HDFC Bank vs SpaceX: Revenue, Profit and Business Model
HDFC Bank reported ~$32.9B of revenue in FY2026 and ~$8.8B of net income. SpaceX reported $18.7B of revenue in FY2025 and a net loss of $4.9B.
Latest financial snapshot
Financial summary
HDFC Bank
For FY2025-26 HDFC Bank reported net revenues of ~$22.2 billion (INR 1,91,218.60 crore) (+13.6%) and standalone profit after tax of ~$8.66 billion (INR 74,671.30 crore) (+10.9%), with net interest margin of 3.34% and gross NPAs of 1.15%. The board recommended a final dividend of INR 13 per share. Q1 FY2026-27 standalone profit was ~$2.21 billion (INR 19,060 crore), up about 5% (around 9.8% excluding one-off items in the prior-year quarter), with net interest income up 7%, deposits of ~$368 billion (INR 31.71 lakh crore) (+14.7%), gross advances of ~$355 billion (INR 30.61 lakh crore) (+15.4%) and a capital adequacy ratio of 19.6%. Margin pressure was the main reason the shares fell after the results.
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
HDFC Bank
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$32.9B | ~$8.8B | 26.8% | +3.8% | Source |
| FY2025 | ~$31.7B | ~$8.2B | 25.9% | +19.2% | Source |
| FY2024 | ~$26.5B | ~$7.4B | 28.0% | +102.5% | Source |
| FY2023 | ~$13.1B | ~$5.3B | 40.7% | +24.0% | Source |
| FY2022 | ~$10.6B | ~$4.4B | 41.7% | +16.5% | Source |
| FY2021 | ~$9.1B | — | 0.0% | +16.1% | Source |
| FY2020 | ~$7.8B | — | 0.0% | +13.2% | Source |
| FY2019 | ~$6.9B | — | 0.0% | +17.1% | Source |
| FY2018 | ~$5.9B | — | 0.0% | +19.8% | Source |
| FY2017 | ~$4.9B | — | 0.0% | — | 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
HDFC Bank
- Net Interest Income
67.3% of net revenues
Spread income from loans, investments, and funding after interest expense.
- Other Income
32.7% of net revenues
Fees, commissions, foreign exchange, derivatives, investment income, and other banking income.
- Digital, Cards, Payments, and Distribution
Embedded in fee income
Transaction, card, payment, wealth, and distribution income tied to customer relationships.
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
HDFC Bank
How it makes money
HDFC Bank makes money mainly from the spread between what it earns on loans and investments and what it pays depositors. Net interest income was roughly two-thirds of FY2025-26 net revenues; the rest came from fees and commissions on cards, payments, third-party distribution and transaction banking, plus treasury and foreign-exchange income.
Growth strategy
Since the July 2023 merger with HDFC Ltd, the strategy has shifted from maximising loan growth to rebuilding the funding mix. Management deliberately let advances grow more slowly than deposits in FY2025 and FY2026 to bring the credit-to-deposit ratio down, then resumed faster lending: gross advances grew 15.4% and deposits 14.7% year on year in Q1 FY2026-27.
Competitive advantage
HDFC Bank's edge is a low-cost retail deposit base gathered through nearly 9,700 branches and DBUs, a long record of tight underwriting (gross NPA ratio of 1.15% at March 2026), and enough digital scale that 98% of financial transactions run online. Salary accounts, credit cards and home loans tie customers into multiple products, which lowers acquisition cost and raises switching friction.
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 HDFC Bank vs SpaceX
Which company has higher revenue — HDFC Bank Limited or SpaceX?
HDFC Bank Limited reported ~$32.9B (FY2026), while SpaceX reported $18.7B (FY2025). By last reported revenue, HDFC Bank 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 HDFC Bank Limited vs SpaceX?
HDFC Bank Limited's market capitalisation stands at $118.8B, while SpaceX's is $1.92T. SpaceX carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to HDFC Bank Limited.
Which is more financially efficient — HDFC Bank Limited or SpaceX?
HDFC Bank Limited generates $156k / 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 HDFC Bank Limited and SpaceX make money?
HDFC Bank Limited and SpaceX generate revenue in fundamentally different ways. HDFC Bank Limited: HDFC Bank makes money mainly from the spread between what it earns on loans and investments and what it pays depositors. SpaceX: SpaceX earns money in three segments.
Which company is valued higher relative to revenue — HDFC Bank Limited or SpaceX?
On a price-to-sales (P/S) basis, HDFC Bank Limited trades at 3.6x 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 HDFC Bank Limited. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is HDFC Bank Limited bigger than SpaceX?
By last reported revenue, HDFC Bank Limited (~$32.9B (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 HDFC Bank vs SpaceX overview