SpaceX generated roughly $8 billion in profit on revenue of about $15 billion to $16 billion last year, according to two people familiar with the company’s financials, offering a rare look into the performance of Elon Musk’s space firm ahead of its expected IPO later this year.
The previously unreported results have led some banks to estimate SpaceX could raise more than $50 billion at a valuation above $1.5 trillion, the sources said.
SpaceX is also in discussions with Musk’s AI company, xAI, about a potential merger ahead of the public offering, Reuters reported.
The profit figure represents earnings before interest, taxes, depreciation and amortization. Starlink remains the main revenue driver, accounting for between 50% and 80% of total revenue.
Since 2019, SpaceX has launched around 9,500 Starlink satellites, making it the world’s largest satellite operator with more than 9 million users. Revenue from Starlink and government contracts has helped fund development of the Starship rocket.
The company last year spent $19 billion on wireless spectrum from EchoStar as it expands into direct-to-device satellite services.
Sources said SpaceX is planning what could become the world’s largest IPO, potentially timed around Musk’s birthday in late June.