A set of rarely disclosed financial figures has offered the market its first clear glimpse into SpaceX's profitability, rapidly elevating expectations for the scale of its potential initial public offering. On January 30 local time, citing two informed sources, it was revealed that Elon Musk's SpaceX achieved revenue between $15 billion and $16 billion last year, with EBITDA profit approximating $8 billion. These specific financial performances had never been publicly disclosed before. According to the sources, it is precisely this set of data that has prompted multiple investment banks to reassess SpaceX's potential for going public. Some banks now project that SpaceX's valuation at the time of its IPO could surpass $1.5 trillion, with the fundraising size potentially exceeding $50 billion. This valuation level would position it as one of the largest IPOs globally. The sources indicated that the company plans to list later this year, targeting a date around Elon Musk's 55th birthday on June 28.

Starlink Anchors the Valuation From a business structure perspective, SpaceX's profitability is highly concentrated in its Starlink satellite internet venture. Informed sources stated that Musk's satellite internet system, Starlink, has become the unequivocal primary revenue driver for the company, contributing approximately 50% to 80% of its total revenue. Since 2019, SpaceX has cumulatively launched around 9,500 satellites, amassing a user base of over 9 million, establishing it as the world's largest satellite operator. The stable cash flow generated by Starlink not only supports commercial expansion but also serves as a core funding source for SpaceX's continued investment in the development of its heavy-lift rocket, Starship.

Accelerating Expansion Ahead of IPO Even as the window for a public listing approaches, SpaceX continues to aggressively ramp up its expansion efforts. A previous report indicated that SpaceX is exploring the possibility of a pre-IPO merger with Musk's artificial intelligence company xAI, with related negotiations still ongoing. Furthermore, last year the company spent $19 billion to acquire wireless spectrum resources from EchoStar to advance its "direct-to-cell" satellite communication business. This move aims to extend Starlink's services into the direct-to-device market, enabling mobile phones to connect directly to Starlink satellites without requiring specialized hardware. Market observers interpret these strategic moves as an effort by SpaceX to further solidify its dominant position in the satellite internet sector before going public.

Starship and "Space AI" Represent Long-Term Potential Musk anticipates that the Starship rocket will begin executing commercial payload launch missions this year. The vehicle has completed 11 test launches since 2023. Looking further ahead, Starship is envisioned for deploying AI data centers in space, a concept highly relevant to the proposed merger with xAI, though it remains in an early and high-risk stage of development.