Infosys vs SpaceX: Revenue, Profit and Business Model
Infosys reported $20.2B of revenue in FY2026 and $3.3B of net income. SpaceX reported $18.7B of revenue in FY2025 and a net loss of $4.9B.
Latest financial snapshot
Financial summary
Infosys
Infosys reported FY2026 (year ended March 31, 2026) revenue of $20.158 billion, up 3.1% in constant currency, and net profit of about $3.3 billion. Large-deal TCV for the year was $14.9 billion. In Q1 FY2027 (quarter ended June 30, 2026) revenue was $5.082 billion, up 2.4% year on year in constant currency, with a 21.1% operating margin. Management cut FY2027 revenue growth guidance to 1.5%-3.0% and kept operating margin guidance at 20%-22%.
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
Infosys
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $20.2B | $3.3B | 16.4% | +4.6% | Source |
| FY2025 | $19.3B | $3.2B | 16.4% | +3.9% | Source |
| FY2024 | $18.6B | $3.2B | 17.1% | +1.9% | Source |
| FY2023 | $18.2B | $3B | 16.4% | +11.7% | Source |
| FY2022 | $16.3B | $3B | 18.2% | +20.3% | Source |
| FY2021 | $13.6B | $2.6B | 19.3% | +6.1% | Source |
| FY2020 | $12.8B | $2.3B | 18.2% | +8.3% | Source |
| FY2019 | $11.8B | $2.2B | 18.6% | +7.9% | Source |
| FY2018 | $10.9B | $2.5B | 22.7% | +7.2% | Source |
| FY2017 | $10.2B | $2.1B | 21.0% | +7.4% | Source |
| FY2016 | $9.5B | $2.1B | 21.6% | — | 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
Infosys
- Digital and Cloud Transformation~60%
Consulting, application modernization, cloud migration, data, AI, and digital engineering programs for enterprise clients.
- Core Services and Maintenance~25%
Application development, infrastructure support, managed services, testing, and legacy system maintenance.
- Business Process Management~10%
Outsourced business processes, operations support, finance, procurement, and customer-service workflows.
- Platforms and Products~5%
Finacle, EdgeVerve, Topaz, Cobalt, automation assets, and reusable software components tied to implementation and services.
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
Infosys
How it makes money
Infosys earns most of its money from multi-year service contracts with large enterprises, billed on time-and-materials or fixed-price terms. Work spans application development and maintenance, cloud and infrastructure management (Infosys Cobalt), enterprise AI services (Infosys Topaz), engineering R&D, and business process management.
Growth strategy
Infosys is positioning itself as an "AI-first" services firm. It reported AI-related revenue at 8.2% of Q1 FY2027 revenue and is using Topaz to automate delivery, which raises productivity but also lowers billable effort on legacy work.
Competitive advantage
Infosys combines delivery scale with long client relationships. Around 328,000 employees, a training campus in Mysuru, and decades-old accounts with banks, manufacturers, and retailers let it staff and run large transformation programmes that smaller firms cannot. Finacle adds a product-style switching cost in banking, and operating margins held at 21.1% in Q1 FY2027 even while growth slowed.
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 Infosys vs SpaceX
Which company has higher revenue — Infosys Limited or SpaceX?
Infosys Limited reported $20.2B (FY2026), while SpaceX reported $18.7B (FY2025). By last reported revenue, Infosys 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 Infosys Limited vs SpaceX?
Infosys Limited's market capitalisation stands at $43.1B, while SpaceX's is $1.92T. SpaceX carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Infosys Limited.
Which is more financially efficient — Infosys Limited or SpaceX?
Infosys Limited generates $61k / 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 Infosys Limited and SpaceX make money?
Infosys Limited and SpaceX generate revenue in fundamentally different ways. Infosys Limited: Infosys earns most of its money from multi-year service contracts with large enterprises, billed on time-and-materials or fixed-price terms. SpaceX: SpaceX earns money in three segments.
Which company is valued higher relative to revenue — Infosys Limited or SpaceX?
On a price-to-sales (P/S) basis, Infosys Limited trades at 2.1x 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 Infosys Limited. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Infosys Limited bigger than SpaceX?
By last reported revenue, Infosys Limited ($20.2B (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 Infosys vs SpaceX overview