Despite ongoing struggles at Tesla, Elon Musk’s other major venture, SpaceX, is experiencing record growth. The rocket and satellite company is on track to generate approximately $15.5 billion in revenue for 2025, Musk revealed in an X post on June 3. That figure marks a 31 percent increase from 2024, when SpaceX brought in an estimated $11.8 billion, according to consulting firm Novaspace.
SpaceX earns revenue through three primary streams: government launches, commercial launches and Starlink, its satellite-based internet service. As in previous years, Starlink is expected to be the company’s main revenue driver, accounting for about 80 percent of total revenue in 2025, per market research firm Quilty Space.
In 2024, Starlink generated $7.8 billion in revenue, Quilty reports. More than half of that came from commercial customers, while government contracts contributed around $3 billion.
Starlink currently operates the world’s largest satellite constellation, with roughly 7,000 satellites in low-Earth orbit. SpaceX aims to expand the network by another 30,000 satellites. The service now has more than 5 million users across 125 countries.
The remainder of SpaceX’s revenue will come from its launch business, which serves both government and commercial clients using the Falcon family of rockets. In 2024, the company completed 134 launches—more than any other operator globally. It plans to increase that number to 170 this year. NASA alone is expected to contribute $1.1 billion to SpaceX’s 2025 revenue, according to Musk.
“Commercial revenue from space will exceed the entire budget of NASA next year,” Musk said. The U.S. space agency is expected to face steep funding cuts under the Trump administration, which has proposed slashing NASA’s budget from $24.8 billion in 2025 to $18.8 billion in 2026.
SpaceX was valued at $350 billion last year after completing a secondary shares sale, making it one of the most valuable private firms in the world.
But SpaceX is also spending heavily. It is developing the Starship rocket system, a massive next-generation vehicle designed to eventually carry humans to the Moon and Mars. So far, SpaceX has conducted nine orbital test flights of Starship and aims to begin uncrewed missions to Mars as early as 2026.
