A rare set of disclosed financial data has allowed the market to see SpaceX's "earning power" for the first time and quickly raised expectations for its IPO size.
On January 30th local time, Reuters quoted two insiders as saying that Elon Musk's SpaceX achieved revenue of $15 billion to $16 billion last year, with an EBITDA profit of approximately $8 billion. The relevant financial performance has never been disclosed to the public before.
Insiders say that it is this set of data that has prompted multiple investment banks to reassess SpaceX's listing potential.
Some banks currently estimate that SpaceX's valuation at IPO may exceed $1.5 trillion, and the financing scale may exceed $50 billion. This valuation level will make it one of the largest IPOs in the world.
According to informed sources, the company plans to go public later this year, with a target date set around Musk's 55th birthday (June 28th).
Starlink supports valuation anchor
From the perspective of business structure, SpaceX's profitability is highly concentrated in Starlink.
People familiar with the matter said that Mask's satellite Internet system star chain has become the company's absolute main revenue, contributing about 50% to 80% of the company's revenue.
Since 2019, SpaceX has launched approximately 9500 satellites with over 9 million users, making it the world's largest satellite operator.
The stable cash flow generated by Starlink not only supports business expansion, but also becomes the core source of funding for SpaceX's continued investment in the development of the heavy rocket Starship.
Still accelerating rather than contracting before IPO
Even as the listing window approaches, SpaceX continues to intensify its expansion efforts.
Reuters previously reported that SpaceX is exploring the possibility of a pre IPO merger with Musk's artificial intelligence company xAI, and negotiations are still ongoing. In addition, the company spent $19 billion last year to acquire wireless spectrum resources from EchoStar, promoting its "direct to mobile" satellite communication business.
This measure aims to expand Starlink's business to the "direct to device" market, allowing mobile phones to directly connect to Starlink satellites without the need for dedicated terminals.
These layouts are regarded by the market as SpaceX hopes to further consolidate its leading position in the satellite Internet field before going public.
Starship and 'space AI', long-term imagination of space still exists
Musk expects Starship to begin commercial payload launch missions this year. The rocket has completed 11 test launches since 2023.
In the long run, Starship is envisioned for deploying space AI data centers, which is highly relevant to SpaceX's proposed xAI merger, but still in the early and high-risk stages.
