SpaceX’s highly anticipated public listing application has pulled back the curtain on its long-hidden finances, revealing that its Starlink satellite internet network has grown into the primary engine keeping Elon Musk’s corporate empire afloat.
www.digitaljournal.com
According to the newly filed SEC registration documents, Starlink’s connectivity business generated an impressive $11.4 billion in revenue for 2025, marking a nearly 50% surge compared to the previous year. More importantly for Wall Street investors, the satellite division pulled in $4.4 billion in operating income—a spectacular 120% jump in profitability. The network, which currently operates roughly 9,600 satellites in low-Earth orbit, is manufacturing hardware at a staggering pace, churning out an average of 70 satellites a week from its Redmond facility to maintain its massive lead over looming competitors like Amazon.
www.digitaljournal.com+ 2
This robust cash flow from Starlink is proving absolutely critical to bankrolling Musk’s aggressive and costly pivot into artificial intelligence. Following a massive merger with xAI, SpaceX has aggressively rebranded itself as an AI powerhouse that happens to operate in space. However, that ambition is currently bleeding cash. The company’s AI unit—which includes the social media platform X and the Grok chatbot—recorded a steep $6.4 billion operating loss in 2025 on just $3.2 billion in sales.
www.digitaljournal.com+ 1
The financial drain has only intensified, with SpaceX burning through billions more in early 2026 to erect the massive data centers required to train advanced AI models. To help plug the gap, the filing revealed a massive, newly expanded deal where AI rival Anthropic will pay SpaceX $1.25 billion a month through 2029 to rent computing capacity at Musk’s flagship “Colossus” data hubs.
www.livemint.com+ 1
Despite the deep current deficits in AI, SpaceX is pitching its future to investors around that exact technology. In its prospectus, the company boldly claimed it is chasing a staggering $28.5 trillion addressable market, arguing that the vast majority of its long-term financial potential will stem from a space-backed AI infrastructure powered directly by the sun.
www.ft.com