Exclusive: SpaceX generated about $8 billion in profit last year ahead of IPO, sources say

• The $8 billion figure represents EBITDA (earnings before interest, taxes, depreciation and amortization), demonstrating strong operating performance with roughly 50% profit margins
• Starlink satellite internet is the primary revenue driver, contributing between 50% to 80% of SpaceX's total revenue
• SpaceX is reportedly in talks about a potential merger with Elon Musk's AI company xAI ahead of the public offering

Summary: SpaceX Reports $8B Profit Ahead of Expected IPO

Key Financial Figures:

SpaceX generated approximately $8 billion in profit (EBITDA) on $15-16 billion in revenue last year, according to sources familiar with the company's financials. These figures represent strong operating performance ahead of an anticipated public offering later this year.

Valuation and IPO Prospects:

Based on these results, banks estimate SpaceX could raise over $50 billion at a valuation exceeding $1.5 trillion in its IPO. This would represent one of the largest public offerings in recent market history.

Revenue Drivers:

Starlink, SpaceX's satellite-based internet system, serves as the primary revenue driver, accounting for 50-80% of total revenue. This highlights the growing importance of the company's commercial operations beyond traditional rocket launches.

Strategic Developments:

Reports indicate SpaceX is in merger discussions with xAI, Elon Musk's artificial intelligence company, ahead of the IPO. This potential combination could reshape the company's strategic positioning and valuation.

Market Implications:

• The strong profitability demonstrates SpaceX's successful transition from pure aerospace contractor to diversified space technology company
• The potential $1.5 trillion valuation would establish SpaceX among the world's most valuable companies
• The IPO would provide public market exposure to the rapidly growing commercial space and satellite internet sectors
• A merger with xAI could create a unique technology conglomerate combining space infrastructure with AI capabilities

The offering represents a significant opportunity for investors to access the commercial space industry, though the company has not officially confirmed IPO timing or financial details.