SpaceX posts nearly $5b loss in 2025: sources

Elon Musk’s rocket company SpaceX posted a nearly US$5 billion loss in 2025 on more than US$18.5 billion in revenue, The Information reported, citing sources.

Reuters could not immediately verify the report, and SpaceX did not immediately respond to a request for comment.

The loss included xAI, Musk’s AI startup, which SpaceX acquired in February.

SpaceX confidentially filed for a US listing in March, the report said.

Reuters reported in January it made about US$8 billion in profit last year on US$15 billion to US$16 billion in revenue, and was seeking a potential valuation of more than US$1.75 trillion.

🔗 Source: Reuters

🧠 Food for thought

Implications, context, and why it matters.

SpaceX’s valuation pitch is tied to a futuristic vision, not just its current financials

Backers pitch a valuation above US$1.75 trillion on long-range bets such as space-based computing and orbital data centers for AI 1.
In filings to the Federal Communications Commission (FCC), the US communications regulator, SpaceX seeks approval for as many as 1 million satellites and estimates 100 gigawatts of solar-powered AI computing capacity added each year 2.
The proposal links to Musk’s separate Terafab chip initiative. Musk says it targets 1 terawatt of processors a year, about 50 times today’s combined production rate for advanced uses such as AI. He gave no cost or schedule, while SpaceNews, a space industry publication, writes that advanced chip fabrication plants can cost tens of billions of dollars 3.
Costs at that scale help explain talk of a SpaceX initial public offering (IPO) that could raise about US$40 billion to US$80 billion, with a market cap above US$1.75 trillion 4. SpaceX has not confirmed those figures. Investors would judge them once an S-1, the regulatory filing used for a US stock listing, becomes public 4.

The IPO is framed as a strategic move amid Musk’s interconnected ventures

Commentators have floated folding xAI into SpaceX before an IPO to give xAI investors a clearer route to public-market liquidity 5. Claims of guaranteed investor support or an “immediate paper gain” are not established in the cited material 5.
Some writers compare the idea to Musk’s earlier Tesla–SolarCity transaction, which they describe as spreading risk across his ventures 5.
Others argue major AI companies may head to public markets because private funding may not sustain the costs of the compute arms race 5.
Critics say consolidating control across rocket launches, satellite communications, and AI could tighten power around multiple choke points 6. Experts cited by Euronews, a European news outlet, liken the concern to an oligarchy that is hard to regulate, compete with, or audit 6.