SpaceX Börsengang Image © SpaceXSpaceX Börsengang (Image © SpaceX)

Financial overview

  • 2022: Sales of 18.67 billion US dollars, net loss of 4.94 billion US dollars (loss margin ≈ 26%).
  • Q1 2026: Sales of USD 4.7 billion, net loss of USD 4.28 billion (loss margin ≈ 91%).
  • The high losses are largely due to the development of the Starship heavy-lift launcher system, for which SpaceX has provided more than USD 15 billion.

Starship is scheduled to begin commercial flight operations in the second half of 2026, with the aim of reducing launch costs and providing a launch vehicle for the deployment of Starlink satellites.

Starlink, the company's satellite internet service, generated USD 3.26 billion in the first quarter of 2026 - approximately 69% of total quarterly revenue. The service now serves around 10.3 million users in 164 countries, making it the company's most important source of cash flow.

Outlook for new sources of revenue

SpaceX's longer-term strategy includes space-based platforms for artificial intelligence and services for data centers in orbit that could use the solar energy available there. Critics see the high construction costs, the challenges of cooling at temperatures close to absolute zero and radiation-related damage to electronics as significant hurdles.

Through a dual-class share structure, Elon Musk retains more than 80% of the voting rights, ensuring that he remains the deciding authority after the IPO. The IPO price of $135 per share was set by SpaceX and not derived from a traditional spread auction.

Early investors make massive profits

  • The Founders Fund, an early backer, acquired around 3% of the company for around 600 million US dollars; its stake is now valued at over 50 billion US dollars.
  • Sequoia Capital invested around 2 billion US dollars and now holds a stake worth more than 20 billion US dollars. Impact on the market

The proceeds of the IPO represent approximately 4.2% of the company's total market valuation, underscoring investors' high regard for SpaceX's future growth prospects. The IPO also takes Elon Musk's personal wealth over the USD 1 trillion threshold, making him the first person to reach a net worth of USD 1 trillion.