SpaceX’s revenue is mostly driven by Starlink… rockets and AI are in the red

SpaceX disclosed in its IPO filing that most of last year’s and this year’s Q1 revenue came from Starlink and other connected services, while rocket launches and the AI unit were loss-making.

The filing makes clear that Starlink is SpaceX’s main cash generator, prompting investors to reassess the company’s valuation and business mix ahead of a potential listing.

The disclosure also highlights key risks: tighter regulation, heavy competition, and space-environment concerns such as debris and the Kessler syndrome.

Customers and rivals span governments and airlines like NASA, the U.S. Defense Department, United, Southwest, Hawaiian, plus competitors including Eutelsat OneWeb, Amazon, Blue Origin, Viasat, AT&T, and T-Mobile.