BOTTOM LINE: SpaceX has filed for an IPO that could become the largest in history, giving investors a detailed look at a business that spans rockets, satellite networks, and AI infrastructure. The filing portrays a company growing quickly but spending heavily.
SpaceX reported $18.7 billion in revenue in 2025, up from $14 billion a year earlier, but posted a net loss of $4.94 billion after turning a profit in 2024. That trend has continued into 2026, with a $4.28 billion loss on $4.69 billion in revenue in the first quarter.
The results reflect heavy investment in AI and next-generation launch systems.
Much of that investment is tied to a push into computing. SpaceX plans to build orbital data infrastructure, including deploying 100 gigawatts of AI compute capacity each year using solar-powered satellites. The company describes this as part of a $28.5 trillion market, based on the idea that energy generation and computing can scale more efficiently in space than on Earth.
That effort accelerated following the company's acquisition of xAI. More than half of SpaceX's $20.74 billion in capital expenditures last year went toward AI-related initiatives. Losses tied to that segment climbed to $6.36 billion in 2025, up from $1.56 billion a year earlier. The company is also pursuing deals such as a potential $60 billion acquisition of AI startup Cursor, which includes significant financial penalties if terminated.
