Starlink Generated $11.39 Billion for SpaceX, Driving Profit Ahead of Nasdaq IPO
Updated
Updated · CNBC · May 21
Starlink Generated $11.39 Billion for SpaceX, Driving Profit Ahead of Nasdaq IPO
5 articles · Updated · CNBC · May 21
$11.39 billion in 2025 revenue made Starlink SpaceX's biggest business, contributing 61% of total sales and rising to 69% in the first quarter, according to the company's IPO prospectus.
$4.42 billion in income from Starlink made it SpaceX's only profitable division last year, while the rocket-launch unit lost $657 million and the AI division posted a $6.35 billion deficit.
10.3 million users in the first quarter—more than double a year earlier—underline Starlink's scale, with service now spanning more than 160 countries and all seven continents.
$10.1 billion in first-quarter capital spending, including $7.7 billion for AI, shows why SpaceX is leaning on Starlink's cash flow as it pursues orbital data centers and other costly projects.
Regulatory approvals, satellite replacement needs and rising competition from Amazon, Eutelsat's OneWeb and others remain key risks as SpaceX seeks to expand Starlink and justify its listing.
As Starlink expands, who pays the price for a sky filled with satellites and space debris?
Is SpaceX's massive valuation a tech revolution or a financial bubble about to burst?
Should one company control the internet from space, shaping global communication and conflict?
Inside SpaceX’s $1.75 Trillion IPO: Starlink’s Profit Engine, xAI Expansion, and the Risks of the “Muskonomy”
Overview
SpaceX has filed its S-1 regulatory document, offering an unprecedented look into its business as it prepares for what is expected to be the largest IPO in history. The company aims to raise about $75 billion, targeting a massive $1.75 trillion valuation, with the IPO possibly happening as early as June 2026. Both the New York Stock Exchange and Nasdaq are competing for the listing, and SpaceX plans to allocate a significant portion of shares to retail investors. This historic move highlights SpaceX’s ambition and the intense market interest surrounding its public debut.