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#Gate广场四月发帖挑战
SpaceX division financial report first reveal, only Starlink making money, xAI burns nearly 14 billion USD annually
Financial data from a previously unpublished SpaceX division shows that among the company's three main businesses, only satellite internet service Starlink is generating cash, while rocket launches and AI are both burning money.
Last year, Starlink's revenue was 11.4 billion USD, a 50% increase year-over-year, accounting for 61% of SpaceX's total revenue.
Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization, including stock-based compensation) was 7.2 billion USD, with a profit margin of 63%, higher than 50% in 2024 and 41% in 2023.
After deducting capital expenditures, Starlink's free cash flow was about 3 billion USD, the only profitable segment for SpaceX.
Rocket launch revenue was 4.1 billion USD, only an 8% increase, with free cash flow around negative 3 billion USD.
Throughout the year, SpaceX conducted over 160 launches, most of which were for deploying its own Starlink satellites, with limited external customer market.
AI business (including social platform X and large model company xAI, which was integrated into SpaceX in February this year with a valuation of 250 billion USD) generated 3.2 billion USD in revenue, a 23% increase, but burned nearly 14 billion USD annually.
For comparison, OpenAI and Anthropic burned about 9 billion and 4 billion USD respectively last year, with SpaceX's AI segment surpassing both combined.
In terms of revenue scale and growth rate, xAI also lags far behind OpenAI and Anthropic.
The 3 billion USD free cash flow from Starlink is far from enough to cover the losses of the other two businesses.
SpaceX's total capital expenditure for the year was 20.7 billion USD, exceeding its total revenue.
Overall free cash flow was approximately negative 14 billion USD.
Gate Pre-IPO market already has SpaceX trading, what do you think, would you go long on SpaceX?
Leave a comment and share your thoughts to give Little Fortune God some guidance!