#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
An unreleased financial report of SpaceX's business segments shows that among the company's three main businesses, only satellite internet service Starlink is generating cash, while rocket launches and AI are both burning money.
Last year, Starlink's revenue was $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 50% in 2024 and 41% in 2023.
After deducting capital expenditures, Starlink's free cash flow was about $3 billion, making it the only profitable segment for SpaceX.
Rocket launch revenue was $4.1 billion, only an 8% increase, with free cash flow around 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.
AI business (including social platform X and large model company xAI, which was integrated into SpaceX in February this year with 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 segment surpassing both combined.
In terms of revenue scale and growth rate, xAI also lags far behind OpenAI and Anthropic.
The $3 billion free cash flow from Starlink is far from enough to offset the losses from the other two businesses.
SpaceX's total capital expenditure for the year was $20.7 billion, exceeding its total revenue.
Overall free cash flow was approximately negative $14 billion.
Gate Pre-IPO market already has SpaceX trading; what do you think? Would you go long on SpaceX? Leave a comment and share your thoughts with Little God of Wealth!