Datadog vs SpaceX: Revenue, Profit and Business Model
Datadog reported $3.4B of revenue in FY2025 and $107.7M of net income. SpaceX reported $18.7B of revenue in FY2025 and a net loss of $4.9B.
Latest financial snapshot
Financial summary
Datadog
Datadog grew revenue from $1.03 billion in 2021 to $3.43 billion in 2025. In 2025 it generated $1.05 billion of operating cash flow and $915 million of free cash flow, while GAAP net income was a much smaller $107.7 million because of heavy stock-based compensation and R&D spending. Growth accelerated in 2026: Q1 revenue was $1.006 billion (+32%) with $52.6 million of GAAP net income, and Q2 revenue was $1.12 billion (+36%) with $279 million of free cash flow. After Q2, management guided to full-year 2026 revenue of about $4.45-4.47 billion, roughly 30% growth. GAAP operating income stays near break-even, while non-GAAP operating margin runs in the low 20s.
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
Datadog
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $3.4B | $107.7M | 3.1% | +27.7% | Source |
| FY2024 | $2.7B | $183.7M | 6.8% | +26.1% | Source |
| FY2023 | $2.1B | $48.6M | 2.3% | +27.1% | Source |
| FY2022 | $1.7B | -$50.2M | -3.0% | +62.8% | Source |
| FY2021 | $1B | -$20.9M | -2.0% | +70.5% | Source |
| FY2020 | $603.5M | -$24.5M | -4.1% | +66.3% | Source |
| FY2019 | $362.8M | -$16.7M | -4.6% | +83.2% | Source |
| FY2018 | $198.1M | -$10.8M | -5.4% | +96.6% | Source |
| FY2017 | $100.8M | -$2.6M | -2.6% | — | 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
Datadog
- Subscription RevenuePrimary
Recurring contracts priced around usage, monitored hosts, telemetry ingestion, events, seats, and purchased modules.
- Professional Services and OtherSmall
Implementation, training, and related services are minor compared with subscription revenue.
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
Datadog
How it makes money
Datadog runs a B2B subscription model. Customers pay based on usage and the products they turn on: monitored hosts and containers, ingested and indexed log volume, traced requests, user sessions, security workloads, and similar units. Contracts are sold self-serve, through a direct sales team, and through cloud marketplaces such as AWS Marketplace. Revenue grows in two ways.
Growth strategy
Datadog's growth plan has three parts. First, sell more products to existing customers across observability, security, and developer workflows. Second, win larger enterprise and AI-native customers that run very large workloads.
Competitive advantage
Datadog's main edge is breadth on one shared data platform. Metrics, traces, logs, user sessions, security signals and cost data are stored and correlated together, so a slow page can be traced from the browser session to the service, the host and the log line without switching tools.
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 Datadog vs SpaceX
Which company has higher revenue — Datadog, Inc. or SpaceX?
Datadog, Inc. reported $3.4B (FY2025), while SpaceX reported $18.7B (FY2025). By last reported revenue, SpaceX is the larger business, with Datadog, Inc. reporting a smaller revenue base.
What is the market cap of Datadog, Inc. vs SpaceX?
Datadog, Inc.'s market capitalisation stands at $96.3B, while SpaceX's is $1.92T. SpaceX carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Datadog, Inc..
Which is more financially efficient — Datadog, Inc. or SpaceX?
Datadog, Inc. generates $423k / 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 Datadog, Inc. and SpaceX make money?
Datadog, Inc. and SpaceX generate revenue in fundamentally different ways. Datadog, Inc.: Datadog runs a B2B subscription model. SpaceX: SpaceX earns money in three segments.
Which company is valued higher relative to revenue — Datadog, Inc. or SpaceX?
On a price-to-sales (P/S) basis, Datadog, Inc. trades at 28.1x 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 Datadog, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Datadog, Inc. bigger than SpaceX?
By last reported revenue, SpaceX ($18.7B (FY2025)) is the larger company compared to Datadog, Inc. ($3.4B (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 Datadog vs SpaceX overview