SpaceX could go public at a valuation larger than most countries' economies

SpaceX has revealed its financials for the first time, showing a $4.9 billion loss in 2025 despite $18.7 billion in revenue. However, that isn't the biggest news here, as the Elon Musk-led company is preparing for an IPO, and its filing shows it could raise as much as $80 billion, and value the company somewhere around $1.75 trillion.

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The filing, required ahead of its IPO, marks a major shift for SpaceX, which has long operated under a veil of secrecy, at least when it comes to its financials. Revenue for 2025 rose 33 percent year-over-year, but the company swung from a $791 million profit in 2024 to a staggering $4.9 billion loss.

First-quarter 2026 losses matched the full-year 2025 loss, raising questions about long-term financial sustainability. Capital spending nearly doubled to $20.7 billion, with a large chunk going toward AI development and infrastructure.

However, investors are being sold on SpaceX as a package, and not an individual entity. Investors are being sold a story that combines SpaceX's launch capabilities, which includes Starlink satellite internet, xAI, data centers, Mars ambitions, and possibly even space-based computing. Bundling all of the different business arms into SpaceX's valuation, and if these estimates are correct, SpaceX could have one of the biggest IPOs in history.

As the IPO process moves forward, investors and industry observers will be watching to see if SpaceX can turn its ambitious vision into sustainable profitability. The company's next steps will define not just its financial future, but the future of private space exploration.