SpaceX

NASDAQ: SPCX

Revenue

$23.04B

+33.2% FY2025 annual

Gross margin

51.9%

+644 bps FY2025 annual

Starlink subscribers

12.0M

+102.3% FY2025 annual

Free Cash Flow to Firm

−$35.18B

Last twelve months to June 30, 2026

Business overview

Company overview

SpaceX has three reportable segments: Space, Connectivity, and AI.

How SpaceX makes money

Space revenue comes primarily from Falcon 9, Falcon Heavy, and Dragon launch and mission services for commercial and government customers. Connectivity revenue comes primarily from consumer subscription fees. The AI segment earns revenue from ads on X and AI solutions and infrastructure, including subscriptions, data licensing, and Grok API access.

Bull case

SpaceX designs and manufactures a significant portion of its components in-house, including engines, avionics, structures, and software.

Bear case

SpaceX has a history of net losses and may not achieve profitability in the future.