Key Points
SpaceX is set to go public, with shares expected to be available to investors as early as June 12, 2023. The company, led by CEO Elon Musk, has generated significant investor interest due to its promising growth opportunities in space travel and artificial intelligence (AI). However, the profitability of SpaceX is largely driven by its Starlink connectivity segment, which generated $11.4 billion in revenue in 2025, accounting for 61% of the company’s total revenue of $18.7 billion.
Starlink experienced a 50% increase in revenue from the previous year, with an operating profit of $4.4 billion last year. In contrast, SpaceX’s space and AI segments reported losses of $657 million and $6.4 billion, respectively. While the total addressable market for SpaceX is estimated at $28.5 trillion, only $1.6 trillion pertains to connectivity, while the majority relates to AI ($26.5 trillion).
With a potential valuation of around $1.5 trillion, some analysts suggest caution for investors considering SpaceX stock when it hits the market, noting the disparity between profit and losses across its business segments.
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