Starlink is 61% of revenue. Rockets are the smallest slice. And there's a new AI arm it bought.
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✦ The bottom line
SpaceX took in $18.7 billion last year, up 33%. Most of it wasn't rockets — it was Starlink, its satellite internet. A third business, AI, arrived by acquisition.
↓ the brief below
✦ Teach me
Money coming in
Every dollar customers paid SpaceX last year — for Starlink internet, for rocket launches, and now for AI. Revenue is the simplest measure of how big the business got. It says nothing yet about profit; that comes later.
Wall Street calls this
Revenue
+33% on $18.7B is real scale. The surprise is *which* part is growing — and it isn't the rockets.
Total revenue · 2025
$18.7
B
Up 33% from $14.0B in 2024. Three years ago it was $10.4B.
Source · S-1 · Consolidated Statement of Operations · FY2025 · Filed May 20, 2026
$18.7 billion, up a third in a year — that's real growth at enormous scale. But say "SpaceX" and almost everyone pictures the same thing: rockets. The filing tells a different story. Inside that one number are three separate businesses, and the rockets are no longer the main event. Here's how the $18.7B actually splits.
Where the $18.7B comes from
2025 segment revenue
Connectivity (Starlink)
$11.4B
Space (launch)
$4.1B
AI (xAI + X)
$3.2B
Starlink is 61% of the company. The original rocket business is the smallest of the three.
That third slice — AI, $3.2 billion — wasn't built inside SpaceX. It arrived in the xAI merger (effective March 2025), which folded Elon Musk's AI startup into the company. The same deal also brought in X, formerly Twitter, whose advertising sits inside this segment. So one chunk of "SpaceX revenue" is really AI and social-media money, bolted on by acquisition rather than grown from rockets or satellites.
✓
Growing fast, on every engine.
+33% overall, +49.8% at Starlink. The question Chapter 2 asks: if revenue is this big, why is it losing money?