SpaceX had a revenue of $15-16 billion and a profit of about $8 billion last year, while its expected IPO valuation exceeds $1.5 trillion.

A set of rarely disclosed financial data has given the market its first clear look at SpaceX’s “money-making ability,” rapidly fueling imagination about the scale of its potential IPO. On January 30th local time, Reuters quoted two sources as saying that last year, Elon Musk’s SpaceX achieved **$15-16 billion in revenue** and an **EBITDA profit of about $8 billion**. This financial performance had never been disclosed publicly before. According to insiders, it is this data that has prompted several investment banks to reassess SpaceX’s IPO prospects. **Some banks now estimate that SpaceX’s valuation may exceed $1.5 trillion at IPO, with financing potentially surpassing $50 billion.** Such a valuation would make it one of the largest IPOs globally. Sources say the company plans to go public later this year, targeting a date around Musk’s 55th birthday (June 28). Starlink anchors the valuation From a business structure perspective, SpaceX’s profitability is highly concentrated in Starlink. Sources say Musk’s satellite internet system, Starlink, has become the company’s absolute revenue driver, **contributing roughly 50%-80% of total income**. Since 2019, SpaceX has launched **about 9,500 satellites** and has **over 9 million users**, making it the world’s largest satellite operator. The stable cash flow generated by Starlink not only supports commercial expansion but is also the core funding source for SpaceX’s continued investment in the development of its heavy-lift rocket, Starship. Accelerating rather than contracting ahead of IPO Even as the IPO window approaches, SpaceX is continuing to ramp up expansion. Reuters previously reported that **SpaceX is exploring the possibility of merging with Musk’s AI company xAI before IPO**, with related talks ongoing. In addition, the company spent **$19 billion last year** acquiring wireless spectrum resources from EchoStar, advancing its “direct-to-phone” satellite communication business. This move aims to extend Starlink’s business into the “direct-to-device” market, allowing phones to connect directly to Starlink satellites without dedicated terminals. These initiatives are seen by the market as SpaceX’s effort to further consolidate its dominance in the satellite internet sector ahead of the IPO. Starship and “Space AI”: long-term prospects remain Musk expects that **Starship will begin commercial payload launches this year**. Since 2023, the rocket has completed **11 test launches**. Looking further ahead, Starship is envisioned as a vehicle for deploying **space AI data centers**, a concept closely linked to SpaceX’s proposed merger with xAI, although it remains in its early, high-risk stage. Risk Warning and Disclaimer The market carries risks; investment needs to be prudent. This article does not constitute personal investment advice, nor does it take into account any individual user’s special investment objectives, financial situation, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article suit their particular circumstances. Those investing based on this information do so at their own risk.