SpaceX public S-1 shows $18.7 billion 2025 revenue and $4.9 billion net loss

SpaceX's public S-1 showed 2025 revenue of $18.7 billion, a net loss of $4.9 billion and an operating loss of $2.6 billion, with adjusted EBITDA of $6.6 billion. Connectivity (Starlink) brought in $11.4 billion, about 61% of revenue, while the Space segment had $4 billion and the AI segment $3.2 billion. The filing also showed about $3 billion of Starship R&D spending and long-term debt of $29.1 billion at the end of March 2026.

• 2025 revenue $18.7B; net loss $4.9B; operating loss $2.6B; adjusted EBITDA $6.6B
• Starlink revenue $11.4B (61%); Space $4.0B; AI $3.2B
• Starlink had 10.3 million subscribers and ARPU of $66 a month at end of March 2026
• Starship R&D about $3B in 2025; long-term debt $29.1B at March 2026