Exclusive: SpaceX Reported $8 Billion Profit Last Year Before IPO, Sources Reveal

• The $8 billion profit figure represents EBITDA (earnings before interest, taxes, depreciation and amortization), a key measure of operating performance
• Starlink is the primary revenue driver, generating between 50% and 80% of SpaceX's total revenue
• SpaceX is reportedly in talks with Elon Musk's AI company xAI about a potential merger ahead of the IPO

SpaceX Financial Performance and IPO Summary

Key Financial Metrics:

SpaceX reported approximately $8 billion in EBITDA (earnings before interest, taxes, depreciation, and amortization) on revenue of $15-16 billion last year, according to sources familiar with the company's results. This represents an exceptional profit margin of roughly 50-53%.

IPO Plans and Valuation:

The aerospace company is expected to go public later this year. Based on these strong financials, investment banks estimate SpaceX could raise over $50 billion at a valuation exceeding $1.5 trillion, which would make it one of the most valuable public offerings in history.

Revenue Drivers:

Starlink, SpaceX's satellite-based internet system, is the primary revenue generator, accounting for 50-80% of total revenue. This highlights the company's successful diversification beyond traditional launch services.

Potential M&A Activity:

Reuters reports that SpaceX is in merger discussions with xAI, Elon Musk's artificial intelligence company, ahead of the planned IPO. This potential combination could reshape the structure and valuation of the public offering.

Market Implications:

The disclosed financials reveal SpaceX's strong operational performance and profitability, likely to generate significant investor interest in the upcoming IPO. The potential $1.5 trillion valuation would position SpaceX among the world's most valuable companies. The Starlink business model appears highly successful, demonstrating sustainable revenue generation beyond government contracts. A merger with xAI could create a diversified technology conglomerate under Musk's control, though details remain limited.

SpaceX has not commented on these reports.