SpaceX Likely Lands in Communication Services as Starlink Drives $11 Billion of 2025 Revenue
Updated
Updated · CNBC · May 24
SpaceX Likely Lands in Communication Services as Starlink Drives $11 Billion of 2025 Revenue
2 articles · Updated · CNBC · May 24
S&P Global and MSCI are preparing to classify SpaceX for major indexes ahead of its expected IPO, with Communication Services emerging as the most likely sector.
Starlink generated more than $11 billion in 2025, far above roughly $4 billion from launch and mission services and $3.2 billion from xAI, making connectivity the strongest revenue signal.
That revenue mix matters because index providers first place new listings into one of 163 sub-industries before narrowing them through industry and group levels into one of 11 S&P sectors.
SpaceX could still later be viewed through other lenses, including industrials for rockets and defense or a novel data-center category if Musk's planned orbital AI infrastructure gains weight.
As SpaceX's AI division hemorrhages cash, can its record valuation survive the scrutiny of public markets?
Is SpaceX’s 'compute-in-orbit' dream the next tech frontier, or a black hole for its historic IPO cash?
With Elon Musk holding 85% voting power, are IPO investors just passengers on his trillion-dollar Starship?