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#Gate广场四月发帖挑战
SpaceX Business Segment Financials Revealed for the First Time: Only Starlink Profits, xAI Burns Nearly $14 Billion Annually
Financial data from an unreleased SpaceX business segment report shows that among the company's three main businesses, only the satellite internet service Starlink is generating cash, while the rocket launch and AI divisions are both losing money.
Last year, Starlink's revenue reached $11.4 billion, a 50% increase year-over-year, accounting for 61% of SpaceX's total revenue. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization, including stock-based compensation) was $7.2 billion, with a profit margin of 63%, higher than the 50% projected for 2024 and 41% in 2023. After deducting capital expenditures, Starlink's free cash flow was approximately $3 billion, making it the only profitable segment for SpaceX. The rocket launch business generated $4.1 billion in revenue, up only 8%, with an approximate free cash flow of negative $3 billion. Throughout the year, SpaceX conducted over 160 launches, most of which were for deploying its own Starlink satellites; the external customer market remains limited.
The AI division (including social platform X and large model company xAI, which was integrated into SpaceX in February this year at a valuation of $250 billion) generated $3.2 billion in revenue, a 23% increase, but burned nearly $14 billion annually. For comparison, OpenAI and Anthropic burned about $9 billion and $4 billion respectively last year, with SpaceX's AI division surpassing both combined. In terms of revenue scale and growth rate, xAI also lags far behind OpenAI and Anthropic. The $3 billion in free cash flow from Starlink is far from enough to offset the losses from the other two divisions. SpaceX's total capital expenditures for the year reached $20.7 billion, exceeding its total revenue. Overall, free cash flow was approximately negative $14 billion.
In the Gate Pre-IPO market, SpaceX is already being traded. What do you think? Would you go long on SpaceX? Leave a comment and share your thoughts with Little God of Wealth!