SpaceX has officially filed its S-1 prospectus ahead of a highly anticipated IPO, aiming for a valuation of up to $2 trillion. The company’s revenue growth is showing signs of cooling, with a 33% increase in 2025 to $18.67 billion, followed by a mere 15% growth in Q1 2026. Despite a net profit of $791 million in 2025, SpaceX reported a staggering net loss of $4.94 billion in 2026, largely due to its acquisition of xAI, which has yet to turn a profit.
The majority of SpaceX’s revenue is derived from its Starlink satellite business, which accounted for 61% of total revenue in 2025. While this segment remains profitable, losses in both the space and AI divisions are significant. The company’s aggressive spending on AI infrastructure and its reliance on Starlink to subsidize other ventures raise concerns about its long-term profitability.
Investors should approach SpaceX’s IPO with caution. While initial hype may drive stock prices up, the underlying financials suggest a shaky business model that could lead to a sharp pullback as the market reassesses its true value.
Source: fool.com