Amphenol vs SpaceX: Revenue, Profit and Business Model
Amphenol reported $23.1B of revenue in FY2025 and $4.3B of net income. SpaceX reported $18.7B of revenue in FY2025 and a net loss of $4.9B.
Latest financial snapshot
Financial summary
Amphenol
Amphenol compounds through acquisition in a fragmented industry. Net sales rose from $12.55 billion in 2023 to $15.22 billion in 2024 and $23.09 billion in 2025, and net income rose from $1.93 billion to $2.42 billion and then $4.27 billion across the same three years. Fiscal 2025 produced a 25.4% GAAP operating margin, $5.4 billion of operating cash flow and $4.4 billion of free cash flow, and the company returned nearly $1.5 billion to shareholders while completing five acquisitions. The pattern is consistent: buy niche connector, cable and sensor makers, leave their management and brands in place, add purchasing scale, and fund the next deal from cash flow and investment grade debt.
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
Amphenol
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $23.1B | $4.3B | 18.5% | +51.7% | Source |
| FY2024 | $15.2B | $2.4B | 15.9% | +21.3% | Source |
| FY2023 | $12.6B | $1.9B | 15.4% | -0.5% | Source |
| FY2022 | $12.6B | $1.9B | 15.1% | +16.1% | Source |
| FY2021 | $10.9B | $1.6B | 14.6% | +26.5% | Source |
| FY2020 | $8.6B | $1.2B | 14.0% | +4.5% | Source |
| FY2019 | $8.2B | $1.2B | 14.0% | +0.3% | Source |
| FY2018 | $8.2B | $1.2B | 14.7% | +17.0% | Source |
| FY2017 | $7B | $650.5M | 9.3% | +11.5% | Source |
| FY2016 | $6.3B | $822.9M | 13.1% | — | 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
Amphenol
- Communications Solutions~52%
High-speed board-to-board and backplane connectors, fiber optic interconnects, RF and microwave connectors, antennas, and cable assemblies for IT datacom, mobile networks, mobile devices, automotive, and broadband communications. FY2025 revenue of $12.1 billion, up 91% YoY, driven by $4.6 billion in incremental AI datacom sales.
- Harsh Environment Solutions~25%
Ruggedized connectors, cable assemblies, and interconnect systems for defense, commercial aerospace, industrial, and automotive applications that must withstand extreme temperatures, vibration, moisture, and electromagnetic interference. FY2025 revenue of $5.9 billion, up 33% YoY, with significant contributions from the Carlisle Interconnect Technologies acquisition.
- Interconnect and Sensor Systems~22%
Sensor technologies, value-added cable assemblies, and specialized interconnect products for automotive, industrial, IT datacom, and medical applications. FY2025 revenue of $5.2 billion, up 15% YoY, with growth in industrial sensors and the August 2025 acquisition of Rochester Sensors.
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
Amphenol
How it makes money
The business model is high volume, highly specialized B2B component manufacturing. Amphenol sells hundreds of thousands of connector, cable, antenna and sensor variants to thousands of customers, and no single end market dominates: in 2025, data centers and information technology accounted for 36% of sales, industrial 19%, automotive 15%, communications networks 10%, defense 9%, mobile devices 6% and commercial aeros…
Growth strategy
Amphenol's growth strategy has two parts: sell into secular demand and buy specialized suppliers. On the first, it builds high speed copper and optical interconnects for AI clusters, including the Celerity mezzanine connector family rated to 224 Gb/s PAM4 and XtremePass co-packaged copper interconnects aimed at 448G class links, plus high voltage connectors and sensors for electric vehicles, which carry more wiring a…
Competitive advantage
Amphenol's competitive advantage rests on switching costs and the cost of failure. A connector may cost a few cents, but if it fails the aircraft, satellite or server rack around it stops working, so buyers qualify suppliers rather than shop on price.
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 Amphenol vs SpaceX
Which company has higher revenue — Amphenol Corporation or SpaceX?
Amphenol Corporation reported $23.1B (FY2025), while SpaceX reported $18.7B (FY2025). By last reported revenue, Amphenol Corporation is the larger business, with SpaceX reporting a smaller revenue base.
What is the market cap of Amphenol Corporation vs SpaceX?
Amphenol Corporation's market capitalisation stands at $208.6B, while SpaceX's is $1.92T. SpaceX carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Amphenol Corporation.
Which is more financially efficient — Amphenol Corporation or SpaceX?
Amphenol Corporation generates $136k / employee in revenue per employee, while SpaceX generates $826k / employee. SpaceX 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 Amphenol Corporation and SpaceX make money?
Amphenol Corporation and SpaceX generate revenue in fundamentally different ways. Amphenol Corporation: The business model is high volume, highly specialized B2B component manufacturing. SpaceX: SpaceX earns money in three segments.
Which company is valued higher relative to revenue — Amphenol Corporation or SpaceX?
On a price-to-sales (P/S) basis, Amphenol Corporation trades at 9.0x 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 Amphenol Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Amphenol Corporation bigger than SpaceX?
By last reported revenue, Amphenol Corporation ($23.1B (FY2025)) 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 Amphenol vs SpaceX overview