SpaceX
Financial Performance
SpaceX Revenue & Financials
Revenue
$18.7B (FY2025)
Market Cap
$1.92T
Employees
22,621
What is SpaceX's revenue?
SpaceX had $18.7B in revenue for fiscal year 2025, up 33.2% from 2024. It reported a net loss of $4.9B.
- Latest revenue
- $18.7B (FY2025)
- Year-over-year
- +33.2%
- Growth rate (CAGR)
- 34.1% over 2 years
- Peak revenue
- $18.7B (FY2025)
- Years of data
- 3
- Employees
- 22,621
- How much profit does SpaceX make?
- SpaceX reported a net loss of $4.9B for fiscal year 2025. stockanalysis.com
- How many employees does SpaceX have?
- SpaceX has about 22,621 employees.
Financial Analysis
SpaceX revenue grew from $10.387 billion in 2023 to $14.015 billion in 2024 and $18.674 billion in 2025, but heavy Starship, Starlink, and AI spending produced a $4.937 billion FY2025 net loss. In Q2 2026, its first quarter reported as a public company, revenue was $7.8 billion (up 92%), adjusted EBITDA was $3.5 billion, net loss was $541 million, and backlog was $47.5 billion. The IPO raised $85.7 billion and a $25 billion bond sale added more liquidity. In late September 2026 the stock traded near $145, for a market capitalization around $1.9 trillion. SpaceX is widely considered the most valuable private company in the U.S., with recent secondary share sales placing its valuation near or above $180 billion to $200 billion.
Revenue Trend Analysis
YoY Change
+33.2%
2-Year CAGR
+34.1%
Peak Year
2025
Trend
Not enough comparable years
SpaceX has 3 full fiscal year figures on this page, compounding at +34.1% annually over 2 years. The most recent year saw a 33.2% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $18.7B. Of 2 comparable year-over-year steps, 2 showed growth and 0 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Net Income | YoY Change | Source |
|---|---|---|---|---|
| FY2025 | $18.7B | -$4.9B | +33.2% | SpaceX (SPCX) annual reports, as compiled by S&P Global (via StockAnalysis) Fiscal year ended 2025-12-31. |
| FY2024 | $14B | $18M | +34.9% | SpaceX (SPCX) annual reports, as compiled by S&P Global (via StockAnalysis) Fiscal year ended 2024-12-31. |
| FY2023 | $10.4B | -$4.6B | — | SpaceX (SPCX) annual reports, as compiled by S&P Global (via StockAnalysis) Fiscal year ended 2023-12-31. |
Click any row to see year details.
Keep researching SpaceX
SpaceX Revenue and Financial FAQ
What is SpaceX's estimated private market valuation?
In 2024 secondary tender offers, SpaceX was valued at approximately $200 billion to $210 billion USD (priced at roughly $112 per share), making it the most valuable private aerospace and defense company in the world and ranking alongside ByteDance among the world's top private "centicorns."
What is SpaceX's estimated annual revenue and how is it split between launch and Starlink?
SpaceX generated an estimated $13 billion to $15 billion in annual revenue in the mid-2020s. Starlink has become the dominant revenue driver, accounting for over 50% to 60% of total company revenues, with Falcon launch services contributing roughly $3.5 billion to $4.5 billion and government defense contracts providing the balance.
Is SpaceX profitable and cash-flow positive?
Yes. In late 2023, Elon Musk confirmed that Starlink had achieved cash-flow breakeven and turned operating cash-flow positive. When excluding aggressive capital reinvestment in Starship research and Starbase infrastructure, SpaceX's core Falcon launch business and Starlink operations generate substantial operating profits.
What is the gross margin on a reusable Falcon 9 launch mission?
While external commercial customers are billed between $67 million and $70 million per dedicated Falcon 9 mission, SpaceX's internal marginal cost to launch an existing re-flown booster is approximately $15 million to $20 million, resulting in gross profit margins often exceeding 60% to 70% on commercial launches.
What is Starlink's annual revenue run-rate and subscriber count?
Starlink surpassed 4 million to 5 million active paying global subscribers across more than 100 countries in 2024. At an average blended revenue per user (ARPU) between $100 and $120 monthly across consumer and enterprise tiers, Starlink's annualized revenue run-rate exceeds $6.5 billion to $8.0 billion.
Who are SpaceX's major institutional private equity and venture capital investors?
SpaceX's prominent institutional shareholders include Founders Fund (Peter Thiel), Sequoia Capital, Andreessen Horowitz (a16z), Google (Alphabet Inc.), Fidelity Investments, Baillie Gifford, Valor Equity Partners, and NASA-backed venture organizations.
Will SpaceX spin off Starlink through an Initial Public Offering (IPO)?
Elon Musk and management have stated that Starlink could be spun off into an independent public company via an IPO once its cash flows become smooth and predictable. However, given SpaceX's robust private tender liquidity and Starlink's role funding Starship development, an immediate IPO timeline remains flexible.
What are SpaceX's largest historical government contract values?
Major federal awards include the NASA Commercial Crew Program (over $3.1 billion for Crew Dragon development and ISS flights), NASA Commercial Resupply Services ($3.5+ billion across CRS-1 and CRS-2), NASA Artemis Human Landing System ($4.9+ billion), and multi-billion-dollar National Security Space Launch (NSSL) Phase 2 and Phase 3 task orders from the U.S. Space Force.
How much capital does SpaceX allocate annually to Research & Development and CapEx?
SpaceX deploys approximately $3 billion to $5 billion annually in CapEx and R&D. Major capital allocations include Starship tooling, Raptor 3 engine production lines, Starbase launch pad additions, building Starlink user terminals, and manufacturing thousands of gen-2 Starlink satellites.
How does SpaceX provide liquidity to employees without being a publicly traded company?
SpaceX conducts regular bi-annual secondary tender offers, allowing employees and early venture investors to sell vested stock options and shares directly to vetted institutional investors at approved valuation prices, providing employee liquidity without quarterly public earnings scrutiny.
What is the manufacturing cost of a Starlink satellite and user terminal?
Through vertical manufacturing at its Redmond, Washington facility, SpaceX reduced the internal production cost of a Starlink satellite to under $250,000 to $300,000. It also reduced the manufacturing cost of consumer dish terminals from initial losses of over $1,500 down to under $400, eliminating per-user terminal hardware subsidies.
How do Starshield classified contracts affect SpaceX's balance sheet predictability?
Classified contracts with the National Reconnaissance Office (NRO) and Department of Defense—including a reported $1.8 billion classified contract signed in 2021—provide secure, high-margin, multi-year government cash flows that are non-cyclical and insulated from consumer telecom churn.
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Using these figures? Please credit CorpDigest with a link.
CorpDigest. "SpaceX Revenue & Financials." CorpDigest, https://corpdigest.com/company/spacex/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>SpaceX reported $18.7B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/spacex/financials" target="_blank" rel="noopener">CorpDigest — SpaceX financials</a></div>Related Financial Audits
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