The biggest IPO in history is about to unravel. The company is targeting a valuation of about $1.75 trillion and plans to raise roughly $75 billion in new capital. Shares are expected to list on the Nasdaq under the ticker SPCX.
Why investors are excited
SpaceX has built several businesses that are difficult to replicate:
- SpaceX is the dominant commercial launch provider globally.
- Starlink has become a major global satellite broadband network and is viewed by many analysts as the company’s primary earnings engine.
- The company has a long runway through launch services, government contracts, satellite communications, and future space infrastructure.
From the revenue breakdown below, we can see that most of the revenue actually came from Starlink, contributing a whopping 61% of the total revenue.
Additionally, thanks to the IPO filing, we now have a much clearer picture of SpaceX’s historical revenue
Sources differ slightly on 2025 because some quote the pre-IPO filing ($18.7B) while others cite management estimates of $15–16B before the xAI consolidation. (Yahoo Finance)
Revenue Growth
CAGR Since 2021
Using $2.3B → $18.7B over four years:
This works out to roughly 69% annual revenue growth from 2021–2025.
What Drove the Growth?
- 2021–2022: Starlink scaling and government contracts.
- 2022–2023: Starlink subscriber explosion and increasing launch cadence.
- 2023–2025: Starlink became the majority of revenue, contributing roughly 60%+ of sales. (TSG Invest)
The remarkable part is that even at nearly $19B revenue, SpaceX was still growing above 40% annually, which is one reason investors are willing to discuss a valuation around $1.75T despite the seemingly extreme multiples. (Sacra)
Net Income
SpaceX is a bit tricky because there are two different sets of numbers floating around:
Standalone SpaceX (before xAI consolidation)
Reuters reported that SpaceX generated roughly $8 billion EBITDA on $15–16 billion revenue in 2025. EBITDA is not net income, but it suggests the core SpaceX business was solidly profitable. (Reuters)
Consolidated SpaceX + xAI (IPO filing)
After SpaceX merged with xAI, the IPO filing showed:
(Reuters)
What happened in 2025?
We’re just scratching the surface here. Want to see our deep-dive valuation and whether this giant is actually worth a spot in your long-term portfolio? Unlock the full analysis on our Member Page. Join Supercuan Saham Luar now and get full access here!
