Higher-Than-Expected Profitability

SpaceX, led by Elon Musk, reportedly recorded approximately $8 billion (about 11 trillion won) in EBITDA (earnings before interest, taxes, depreciation, and amortization) throughout 2025. According to multiple sources familiar with the company's performance, revenue for the same period is estimated to be between $15 billion and $16 billion.

This financial data marks the first disclosure ahead of SpaceX's expected initial public offering (IPO) in the latter half of this year. Based on these figures, some investment banks have valued SpaceX at over $1.5 trillion for its listing, projecting that the company could raise more than $50 billion in funding.

Starlink Drives Performance

Sources indicate that Starlink, Musk's satellite internet system, serves as the core growth engine, accounting for 50-80% of SpaceX's total revenue.

Since 2019, SpaceX has launched approximately 9,500 Starlink satellites, establishing itself as the world's largest satellite operator. Currently, Starlink's broadband internet service subscribers have exceeded 9 million.

Starlink-related revenue comes not only from consumer services but also from government contracts and the military satellite network project called Starshield. These revenue streams are providing the necessary funding for the development of Starship, Musk's next-generation super-heavy rocket.

IPO Timing and AI Company Merger Speculation

According to sources, SpaceX is preparing what could be the largest IPO in history, with the listing likely to occur around June 28, close to Musk's 55th birthday.

Meanwhile, Reuters reported that SpaceX is discussing a merger with xAI, Musk's artificial intelligence company, before the IPO. However, SpaceX has not issued an official statement on this matter.

Profitability Surpassing Tesla

The disclosed $8 billion operating profit exceeds the total earnings of Tesla, Musk's electric vehicle company. This demonstrates that SpaceX has secured a stable revenue structure beyond being merely a space exploration company, establishing itself as a telecommunications infrastructure provider.

Starlink is rapidly expanding its market by providing high-speed internet to areas unreachable by traditional terrestrial networks. In particular, military and government sector contracts are valued as long-term, stable revenue sources.