The New York Times | Ryan Mac, Lauren Hirsch
SpaceX, Elon Musk’s privately held rocket and satellite maker, disclosed its financial performance for the first time on Wednesday, revealing revenue soared to $18.7 billion in 2025, a 33 percent increase from the previous year. In the first three months of this year, revenue reached $4.7 billion, up from $4.1 billion. Despite this growth, SpaceX reported a significant loss of over $4.9 billion in 2025, a stark contrast to its $791 million profit in 2024, primarily due to capital expenditures nearly doubling to $20.7 billion from heavy spending on artificial intelligence development. The company, which values itself at $1.25 trillion, lost $4.3 billion in Q1 this year and is preparing for an initial public offering as early as next month, aiming to raise $50 billion to $75 billion. This potential IPO, one of the largest to date, could precede offerings from other major A.I. companies like Anthropic and OpenAI.
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