SpaceX Company Fact Sheet (as of May 2026)

Overall Financials

SpaceX generated $15-16 billion in revenue in 2025, with approximately $8 billion in EBITDA profit, marking a shift where Starlink became the dominant revenue source (50-80% of total) funding high-capex programs like Starship; this represented 18% YoY growth from $13.1 billion in 2024, though net profit swung to a nearly $5 billion loss in some reports due to xAI integration and $20.7 billion capex.[1][2][3]
- 2025 revenue consensus across Reuters, Sacra, Elon Musk: $15-16B; Starlink ~$10-11.8B (61-67%), Launch ~$4.4B (27-29%), NASA/HLS/Other ~$1.1B (5-7%).[4][2][5]
- EBITDA margin ~50%, driven by Starlink's 63% margin ($7.2B on $11.4B rev); launch margins lower due to ~66% internal Starlink flights reducing external revenue.[6]
- 2026 projections: $22-30B total rev (Starlink $20B, Launch/gov up); NASA ~5% ($1.2B).[7]
Implication for competitors: Starlink's recurring high-margin revenue (ARPU $81-200/mo, 9.2M subs) subsidizes launch pricing aggression (~$74M/Falcon 9, $7K/kg rideshare), creating a data moat via real-time satellite ops that locks out rivals without similar scale.[8]

Launch Cadence & Operations

SpaceX achieved a record 170 orbital launches in 2025 (165 Falcon 9, ~5 Starship tests, few Falcon Heavy), averaging ~1 every 2.1 days and capturing 82% commercial market share; reusability (boosters up to 28 flights) enabled this while dedicating capacity to Starlink deployments.[9][10][11]
- Falcon 9: 165 launches (99.8% success Block 5); ~66% internal Starlink, rest commercial/DoD/NASA.[2]
- Falcon Heavy: Minimal (0-2 in 2025), used for high-value NRO/SDA.[12]
- Starship: 5 tests in 2025 (V3 debut mid-March), targeting sub-$100/kg; FAA approved 25/year cadence.[13][14]
- 2026 YTD (May): 55 launches, on pace for 145+ goal.[11]
Implication for competitors: Cadence moat (Falcon 9 turnaround <10 days) fills manifests with internals, starving rivals; Starship scales to 100s/year, enabling new markets like orbital data centers.

Major Contracts: NASA (~$1.1B in 2025 revenue)

NASA contracts (~5-7% total rev) include CRS Dragon cargo (~$250M/mission), CCtCap Crew Dragon (14+ missions thru 2030, $4.9B total value, $55-72M/seat), HLS Starship ($4B+ potential, $2.8B obligated/outlayed, $221M 2025 milestones), ISS Deorbit ($843M).[7][15][16]
- CCtCap: $2.6B base + $2.3B extensions (Crew-10 to -14 at $288M/mission).[17]
- CRS: 20+ missions assigned vs. Northrop's 10.[18]
- HLS: Contract up 6% to $4.55B potential; 65% ($2.6B) paid by mid-2025.[19][20]
Implication for competitors: Fixed-price wins (Crew Dragon operational since 2020 vs. Boeing Starliner's delays/$2B overruns) make SpaceX default; HLS ties Starship to Artemis, blocking alternatives.

Major Contracts: DoD & National Security (~$2-3B in 2025)

DoD/NSSL/Starshield: $4.5-5.5B unclassified 2025 gov rev (incl. NASA); NSSL Phase 3: SpaceX won 5/7 FY26 ($714M), 7/9 FY25 ($846M), $5.9B Lane 2 (28 missions), $739M 9 tasks; Starshield (mil-grade Starlink): $1.8B NRO spy sats + $900M PLEO comms.[21][18]
- Cumulative DoD: ~$7B; recent: $57M crosslink demo, $2B Golden Dome potential.[22]
Implication for competitors: 60% NSSL share ($210M/launch) via reliability; Starshield's LEO swarm (183+ sats) outpaces legacy GEO, securing recurring mil revenue.

Revenue Breakdown by Segment (2025 Estimates)

Segment	Revenue (USD)	% of Total	Key Drivers
Starlink	$10-11.8B	61-79%	9.2M subs (consumer $7.5B, gov/mil $3B, hardware $1.3B); 95% YoY 2024 growth slowed to 27%.[4][5]
Falcon 9/Heavy Launch	$4.4B	27-29%	165 F9 (~$67-74M/launch avg, rideshare $7K/kg); 66% internal.[2][8]
Starship/HLS	$221M	~1.5%	NASA milestones; no commercial yet.[4]
Rideshare/Other	~$0.5-1B	3-7%	Transporter missions ($20-80M each).[23]

Implication for competitors: Launch no longer majority (flipped 2022); enter via niche rideshare, but scale barriers (reusability + vertical integration) protect ~$4B stable base while Starlink funds disruption.

Sources: Reuters [55], Sacra [59], LinkedIn/Payload [57], TradingKey [56], AviationOutlook [61], Elon Musk/WSJ [58], ExpressNews [63]. All figures publicly estimated; private co, no audited 10-K.

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Recent Findings Supplement (May 2026)

SpaceX 2025-2026 Fact Sheet (Post-Nov 2025 Updates)

Total Revenue & Profitability

SpaceX generated $15-16B in revenue in 2025 (consensus across Reuters, Payload, Sacra, PitchBook), with ~$8B EBITDA profit; however, net loss neared $5B due to $17B capex on Starship/AI (The Information Apr 2026).[1][2][3]

- Starlink drove 61-67% ($10.4-11.4B), EBITDA $5.8-7.2B (54-63% margin); launch ~$4.1-4.4B; NASA/HLS ~$221M.[4][5][2]

- 2026 forecasts: $20-24B total (Quilty Mar 2026), Starlink $15.9-20B (EBITDA $11-14B); NASA <5% (~$1.2B).[6][7]

Implication for competitors: Starlink's recurring subs (9.2M users, ARPU $81/mo down 18% YoY) create data moat funding Starship; rivals like Kuiper/OneWeb lag in scale/cost.

Launch Cadence

Falcon 9 hit 50+ launches by late Apr 2026 (e.g., Starlink 10-38 May 1, CAS500-2 rideshare May 3); ~66% internal Starlink missions slowed external revenue growth to 5% YoY.[8][9][3]

- 1,178+ Starlink sats launched YTD May 2026; Starship Flight 12 NET May 12-18 (pad fixes complete); V3 test mid-Mar targeted sub-$100/kg.[10][11]

- Falcon Heavy rare (1 YTD); Florida Starship debut late summer/early fall 2026 pending env reviews.[12]

Implication for competitors: 2-3 day cadence deconflicts with ULA/Blue; new entrants need FAA/range reforms to match.

Major Contracts

DoD/Space Force: $739M for 9 NSSL Lane 1 missions (Jan 2026); $3.2B OTA for space interceptors (Apr); Starshield $7B projected 2026 (44% Starlink gov't rev).[13][14][15]

- NASA: <5% rev; Artemis HLS ongoing but delays prompt contract reopen (OIG concerns); CRS-34 NET May 12.[16][17]

- Commercial: Rideshares (CAS500-2/Exolaunch 39 sats May 3, Transporter-16); MTN gov't LEO (Feb); $109M Texas BEAD.[18][19]

Implication for competitors: SpaceX sweeps Lane 1 (no ULA wins); Starshield locks DoD mega-deals.

Business Segments Breakdown (2025 Actuals)

| Segment | Revenue (USD) | % Total | Notes |

|---------|---------------|---------|-------|

| Starlink | $10.4-11.4B[4][2] | 61-67% | 9.2M subs (doubled YoY); consumer $11.3B 2026 fcst; gov't/maritime key. |

| Falcon Launches | $4.1-4.4B[3][5] | 27-29% | Breakeven; 66% internal Starlink. |

| Starship/HLS | ~$221M[4] | <2% | $15B+ dev capex; V3 unlocks 20x Starlink capacity.[20] |

| Rideshare/Other | Minor[21] | <5% | CAS500-2 etc.; AI/xAI losses offset. |

Implication for competitors: Launch flat as Falcon prioritizes Starlink; Starship risks $500M+ explosion losses but enables orbital data centers/AI.

Recent Developments (Last Few Months)

- IPO: Confidential S-1 filed Mar 2026; $1.5-1.75T val (94-110x 2025 rev), 3.3% float for $50B raise (mid-Jun target).[1][22]

- Starlink: 10M+ subs; EchoStar $19.6B spectrum for D2C; V3 sats via Starship; ARPU drop but 33% sub growth fcst.[6]

- Other: xAI merger (Feb); Musk comp tied to Mars colony/100TW space data centers; Starship pad lawsuit (Texas homes damaged).[23]

What this means for entrants: Starlink funds $15B+ Starship (vs $400M Falcon); compete via policy (FAA range access) or niches (heavy-lift pre-Starship ops). Confidence high on revs (multiple analysts align); Starship timeline medium (delays common).

Sources

- Reuters (Apr 2026): [60][71][74][75][80]

- Yahoo/Tipranks (Apr 2026): [61]

- Payload (Jan 2026): [62][65][77]

- Sacra (Feb 2026): [67][110]

- Quilty (Mar 2026): [68][73][87]

- Space.com/Spaceflightnow (May 2026): [40][41][42][43][46]

- Space Force/DoD: [3][16][19]

- Express News (Apr 2026): [76]

- The Information (Apr 2026): [79]