On May 21, SpaceX submitted its prospectus to the SEC, revealing its financial data in full for the first time. According to the document, following the merger with xAI and X/Twitter, the company’s biggest single revenue stream today stems from a three-year data center agreement signed in May with Anthropic: the latter leases computing power from SpaceX’s Colossus 1 campus at a monthly fee of $1.25 billion, amounting to roughly $15 billion annually. Notably, this contract is non-binding; either party may terminate it by providing 90 days’ written notice. In 2025, SpaceX generated total revenues of $18.7 billion, yet posted an operating loss of $2.6 billion and a net loss of $4.9 billion. Starlink contributed $11.4 billion in revenue with an operating profit of $4.4 billion; its space launch division brought in $4.1 billion while recording an operating deficit of $657 million. Meanwhile, AI-related services and social media operations yielded $3.2 billion in revenue, though they incurred an operating loss of $6.4 billion.
Regarding ownership, Elon Musk holds 12.3% of Class A shares and 93.6% of Class B shares. Since Class B shares carry ten times the voting rights of Class A shares, Musk wields 85.1% of overall voting power. Should he ever sell any Class B shares, they automatically convert into Class A shares with diminished voting influence. The prospectus mentions AI countless times, underscoring how central this sector is to SpaceX’s public listing narrative. However, given that the lucrative deal with Anthropic can be terminated at short notice, this critical revenue source remains highly uncertain — a key risk factor investors must consider.