Robinhood Markets vs SpaceX: Revenue, Profit and Business Model
Robinhood Markets reported $4.5B of revenue in FY2025 and $1.9B of net income. SpaceX reported $18.7B of revenue in FY2025 and a net loss of $4.9B.
Latest financial snapshot
Robinhood Markets
- Latest revenue
- $4.5B (FY2025)
- Net income
- $1.9B
- Net margin
- 42.1%
- Revenue growth
- +58.9% a year, FY2019–FY2025
SpaceX
- Latest revenue
- $18.7B (FY2025)
- Net income
- -$4.9B
- Net margin
- -26.4%
- Revenue growth
- +34.1% a year, FY2023–FY2025
Financial summary
Robinhood Markets
Robinhood swung from a $541 million net loss in 2023 to $1.411 billion of net income in 2024 and $1.883 billion in 2025, as revenue grew from $1.865 billion to $4.473 billion. Adjusted EBITDA reached about $2.5 billion in 2025, a 56% margin. Growth in 2026 has shifted toward options, equities and event contracts: Q2 2026 event contracts revenue was $156 million, more than 10 times the prior year, while crypto revenue fell to $100 million.
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
Robinhood Markets
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $4.5B | $1.9B | 42.1% | +51.6% | Source |
| FY2024 | $3B | $1.4B | 47.8% | +58.2% | Source |
| FY2023 | $1.9B | -$541M | -29.0% | +37.3% | Source |
| FY2022 | $1.4B | -$1B | -75.7% | -25.2% | Source |
| FY2021 | $1.8B | -$3.7B | -203.1% | +89.5% | Source |
| FY2020 | $958M | $7M | 0.7% | +245.2% | Source |
| FY2019 | $277.5M | -$106.6M | -38.4% | — | 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
Robinhood Markets
- Transaction-Based Revenues
$776M (Q2 2026)
Payment for order flow on options and equities, spreads on crypto trades, and fees on event contracts (prediction markets).
- Net Interest Revenues
$389M (Q2 2026)
Margin loans, securities lending, cash sweep balances and the credit card loan book.
- Other Revenues
$143M (Q2 2026)
Robinhood Gold subscriptions ($5 per month or $50 per year) and Trump Account service revenues.
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
Robinhood Markets
How it makes money
Robinhood charges no commission on US stock, ETF and options trades and earns revenue in three buckets. Transaction-based revenues ($776 million in Q2 2026) come from payment for order flow on options and equities, spreads on crypto trades, and fees on event contracts (prediction markets).
Growth strategy
Robinhood's growth strategy is to win "share of wallet" beyond trading: IRA matches and retirement transfers, the Gold Card, banking features, advisory custody through TradePMR, crypto exchange capacity through Bitstamp, event contracts, and expansion in the UK and EU. In June 2026 it cut about 10% of staff to flatten management layers while continuing to invest in new products.
Competitive advantage
Robinhood's edge is a single, well-designed mobile app that bundles brokerage, crypto, prediction markets, retirement, cash and credit, plus fast product shipping. Gold subscribers (4.8 million in Q2 2026) get perks such as an IRA match and a higher cash yield, which helps pull deposits away from older brokerages: net deposits were $75.7 billion in the 12 months to June 2026.
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 Robinhood Markets vs SpaceX
Which company has higher revenue — Robinhood Markets, Inc. or SpaceX?
Robinhood Markets, Inc. reported $4.5B (FY2025), while SpaceX reported $18.7B (FY2025). By last reported revenue, SpaceX is the larger business, with Robinhood Markets, Inc. reporting a smaller revenue base.
What is the market cap of Robinhood Markets, Inc. vs SpaceX?
Robinhood Markets, Inc.'s market capitalisation stands at $101.0B, while SpaceX's is $1.92T. SpaceX carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Robinhood Markets, Inc..
Which is more financially efficient — Robinhood Markets, Inc. or SpaceX?
Robinhood Markets, Inc. generates $1.54M / employee in revenue per employee, while SpaceX generates $826k / employee. Robinhood Markets, Inc. 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 Robinhood Markets, Inc. and SpaceX make money?
Robinhood Markets, Inc. and SpaceX generate revenue in fundamentally different ways. Robinhood Markets, Inc.: Robinhood charges no commission on US stock, ETF and options trades and earns revenue in three buckets. SpaceX: SpaceX earns money in three segments.
Which company is valued higher relative to revenue — Robinhood Markets, Inc. or SpaceX?
On a price-to-sales (P/S) basis, Robinhood Markets, Inc. trades at 22.6x 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 Robinhood Markets, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Robinhood Markets, Inc. bigger than SpaceX?
By last reported revenue, SpaceX ($18.7B (FY2025)) is the larger company compared to Robinhood Markets, Inc. ($4.5B (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 Robinhood Markets vs SpaceX overview