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SpaceX’s IPO presentation gives investors a detailed view of its expanding business before its planned NASDAQ debut. Starlink now generates most operating earnings, while the company directs large amounts of capital toward artificial intelligence.
SpaceX also reported a $4.9 billion net loss in 2025 despite posting $18.7 billion in revenue. Its proposed $1.75 trillion valuation and complex tokenized access products have also raised questions about pricing, ownership rights and collateral.
SpaceX generated $18.7 billion in revenue during 2025, compared with $14 billion in 2024. Adjusted earnings before interest, taxes, depreciation and amortisation rose to $6.6 billion from $5.4 billion.
Connectivity produced $11.4 billion in annual revenue, making it SpaceX’s largest business segment. Starlink also reached 10.3 million subscribers by early 2026. Its services now cover 164 countries and territories offering broadband and satellite-to-mobile connections.
Space revenue reached $4.1 billion during 2025, showing slower growth than connectivity. Meanwhile, adjusted earnings from the division fell as SpaceX increased spending on Starship. Research and development costs for the segment doubled to about $3 billion.
Launch services remain central to satellite deployment and government contracts. Even so, the financial data shows SpaceX increasingly depends on recurring Starlink subscriptions for revenue growth and operating earnings.
SpaceX’s AI division generated $3.2 billion in 2025 revenue, although it recorded a $1.2 billion adjusted operating loss. Management is developing the segment around Grok, cloud computing and enterprise AI services following the company’s combination with xAI.
Capital spending climbed from $4.4 billion in 2023 to $20.7 billion in 2025. AI computing systems, satellite deployment and launch infrastructure drove much of the increase. SpaceX told investors heavy investment spending has limited its current profitability.
Still, its AI forecasts carry uncertainty. SpaceX estimates artificial intelligence could eventually represent a $26.5 trillion market. Such long-range estimates depend on adoption rates, computing demand and the company’s ability to compete with established technology providers.
SpaceX is targeting gross margins near 70% over time, compared with 49% in 2025. The plan depends on higher Starlink margins and stronger AI revenue, although both targets remain uncertain under the current spending programme.
SpaceX plans to offer shares at about $135 each and raise approximately $75 billion. The deal would value the company at $1.75 trillion and could become the largest initial public offering on record. Trading is expected under the SPCX ticker.
The valuation equals more than 90 times SpaceX’s 2025 revenue. Market analysts have questioned whether future Starlink and AI earnings can support the price. Investor demand has reportedly reached about twice the number of shares available.
Retail investors could receive up to 30% of the offering, far above the usual allocation for major listings. Several brokerage platforms are accepting investor interest, although submitting an order does not guarantee an allocation.
SpaceX’s losses add another concern. Strong revenue growth has not yet produced stable net profits as infrastructure and AI costs rise. Investors must assess whether Starlink’s earnings can fund those projects without creating further pressure on cash flow.
Bybit and Kraken are also opening SpaceX IPO access through Payward’s xStocks framework. Bybit began taking registrations on June 7, while Kraken made the product available in more than 110 supported jurisdictions.
Bybit’s product uses a reference price of 135 USDC and adds a 5% underwriting fee. Users commit funds before allocations are confirmed. High demand may lead to reduced allocations or rejected subscription requests.
However, these products do not offer the same rights as registered SpaceX shares. They operate as tracker certificates and may exclude voting rights or direct dividend payments. Their value is designed to follow the listed shares.
Bybit’s product terms state supporting collateral ‘may not always consist of the underlying shares.’ The statement raises doubts about the assets backing each certificate. Kraken presents SPCXx as a tokenized product supported through the xStocks structure.
Also Read: SpaceX Index Entry Debate Grows as Starlink, Rockets and AI Shape Review
