SpaceX's prospectus reveals: Starlink revenue reaches $4.42 billion, SpaceX cash reserves exceed $22.8 billion

According to a Reuters report, SpaceX's prospectus shows that its Starlink business's operating revenue rose to $4.42 billion last year, a significant increase compared to $2 billion in 2024 and $469 million in 2023. In addition, the document reveals that Musk and a few insiders will maintain voting control through a dual-class share structure after the IPO.

The company's cash position increased from about $11.4 billion at the end of 2024 to over $22.8 billion, with total assets of approximately $92 billion and total liabilities of about $50.8 billion by the end of 2025. Cash and cash equivalents on the balance sheet amount to $24.8 billion. Meanwhile, the xAI business's operating losses expanded to $6.4 billion last year.