SpaceX Lost Nearly $5 Billion Last Year While Generating $18.5 Billion in Revenue

Rare leaked financial data reveals that SpaceX generated more than $18.5 billion in revenue last year but posted a loss of just under $5 billion — with the loss figure notably including spending on xAI, Elon Musk's artificial intelligence company.

The Numbers

SpaceX remains one of the most valuable private companies in the world, but these financials show the tension between its massive revenue growth and the enormous capital demands of its operations. The $18.5 billion in revenue reflects the company's dominant position in the launch market through Starlink satellite internet and Falcon 9 missions.

The nearly $5 billion loss, however, includes costs associated with xAI — Musk's AI venture that competes with OpenAI, Anthropic, and Google. This accounting treatment suggests that xAI's costs are being absorbed within SpaceX's financial structure, giving a distorted view of both companies' standalone economics.

Why This Matters

SpaceX is widely expected to pursue an IPO or secondary offering in the near future, with some reports suggesting a roadshow could begin as early as June 2026. These leaked financials give investors their first real look at the company's economics — and the xAI entanglement adds complexity.

The loss also highlights the capital-intensive nature of AI development. With Meta spending $35 billion on CoreWeave and Amazon investing $200 billion in AI capex, the AI infrastructure arms race is consuming massive resources even from the most revenue-rich companies.

The xAI Factor

The inclusion of xAI costs in SpaceX's financials raises governance questions. xAI operates Grok, a chatbot integrated into X (formerly Twitter), and has been rapidly scaling its data center operations. If xAI's losses are being carried on SpaceX's books, it could complicate any future IPO or valuation analysis.

Frequently Asked Questions

How much revenue did SpaceX generate?

SpaceX generated more than $18.5 billion in revenue last year, driven by Starlink satellite internet subscriptions and Falcon 9 launch contracts.

Why did SpaceX lose $5 billion?

The nearly $5 billion loss includes spending on xAI, Elon Musk's AI company. The loss figure reflects combined operations rather than SpaceX's standalone launch and Starlink business.

Is SpaceX going public?

SpaceX is widely expected to pursue an IPO, with reports suggesting a roadshow could begin as early as June 2026. These leaked financials give investors rare insight into the company's economics.