SpaceX published its landmark S-1 filing on Wednesday, offering the most comprehensive picture of its financials to date. In its top-line figures, the Starlink creator disclosed that it brought in USD 18 billion in revenue in 2025 on a consolidated basis, with a net loss of USD 4.9 billion. EBITDA came in at USD 6.58 billion for the year.

That exponential growth trajectory has been nearly two decades in the making. SpaceX was founded in 2002 by Elon Musk, and it has raised more than USD 10 billion in venture capital funding over its lifetime as a private company. Now, a slew of investors—including Founder’s Fund, DFJ, D1 Capital, Fidelity, and Thrive Capital—and thousands of early employees are gearing up for a generational liquidity event. READ MORE