On Thursday, Elon Musk’s company SpaceX launched the largest IPO in history, raising $75 billion. The company aims to join the ranks of the world’s most valuable companies, targeting a valuation of $1.75 trillion.
Starlink boosts earnings, but the company posts a loss
SpaceX’s revenue rose by 33% in 2025, reaching $18.67 billion. Starlink—which has 10.3 million users and 9,600 satellites—contributed approximately 60% of the total revenue.
However, following its merger with the AI company xAI, SpaceX incurred a net loss of $4.94 billion in 2025, contrasting with a profit of $791 million in 2024.
Far ahead of rivals in rocket launches
Since its first launch in 2006, SpaceX has achieved such significant growth that it has become a key launch partner for NASA and the US Department of Defense.
The company’s reusable Falcon 9 rocket has been the cornerstone of its success. Meanwhile, the Starship rocket—currently under development—is being designed for the large-scale transport of humans and cargo in the future.
Lagging behind OpenAI and Anthropic in the AI sector
SpaceX believes that AI represents its largest potential market. In line with this strategy, it acquired xAI in February.
However, in terms of market share, xAI currently trails behind OpenAI and Anthropic. Recent data indicates that Anthropic and OpenAI services account for over 30% of usage among business clients, whereas xAI’s share hovers around 5%.
Investors betting on a premium valuation
At a proposed price of $135 per share, SpaceX’s price-to-sales ratio would be approximately 94—a figure higher than that of giants like Nvidia, Amazon, and Meta. This valuation is comparable to that of space sector companies like Planet Labs and Rocket Lab, even though they are relatively smaller and newer firms.
Future Hopes Pinned on Starship
The primary driver behind SpaceX’s high valuation is the Starship project. This rocket will be capable of carrying a payload of over 100 metric tons into low Earth orbit—a capacity exceeding that of any other current rocket.
The company believes that Starship will not only propel its launch business to new heights but also realize its ambition of establishing AI data centers in space.
A recent Starship test successfully deployed dummy satellites and achieved a controlled landing in the Indian Ocean—a feat considered a major milestone ahead of a potential IPO.
