SpaceX (incl. xAI / Colossus)
ConvictionContext
Vertically integrated hardware+services: reusable rocket launch (Space segment), consumer/enterprise/government satellite-internet subscriptions (Connectivity/Starlink segment), and foundation-model + compute (AI segment: xAI/Grok + X). Mix of recurring subscription (Starlink), contract/government (launch, NASA/DoD), and early AI monetization.
Revenue
$18.7BFY2025Rev growth
+33% YoYFY2024 $14.0B, FY2023 $10.4BGross margin
Not disclosed as a clean consolidated figure. Connectivity/Starlink is the high-margin engine~$4.4B segment operating income on $11.4B revenue); the Space/launch segment is thin-margin.Op margin
~-14%FY2025 operating loss ~$2.6B on $18.7B; Q1'26 interim operating loss ~$1.9B). Segment op income/loss: Starlink +$4.4B, AI -$6.4B, Space small positive.Capex intensity
~111% of revenueFY2025 capex $20.7B, of which ~$12.7B / 61% was AI/GPU infrastructure -- both S-1-confirmed).Market cap
~$2.07-2.12TNasdaq: SPCX, as of 2026-07-06The read
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Full financial intelligence for SpaceX (incl. xAI / Colossus)
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence