SpaceX, Elon Musk’s privately held rocket and satellite maker, has long been something of a financial mystery, even as it became synonymous with audacious plans to reach the stars.
That changed on Wednesday, when the company revealed just how lucrative its rocket launch and satellite internet businesses have been.
SpaceX lost more than $4.9 billion last year, compared with a $791 million profit in 2024, the company disclosed in a filing required of firms that are seeking to go public. The company’s capital expenditures nearly doubled to $20.7 billion last year, up from $11.2 billion a year earlier, as it spent heavily on artificial intelligence development. But revenue soared to $18.7 billion in 2025, up 33 percent from a year earlier.
SpaceX, which also owns the social media platform X and xAI, the maker of the Grok chatbot, drew back the curtain on its finances for the first time as it prepares for what could be one of the largest initial public offerings to date. The company, which values itself at $1.25 trillion, is aiming to reach the stock market as early as next month and could try to raise $50 billion to $75 billion from the offering.
If successful, SpaceX’s I.P.O. could pave the way for other enormous offerings, including from the A.I. companies Anthropic and OpenAI, which is also preparing to file confidentially for an I.P.O. in the coming weeks. Last week, Cerebras, an A.I. chipmaker, kicked off the expected wave of offerings and rose 68 percent on its first day of trading, becoming the largest public offering so far this year and the biggest of any technology firm since 2019.
A strong public markets debut for SpaceX would bring generational riches to Wall Street, the company’s employees and, of course, Mr. Musk, who is already the world’s richest person and could become its first trillionaire.
Mr. Musk and a SpaceX spokesman did not immediately respond to requests for comment.
This is a developing story. Check back for updates.
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