SpaceX is reported to have posted a loss of about $5 billion despite surpassing $18.5 billion in 2025 revenue. An analysis says its profit structure shifted sharply as expanded investment in artificial intelligence (AI) infrastructure was reflected in results.

CoinPost, a blockchain outlet, reported on April 13 that SpaceX's losses were heavily influenced by large-scale capital spending at xAI, which it acquired in February, being reflected in consolidated financial statements. xAI is investing large sums in high-performance chips and data centre construction, and the costs are seen as a short-term drag on performance.

SpaceX maintained a clear profit structure as recently as a year earlier. In 2024, it recorded $15 billion to $16 billion in revenue and about $8 billion in profit. After the AI business was folded in, the scale of investment expanded rapidly, quickly shifting its profit-and-loss structure.

Market attention is tied to SpaceX's preparations for an initial public offering (IPO). SpaceX is preparing an IPO, with its target valuation expected to exceed $1.75 trillion and fundraising projected to reach as much as $75 billion. If completed, it is likely to be one of the largest listings in history. Investors are expected to demand a detailed explanation of how expanded AI infrastructure investment will translate into future profits.

Chief Executive Elon Musk (일론 머스크) previously laid out a vision for combining xAI and SpaceX to build a "vertically integrated innovation platform" spanning AI, rockets, satellite internet and the social media platform X, formerly Twitter. He also said Earth's power alone would make it difficult to meet AI demand, and proposed building data centres in space over the long term. This is interpreted as a strategy to combine SpaceX's space infrastructure with xAI's computing capabilities.

Its cryptocurrency holdings are also drawing attention. On-chain data show SpaceX holds about 8,285 bitcoins through a Coinbase account. Some asset movements have been detected since the second half of last year, raising the possibility of restructuring ahead of the IPO, but there have been no confirmed signs of selling so far.

Other companies led by Musk also maintain links to cryptocurrencies. Tesla is considered one of the major listed companies holding more than about 11,500 bitcoins. The social media platform X is also reported to be preparing a financial service called X Money that includes remittance and deposit functions.

Industry watchers say SpaceX's IPO will be a test bed where its AI infrastructure investment strategy and digital asset holding structure are assessed at the same time, beyond a simple listing of a space company. A key factor is how it explains short-term losses caused by large-scale investment and how it presents its future profit model.