SpaceX published its landmark S-1 filing on Wednesday, offering the most comprehensive picture of its financials to date. In its top-line figures, the Starlink creator disclosed that it brought in $18 billion in revenue in 2025 on a consolidated basis, with a net loss of $4.9 billion. EBITDA came in at $6.58 billion for the year.
That exponential growth trajectory has been nearly two decades in the making. SpaceX was founded in 2002 by Elon Musk, and it has raised more than $10 billion in venture capital funding over its lifetime as a private company. Now, a slew of investors—including Founder’s Fund, DFJ, D1 Capital, Fidelity, and Thrive Capital—and thousands of early employees are gearing up for a generational liquidity event.
From 2024 to 2025, SpaceX’s revenue grew 33%. In the first three months of 2026, its revenue rose 15% year-over-year. But digging a little deeper, the picture gets much more complex. Though SpaceX was originally pitched as a space exploration company, its most profitable segment is Starlink, a satellite constellation offering high-speed internet. Starlink recorded an 86% increase in adjusted EBITDA between 2024 and 2025, while its total subscribers doubled.
Still, SpaceX is operating at a net loss, reflecting the capital intensity of its business even compared with manufacturers like Rivian and Tesla.
SpaceX has further increased its spending following its acquisition of xAI in February 2026. Starlink’s success is effectively subsidizing xAI’s extensive expenditures. The AI segment recorded a $6.35 billion operating loss in 2025, taking SpaceX into the red.
The exit value generated by SpaceX’s IPO is unprecedented. At an expected $1.675 trillion pre-money valuation, the IPO would generate more exit value than all VC-backed IPOs in the last decade combined.
It could also open the door for a flurry of other public listings that VCs have been eagerly anticipating. On deck this year are AI giants OpenAI and Anthropic. For LPs invested in funds holding SpaceX shares, the IPO will likely be the largest liquidity distribution event in years—a potential boon for the asset class
This massive IPO will create huge wealth for SpaceX’s largest shareholders, especially Musk. Such a position isn’t unusual for a sole founder, but the scale of the payout is. Musk is expected to become the world’s first trillionaire in the coming years, thanks to SpaceX’s growth.
The VCs that invested early in SpaceX are likely to see an enormous payoff as well—DFJ, Founders Fund, Craft Ventures, and Adapt Ventures all invested in SpaceX before its valuation even hit $1 billion.
The next test for the company and its investors is whether its ambitious valuation holds up in the public markets long enough for VC lock-ups to expire.
Editor’s Note: This article was originally published on PitchBook.com.