SpaceX · customer concentration
Who are SpaceX’s biggest customers?
Customer A: 20.9% of FY2025 revenue *
The filing does not name this customer. Hollsteen never guesses names.
“Consolidated revenue from a significant customer is as follows: Year Ended December 31, 2025 2024 2023 Customer A … 20.9% 24.2% 25.2%…” *
Numbers, method and sources
Quote
Share of revenue per customer, as the filing states it. US GAAP requires disclosure only for customers with at least 10% of revenue; a year without a customer means below 10% or not disclosed. Labels like “Customer A” are the filer’s own; the same label is not guaranteed to be the same customer every year.
Source: the filing’s tagged data (XBRL ConcentrationRiskPercentage, benchmark revenue), or the filing text where a share is not tagged.
FY2025
- Customer A (unnamed) 20.9%
Quoted above.
FY2024
- Customer A (unnamed) 24.2%
Quoted above.
FY2023
- Customer A (unnamed) 25.2%
Quoted above.
6 months to Jun 30, 2026 (interim)
- Customer A (unnamed) 17.9%
- Customer B (unnamed) 12.2%
SEC filings only. No market data.
Is SpaceX getting more dependent on one customer?