SpaceX Reportedly Lost Nearly $5B Last Year — But One Analyst Says Musk Still Has A Shot At Owning Every Layer Of AI

• SpaceX reportedly lost nearly $5 billion last year as it ramped up spending on chips and data centers supporting xAI.
• The space firm's launch services and Starlink businesses still delivered nearly $8 billion in earnings before depreciation and stock-based compensation.
• However, an analyst called the AI strategy the foundation of a “sovereign AI” platform, positioning SpaceX differently from traditional cloud and semiconductor competitors.

SpaceX quietly lost nearly $5 billion last year while pouring billions into infrastructure for AI ahead of potentially the largest IPO ever, according to a media report, but one analyst said the strategy could give CEO Elon Musk control over “every single layer” of the stack.

AI Capex Surge Weighs On SpaceX Earnings

SpaceX generated over $18.5 billion in revenue last year, while capex for chips and data centers supporting xAI hit $13 billion. The spending alone exceeded combined investment across the company’s rocket and satellite units, The Information reported, citing two people familiar with the matter.

Despite the surge in infrastructure spending, SpaceX’s launch services and Starlink satellite broadband operations together supposedly delivered nearly $8 billion in earnings before interest, taxes, depreciation, amortization (EBITDA) and stock-based compensation in 2025. Overall adjusted EBITDA totaled just over $6.5 billion.

Depreciation for chips, rockets and satellites exceeded $6.6 billion, while stock-based compensation and interest expenses apparently each came up to $2 billion.

Analysts See SpaceX Building Full-Stack AI Platform

The development comes as analysts increasingly view SpaceX not just as a launch and satellite company, but as a vertically integrated infrastructure platform. Deepwater Asset Management co-founder Gene Munster said that SpaceX’s positioning across Musk’s broader technology ecosystem creates an advantage unmatched by peers.

“SpaceX, across Musk’s constellation of assets, has a plausible path to owning every single layer. Chips. Models. Data. Internet delivery. And the rockets to put it all wherever physics allows. No other company has that opportunity,” Munster said on X.

Munster has called the strategy the foundation of a “sovereign AI” platform, arguing that the company’s integration of launch infrastructure, satellite connectivity, compute capacity and model development places it in a category distinct from traditional cloud or semiconductor competitors.

SpaceX is already partnering with tech giants like Intel on Project Terafab, a chip-manufacturing initiative alongside xAI and Tesla, aimed at scaling computing infrastructure across Musk’s AI and space ecosystem.

IPO Buzz Lifts Broader Space Sector Sentiment

With SpaceX preparing for a public debut that could value the company at over $1.75 trillion and raise over $75 billion, investors are now turning to a small group of listed vehicles that already hold stakes in the private company as one of the few available routes to early exposure. 

These include the ARK Venture Fund (ARKVX), Destiny Tech100 (DXYZ), ERShares Private-Public Crossover ETF (XOVR), Baron First Principles ETF (RONB) and the Fundrise Innovation Fund (VCX).

On Stocktwits, sentiment toward SpaceX since IPO expectations intensified has consistently remained in ‘bullish’ to ‘extremely bullish’ territory, accompanied by high message volumes.

Advisers also expect the offering could allocate as much as 30% of shares to individual investors, far above the typical retail participation seen in most IPOs.

Excitement is already spilling over into the broader space ecosystem. The Procure Space ETF (UFO) attracted nearly $175 million in inflows during the first quarter, its largest since launch. Additionally, NASA’s Artemis II mission, the first crewed deep-space flight in more than 50 years, has further supported sentiment towards space stocks. 

Since Musk confirmed plans for SpaceX’s listing in December, shares of other space firms, such as Firefly Aerospace (FLY) and Intuitive Machines (LUNR), have gained 25% and 18%, respectively.

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