Bunge vs SpaceX: Revenue, Profit and Business Model
Bunge reported $70.3B of revenue in FY2025 and $816M of net income. SpaceX reported $18.7B of revenue in FY2025 and a net loss of $4.9B.
Latest financial snapshot
Financial summary
Bunge
Bunge reports enormous sales and thin profits. Net sales rose 32 percent to $70.3 billion in 2025 as Viterra was consolidated from July, but net income attributable to Bunge fell 28 percent to $816 million, or $4.93 per diluted share, after acquisition charges and mark-to-market timing effects. On the adjusted basis management uses, EPS was $7.57 against $9.19 in 2024, and adjusted total EBIT was flat at $2.03 billion. The year 2026 started weak and then improved: first-quarter net income was $68 million on $21.9 billion of sales, and the second quarter delivered $678 million, or $3.47 per share, on $24.0 billion. Bunge completed the $2 billion buyback tied to the Viterra deal in the second quarter, authorized a further $3 billion programme at its March 2026 Investor Day, and shareholders approved an annual dividend of $2.88 per share in May 2026. Guidance for 2026 adjusted EPS rose from $7.50 to $8.00 in February to $9.25 to $9.75 in July.
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
Bunge
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $70.3B | $816M | 1.2% | +32.4% | Source |
| FY2024 | $53.1B | $1.1B | 2.1% | -10.8% | Source |
| FY2023 | $59.5B | $2.2B | 3.8% | -11.4% | Source |
| FY2022 | $67.2B | $1.6B | 2.4% | +13.7% | Source |
| FY2021 | $59.2B | $2.1B | 3.5% | — | 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
Bunge
- Soybean Processing and Refining51.6%
$36.3 billion of 2025 net sales from crushing soybeans into meal and oil, merchandising soybeans and refining soy oil. Bunge processed 41.0 million metric tons and merchandised 20.5 million tons, and adjusted segment EBIT rose 8 percent to $1.33 billion.
- Grain Merchandising and Milling25.8%
$18.1 billion of 2025 net sales from originating, storing and trading wheat, corn, barley and other grains, plus wheat milling. Volumes rose to 67.2 million metric tons from 36.7 million as Viterra joined, and adjusted segment EBIT was $386 million.
- Softseed Processing and Refining16.0%
$11.3 billion of 2025 net sales from crushing canola, rapeseed and sunflower seed. Processed volumes rose to 10.8 million metric tons, helped by Viterra plants in Argentina, Canada and Europe, and adjusted segment EBIT was $580 million.
- Other Oilseeds (Tropical Oils and Specialty Ingredients)6.6%
$4.6 billion of 2025 net sales from palm and other tropical oils and specialty fats, with adjusted segment EBIT of $168 million. Bunge renamed the segment Tropical Oils and Specialty Ingredients in 2026.
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
Bunge
How it makes money
Bunge earns a spread, not a price. It buys oilseeds and grain from farmers and country elevators, moves them by truck, barge, rail and ship, and either sells them on to customers in other regions or crushes them.
Growth strategy
Bunge's growth plan has three parts. First, extract value from Viterra by connecting its grain handling in Canada, Australia, Argentina and Europe to Bunge's crushing, refining and destination sales; cost synergies passed $70 million by the end of 2025.
Competitive advantage
Bunge's edge is physical reach at both ends of the chain. It owns origination, storage and export capacity in the largest surplus regions, including Brazil, Argentina, the US, Canada and Australia, and crushing and refining plants close to demand in Europe, Asia and North America.
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 Bunge vs SpaceX
Which company has higher revenue — Bunge Global SA or SpaceX?
Bunge Global SA reported $70.3B (FY2025), while SpaceX reported $18.7B (FY2025). By last reported revenue, Bunge Global SA is the larger business, with SpaceX reporting a smaller revenue base.
What is the market cap of Bunge Global SA vs SpaceX?
Bunge Global SA's market capitalisation stands at $21.2B, while SpaceX's is $1.92T. SpaceX carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Bunge Global SA.
Which is more financially efficient — Bunge Global SA or SpaceX?
Bunge Global SA generates $2.07M / employee in revenue per employee, while SpaceX generates $826k / employee. Bunge Global SA 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 Bunge Global SA and SpaceX make money?
Bunge Global SA and SpaceX generate revenue in fundamentally different ways. Bunge Global SA: Bunge earns a spread, not a price. SpaceX: SpaceX earns money in three segments.
Which company is valued higher relative to revenue — Bunge Global SA or SpaceX?
On a price-to-sales (P/S) basis, Bunge Global SA trades at 0.3x 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 Bunge Global SA. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Bunge Global SA bigger than SpaceX?
By last reported revenue, Bunge Global SA ($70.3B (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 Bunge vs SpaceX overview