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SpaceX posted a nearly $5 billion loss in 2025 on revenue of more than $18.5 billion, according to a report cited by Reuters. The reported result includes Elon Musk’s artificial intelligence company xAI after its acquisition by SpaceX in February. Reuters said it could not immediately verify the figures, while SpaceX did not respond to a request for comment outside regular business hours.
The reported numbers come at a key time for the company. SpaceX confidentially filed for a US listing in March and is seeking a valuation of more than $1.75 trillion. The company is also pushing ahead with launch operations, satellite services, and new artificial intelligence plans.
The update marks a sharp change from the prior year. SpaceX had generated about $8 billion in profit in 2024 on revenue of $15 billion to $16 billion. Against this backdrop, the reported 2025 loss adds fresh attention to the company’s finances as it moves toward a possible public debut.
The reported 2025 loss includes xAI, the artificial intelligence startup SpaceX acquired in February. A broader business structure now sits inside the annual result, unlike earlier years when SpaceX operated without the combined entity.
Revenue still moved higher. The company posted more than $18.5 billion in revenue in 2025, compared with $15 billion to $16 billion a year earlier. However, the stronger top line did not prevent the company from posting a large annual loss.
Several questions remain around the source of the loss. Integration costs, investment spending, and operating expenses linked to the combined business may all have contributed. The company has not publicly released a detailed breakdown, so the figures remain limited to what has been reported so far.
SpaceX’s confidential filing for a US listing has placed its financial profile under closer review. The company is seeking a public valuation of more than $1.75 trillion, a level that would rank it among the most valuable companies in the market.
The listing plan comes as SpaceX remains one of Musk’s largest businesses. A public offering of this size would draw broad interest from investors because of the company’s role in launch services, satellite internet, and artificial intelligence through xAI.
At the same time, the reported 2025 loss may become part of the discussion around timing and pricing. Investors often study recent profit and revenue trends closely before a company goes public, especially when the proposed valuation is unusually large.
SpaceX remains the world’s most active launch company and continues to frame its long-term mission around making interplanetary travel viable. Its core identity still shapes the company’s public image as it prepares for a possible listing.
The company has also widened its scope. In addition to launching services and satellite operations, SpaceX has outlined plans to deploy artificial intelligence data centers in orbit. The xAI acquisition adds another layer to this broader strategy.
SpaceX is no longer defined only by rockets and missions. It is now combining space operations, communications infrastructure, and artificial intelligence under one structure. Future public filings may draw attention not only for launch data and Starlink growth, but also for how the expanded business affects profit, costs, and revenue.
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