Falcon 9 launch cost. The AI segment shows up in 2025 results only because SpaceX recast its statements after buying xAI in February 2026.
Starlink Subscribers and Revenue per Subscriber
Starlink grew from 2.3 million subscribers in 2023 to 10.3 million at the end of March 2026, while average revenue per user (ARPU) fell from $99 to $66 a month. The S-1 figures reported by Satellite Today give ARPU for 2023 and the first quarter of 2026 only.
| Period | Starlink subscribers | ARPU per month |
|---|---|---|
| 2023 | 2.3 million | $99 |
| 2024 | 4.4 million | Not in the reported figures |
| 2025 | 8.9 million | Not in the reported figures |
| First quarter 2026 (subscribers at end of March) | 10.3 million | $66 |
Subscribers roughly doubled each year. The count rose 1.9 times from 2023 to 2024 (2.3 million to 4.4 million) and 2.0 times from 2024 to 2025 (4.4 million to 8.9 million). Starlink reached 10.3 million subscribers at the end of March 2026.
ARPU dropped by $33 a month between 2023 and the first quarter of 2026, a decline of one third. Subscription revenue equals subscribers multiplied by revenue per subscriber. Over that period the subscriber count grew about 4.5 times (10.3 million divided by 2.3 million) while ARPU fell to two thirds of its 2023 level.
The reported figures do not say why ARPU fell. Search for the S-1 on SEC EDGAR and read SpaceX’s own discussion of the Connectivity segment to look for an explanation. Current plan prices are listed in Starlink pricing.
Profit and Loss in 2025
SpaceX lost money on a reported basis in 2025, with a $2.6 billion loss from operations, even though its adjusted EBITDA came to $6.6 billion. The three measures of profit in the filing point in different directions:
- Loss from operations: $2.6 billion, or about 13.9% of revenue ($2.6 billion divided by $18.7 billion).
- Adjusted EBITDA: $6.6 billion, or about 35.3% of revenue ($6.6 billion divided by $18.7 billion).
- Net loss: $4.9 billion as reported by Satellite Today. Other outlets reported a different net income figure, so the bottom-line number varies by report.
Adjusted EBITDA is the measure SpaceX reported at $6.6 billion for 2025. The adjusted version is a non-GAAP measure, meaning it falls outside generally accepted accounting principles (GAAP). SpaceX sets its own definition of adjusted EBITDA.
The gap between the operating loss and adjusted EBITDA is $9.2 billion ($6.6 billion minus negative $2.6 billion). Read SpaceX’s adjusted EBITDA definition in the S-1 on SEC EDGAR before comparing it with any other company’s figure. Confirm the net loss in the same filing on SEC EDGAR, since outlets disagree on it.
Starship Spending Inside the Space Segment
The Space segment spent about $3 billion on research and development (R&D) in 2025, mainly on Starship. Against about $4 billion of Space segment revenue, that R&D equals roughly 75% of what the segment brought in. About $1 billion of segment revenue remains after that R&D ($4 billion minus $3 billion), before any other segment costs.
Starship development is therefore a large cost sitting next to the launch and crew revenue. For background on the vehicle, see what Starship is and Starship launch cost. A full Space segment profit figure is not among the numbers reported from the filing. The segment note in the S-1 on SEC EDGAR is the place to look for it.
Debt on the Balance Sheet
SpaceX carried $29.1 billion in total long-term debt at the end of March 2026. That debt equals about 1.56 times 2025 revenue ($29.1 billion divided by $18.7 billion). It also equals about 4.4 times 2025 adjusted EBITDA ($29.1 billion divided by $6.6 billion).
Both ratios mix a March 2026 balance with full-year 2025 results. They give a sense of scale only. Check the S-1 on SEC EDGAR for any detail on maturities and interest terms.
Gaps in the Published Figures
These items are not among the figures reported from the S-1:
- 2024 total revenue and the 2024 split by segment.
- First-quarter 2026 revenue.
- Capital expenditure.
- Segment profits, apart from the Space segment R&D figure.
- Forward guidance on revenue or profit.
Each of these may or may not appear in the full filing. Search the S-1 and any later filings on SEC EDGAR, and check SpaceX investor relations for documents published after the IPO. Treat any figure from another source for these items as unverified until you find it in a SpaceX filing.
Reading the Numbers as an Investor
Starlink’s Connectivity segment supplied about 61% of SpaceX revenue in 2025. Five points from the filing put the 2025 figures in context:
- Subscribers grew from 2.3 million in 2023 to 8.9 million in 2025, while ARPU fell from $99 to $66 a month.
- The $6.6 billion adjusted EBITDA figure rests on a definition SpaceX sets itself.
- The net figure varies by report; the filing on SEC EDGAR is where to verify it.
- Space segment R&D was about $3 billion against about $4 billion of Space revenue.
- Long-term debt was $29.1 billion at the end of March 2026.
Later filings on SEC EDGAR would show how subscribers and ARPU move.
For listing details and how shares trade, see is SpaceX publicly traded and how to invest in SpaceX. To compare SPCX with other listed companies in the sector, see best space stocks.
To check SpaceX revenue figures yourself, search “SpaceX” on SEC EDGAR, open the Form S-1 filed May 20, 2026, and start with the segment note. The Satellite Today summary gives the headline figures if you want a starting point before reading the filing.