Alibaba vs SpaceX: Revenue, Profit and Business Model
Alibaba reported ~$142.3B of revenue in FY2026 and ~$14.4B of net income. SpaceX reported $18.7B of revenue in FY2025 and a net loss of $4.9B.
Latest financial snapshot
Financial summary
Alibaba
Revenue rose from ~$22 billion (RMB158.3 billion) in FY2017 to ~$142 billion (RMB1.024 trillion) in FY2026. Net income was ~$14.4 billion (RMB103.6 billion) in FY2026, down from ~$17.5 billion (RMB126.0 billion) in FY2025. Alibaba reports on a March 31 fiscal year and invests heavily in commerce, cloud and AI infrastructure.
SpaceX
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.
Revenue and profit by year
Alibaba
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$142.3B | ~$14.4B | 10.1% | +2.7% | Source |
| FY2025 | ~$138.5B | ~$17.5B | 12.6% | +5.9% | Source |
| FY2024 | ~$130.8B | ~$9.9B | 7.6% | +8.3% | Source |
| FY2023 | ~$120.7B | ~$9.1B | 7.5% | +1.8% | Source |
| FY2022 | ~$118.6B | ~$6.5B | 5.5% | +18.9% | Source |
| FY2021 | ~$99.7B | ~$19.9B | 20.0% | +40.7% | Source |
| FY2020 | ~$70.8B | ~$19.5B | 27.5% | +35.3% | Source |
| FY2019 | ~$52.4B | ~$11.2B | 21.3% | +50.6% | Source |
| FY2018 | ~$34.8B | ~$8.5B | 24.5% | +58.1% | Source |
| FY2017 | ~$22B | ~$6.1B | 27.6% | — | Source |
SpaceX
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $18.7B | -$4.9B | -26.4% | +33.2% | Source |
| FY2024 | $14B | $18M | 0.1% | +34.9% | Source |
| FY2023 | $10.4B | -$4.6B | -44.6% | — | Source |
Where the revenue comes from
Alibaba
- China commerce
Not formally reported
Alibaba earns revenue through China commerce.
- international digital commerce
Not formally reported
Alibaba earns revenue through international digital commerce.
- cloud intelligence
Not formally reported
Alibaba earns revenue through cloud intelligence.
- logistics services
Not formally reported
Alibaba earns revenue through logistics services.
- local services and digital media
Not formally reported
Alibaba earns revenue through local services and digital media.
SpaceX
- Launch services
Not formally reported
Commercial, civil, and national-security launches priced by rocket, payload, orbit, and service type.
- Starlink consumer broadband
Not formally reported
Monthly subscriptions and terminals for residential and mobile broadband.
- Enterprise and government connectivity
Not formally reported
Starlink enterprise, aviation, maritime, backup connectivity, Starshield, and government services.
- AI infrastructure
Not formally reported
Compute and cloud services from SpaceX's AI segment, formed through the xAI combination; $2.6B revenue in Q2 2026.
Business model and strategy
Alibaba
How it makes money
Alibaba earns revenue from customer-management services and commissions on its China commerce marketplaces, direct sales and logistics services in international commerce, cloud products and services, Cainiao logistics, local services, and digital media. Taobao and Tmall primarily connect merchants with consumers rather than operating only as first-party retailers.
Growth strategy
Facing intense regulatory scrutiny and fierce domestic competition, Alibaba's growth strategy recently underwent a large structural overhaul. They announced a plan to split the empire into six separate, independent business groups (like Cloud, E-commerce, and Logistics), allowing each to operate faster and potentially seek their own IPOs.
Competitive advantage
Alibaba's primary moat was its large network effect within China; virtually every merchant had to be on Taobao because that's where all the consumers were, and vice versa. their proprietary logistics network (Cainiao) and deep integration with Alipay created a frictionless ecosystem for Chinese consumers.
SpaceX
How it makes money
SpaceX earns money in three segments. Space sells launches on Falcon 9 and Falcon Heavy, plus Dragon cargo and crew missions for NASA, the U.S. government, and commercial customers ($962 million in Q2 2026).
Growth strategy
SpaceX's growth plan has four parts: add Starlink subscribers and raise enterprise, aviation, and mobile revenue; launch higher-capacity Starlink V3 satellites on Starship; expand national-security work through Starshield and launch contracts (over $6 billion in U.S. government awards in Q2 2026); and scale AI compute capacity, which grew from 400 megawatts a year earlier to 1.4 gigawatts at the end of Q2 2026.
Competitive advantage
SpaceX's advantage is reusability combined with vertical integration. It builds its own engines, avionics, rockets, and satellites, and reflies Falcon 9 boosters many times, which lowers its marginal launch cost below rivals that still expend most hardware. Being its own largest launch customer lets it deploy Starlink at a cadence no other operator has matched, and Starlink revenue then funds Starship.
Questions about Alibaba vs SpaceX
Which company has higher revenue — Alibaba Group Holding Limited or SpaceX?
Alibaba Group Holding Limited reported ~$142.3B (FY2026), while SpaceX reported $18.7B (FY2025). By last reported revenue, Alibaba Group Holding Limited is the larger business, with SpaceX reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Alibaba Group Holding Limited vs SpaceX?
Alibaba Group Holding Limited's market capitalisation stands at $266.6B, while SpaceX's is $1.92T. SpaceX carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Alibaba Group Holding Limited.
Which is more financially efficient — Alibaba Group Holding Limited or SpaceX?
Alibaba Group Holding Limited generates $1.08M / employee in revenue per employee, while SpaceX generates $826k / employee. Alibaba Group Holding Limited shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Alibaba Group Holding Limited and SpaceX make money?
Alibaba Group Holding Limited and SpaceX generate revenue in fundamentally different ways. Alibaba Group Holding Limited: Alibaba earns revenue from customer-management services and commissions on its China commerce marketplaces, direct sales and logistics services in international commerce, cloud products and services, Cainiao logistics, local services, and digital media. SpaceX: SpaceX earns money in three segments.
Which company is valued higher relative to revenue — Alibaba Group Holding Limited or SpaceX?
On a price-to-sales (P/S) basis, Alibaba Group Holding Limited trades at 1.9x P/S and SpaceX at 102.8x P/S. SpaceX commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Alibaba Group Holding Limited. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Alibaba Group Holding Limited bigger than SpaceX?
By last reported revenue, Alibaba Group Holding Limited (~$142.3B (FY2026)) is the larger company compared to SpaceX ($18.7B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Alibaba vs SpaceX overview