SpaceX · revenue by segment
SpaceX revenue by segment
How does SpaceX make money?
Connectivity: 61.0% of FY2025 revenue
Numbers, method and sources
Share = segment revenue ÷ total revenue of the same fiscal year (derived by Hollsteen). Only years in which the reported parts add up exactly to total revenue are shown. Sources: S-1; each value names its filing.
FY2025 · revenue $18.7B · S-1 · filed May 20, 2026
- Connectivity$11.4B 61.0%
- Space$4.1B 21.9%
- AI$3.2B 17.1%
FY2024 · revenue $14.0B · S-1 · filed May 20, 2026
- Connectivity$7.6B 54.2%
- Space$3.8B 27.1%
- AI$2.6B 18.7%
FY2023 · revenue $10.4B · S-1 · filed May 20, 2026
- Connectivity$3.9B 37.2%
- Space$3.6B 34.2%
- AI$3.0B 28.5%
SEC filings only (10-K, 20-F, 8-K Ex.99 earnings releases, S-1). Derived = calculated by Hollsteen from reported SEC values; no market data.
Where does each revenue dollar go?
Net loss $4.9B in FY2025: costs exceeded revenue
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Numbers, method and sources
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SpaceX revenue by segment, by fiscal year
Segment revenue and share of total revenue (derived); each value links to its filing. “8-K sum” = fiscal-year value derived as the sum of four quarterly earnings releases (8-K Ex.99), not taken from the 10-K. Latest 3 fiscal years, newest first.