Reports are swirling that Elon Musk is planning an IPO for SpaceX this summer. Now that Musk has merged the rocket enterprise with xAI, another pillar of his empire, he expects the combination to raise $50 billion in capital, and garner a market cap of $1.5 trillion. At those numbers, SpaceX would notch the single biggest IPO capital raise of all time, and also rank as second highest in total valuation to Saudi Aramco, and far ahead of second place Alibaba’s introduction in 2018 at $167 million.
Until SpaceX publishes its prospectus for the offering, we won’t have a detailed look at its financials. We do, however, have important snippets of information. Musk has stated that SpaceX generated some $15 billion in revenue last year, and it’s been widely reported that it booked roughly $8 billion in Ebitda. The scenario circulating widely in the media, and not refuted by Musk, shows a loss of $2.4 billion for the first nine months of 2025.
These numbers don’t include interest and depreciation, the latter comprising SpaceX’s outlays for plants and equipment. Knitting together this limited view of the now-united businesses, it appears likely that the current SpaceX is showing zero or even negative GAAP earnings.
