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SpaceX IPO: Trillion-Dollar Valuation Eyed
31 May
Summary
- SpaceX IPO valued at $1.75 trillion, potentially largest ever.
- Company reported a net profit of $791 million in 2024.
- Starlink's customer base doubled, but revenue growth slowed.
SpaceX is preparing for its initial public offering, with an anticipated market capitalization of $1.75 trillion, which would make it the largest IPO in history. This event is seen as the dawn of a new era for investing in space companies.
The company's IPO prospectus has revealed key financial details for 2025. SpaceX earned a net profit of $791 million in 2024, but incurred a net loss of $4,937 million in 2025.
The 'Space' division saw an increase in launches from 134 in 2024 to 165 in 2025. However, revenue grew by only 8% due to a majority of launches being for Starlink, and the division moved to a loss in 2025 as R&D spending increased for Starship.
In the 'Connectivity' segment, Starlink's customer numbers doubled year-over-year. Revenue saw a 50% increase, as subscriber growth primarily occurred outside the U.S. at lower price points. Despite this, profits in this division more than doubled.
