SpaceX burned through $5 billion in 2025 while simultaneously convincing investors it was worth more than $2 trillion. The company priced its IPO at $135 per share, raising $75 billion and claiming the title of the largest initial public offering ever.
For context, Amazon posted $80 billion in operating income that same year. SpaceX posted a net loss of roughly $5 billion. When shares hit the Nasdaq on June 12, 2026, they popped 19% on their first day of trading, closing at $160.95 and briefly making SpaceX the sixth-largest company in the US by market capitalization.
The numbers behind the narrative
SpaceX reported approximately $18.7 billion in revenue for 2025. The bulk of that loss traces back to merger expenses tied to the integration of xAI, Musk’s artificial intelligence venture, which cratered its bottom line even as the core business continued to grow.
Starlink generated $11.4 billion in revenue and $4.4 billion in operating income in 2025, making it the sole profitable segment of the entire enterprise. The satellite internet business effectively subsidized everything else, from Starship development to whatever xAI brought to the table.
