SpaceX recorded a loss of almost $5 billion in 2025 on revenue exceeding $18.5 billion, according to sources cited in recent reporting. The reported shortfall incorporates results from xAI, the artificial intelligence startup that SpaceX acquired in February of 2025.
Representatives for the company did not provide immediate comment outside regular business hours, and one news organization noted it could not independently verify the figures at the time of publication.
The disclosure lands as SpaceX moves toward a potential public listing. The company confidentially filed for a U.S. initial public offering in March, according to reporting, and has been discussed in the context of a possible valuation above $1.75 trillion.
Those valuation discussions follow prior reporting that SpaceX generated roughly $8 billion in profit in the previous year on revenue in the range of $15 billion to $16 billion. The new figures for 2025 indicate a reversal to a sizable net loss despite revenue growth to more than $18.5 billion.
Operationally, SpaceX remains one of the most active launch operators in the world and has articulated long-term goals that include making interplanetary travel feasible. The company has also outlined plans to deploy artificial intelligence datacenters in orbit, a strategic direction that is reflected in its acquisition of xAI.
Investors and market participants watching the company’s path to a public market debut will weigh the contrast between the reported 2024 profitability and the 2025 loss that includes the newly consolidated xAI business. The company’s confidential March filing for a U.S. listing signals intent to access public capital markets, while the cited potential valuation exceeds $1.75 trillion.
Summary
SpaceX reported a near-$5 billion loss for 2025 on more than $18.5 billion in revenue, a result that includes xAI after its February acquisition. The company has confidentially filed for a U.S. IPO and has previously been reported to have earned about $8 billion in profit on $15 billion to $16 billion of revenue the prior year.