The charts behind SpaceX’s $1.75 trillion IPO ambitions

Hello,

The headline around SpaceX’s IPO is easy to grasp: a $1.75 trillion target valuation and at least $75 billion in planned fundraising. The harder question is what supports that number.

The Information’s Charts and Data Library brings together every chart, diagram and data visual published in our reporting, including the visuals that break down the forces behind SpaceX’s offering: Starlink’s role as the company’s cash engine, its losses, launch economics and the AI spending investors will have to weigh. Each visual links directly to the story behind it, so readers can move quickly from the numbers to the context that matters.

Subscribe and get 25% off your Annual subscription to explore the 5 charts to make sense of the numbers and the to explore the 7 biggest reveals in the IPO filing.

Starlink is SpaceX’s cash engine

Starlink generated $11.4 billion in revenue last year, accounting for roughly 61% of SpaceX’s total revenue. It also generated more revenue than seven leading satellite competitors combined.

SpaceX’s headline profit tells only part of the story

The company posted $6.6 billion in adjusted EBITDA in 2025, but reported a $4.9 billion net loss under GAAP. Its accumulated deficit reached $37 billion, larger than any major tech company at the time of its IPO.

The launch business increasingly depends on Starlink

Nearly three-quarters of SpaceX’s launches last year were used to put its own Starlink satellites into orbit, showing how closely the rocket business is tied to internal demand.

xAI adds a new layer of risk

SpaceX’s AI division grew revenue just 23% last year, far behind OpenAI and Anthropic, while posting an adjusted EBITDA loss of $1.2 billion.

For readers trying to understand SpaceX’s path to market, the charts make one thing clear: this IPO is not just about rockets. The Information’s charts and data library turn months of sourcing and analysis into a clear view of whether Starlink’s cash flow can support SpaceX’s capital-intensive launch business and Musk’s expanding AI ambitions.

On Wednesday, June 10th, at 12pm PT, our SpaceX team will discuss their reporting in an exclusive subscriber-only Q&A session the day before SpaceX goes public. Hear from journalists who know this story from the inside.

We have been covering this story for months, and you are getting perspectives that you can’t get anywhere else. Subscribe for $299 and get 25% off your Annual subscription for exclusive reporting, charts and analysis that explain what investors will be watching next.