SpaceX outlines IPO ambitions with six key business charts

SpaceX is preparing to go public with a valuation target between $1.75 trillion and $1.77 trillion, setting a share price of $135 in what the company is positioning as a historic market debut. If the company raises its full target of up to $75 billion, it would shatter every existing record for an initial public offering.

The company laid out its case across six key business segments, painting a picture of a diversified revenue machine that stretches well beyond launching rockets into orbit. At the center of that pitch sits Starlink, the satellite internet constellation that now accounts for roughly 60% of SpaceX’s total revenue.

Starlink is the engine, everything else is fuel

SpaceX posted $18.67 billion in revenue for 2025, a 33% jump year-over-year. The bulk of that, approximately $11.39 billion, came from Starlink’s connectivity business.

The satellite network has grown to about 10.3 million subscribers supported by a constellation of 9,600 satellites.

A $4.9 billion loss, but not the kind you think

SpaceX reported a net loss of $4.9 billion for 2025. On its face, that number looks alarming for a company seeking a nearly $2 trillion valuation. But the company highlighted a positive EBITDA of $6.58 billion, which tells a different story about operational health.

The xAI merger and a $28.5 trillion bet

In February 2026, SpaceX merged with xAI, Musk’s artificial intelligence venture. The combined entity now pitches a total addressable market of $28.5 trillion, with AI opportunities alone accounting for $26.5 trillion of that figure.

The company has already signed a cloud lease agreement with Anthropic worth $1.25 billion per month, which suggests the AI compute business isn’t purely theoretical.

Bitcoin on the balance sheet

SpaceX holds 18,712 BTC on its balance sheet, valued at approximately $1.29 billion as of March 31, 2026.

That makes SpaceX one of the larger corporate Bitcoin holders globally. It’s a relatively small position compared to the company’s overall valuation, representing less than 0.1% of its target market cap.

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