What SpaceX Actually Does
SpaceX combines the world's leading launch business, the Starlink satellite-internet network, and, following its 2026 acquisition of xAI, the Grok model family and the X platform.
Three segments
Starlink
Satellite broadband, sold as a subscription to consumers, businesses, aviation, maritime, and government customers worldwide. Sacra estimates Starlink generated roughly $10.85B in 2025 (up ~41% year over year), about 70% of SpaceX's total revenue that year — up from 58% in 2024. It's SpaceX's clearest recurring-revenue engine.
~70% of 2025 revenue (Sacra estimate)Launch Services
Falcon 9 and Starship: reusable orbital launch for commercial, government, and national-security payloads. Reusability is the moat here — it's what let SpaceX undercut legacy launch pricing and win the bulk of U.S. launch volume over the past decade.
Falcon 9 / StarshipxAI (AI division)
SpaceX acquired xAI in an all-stock deal Sacra dates to February 2026, at a reported $250B valuation — folding in the Grok model family and the X platform. In June 2026 it also acquired the coding-assistant company Cursor for a reported $60B, extending that AI push into developer tools.
Acquired 2026 (Sacra: ~$250B deal)Also worth knowing
Sacra's research also ties SpaceX to a reported $17B deal for EchoStar's mobile spectrum assets, aimed at direct-to-phone satellite service through Starlink — a business/M&A signal, not a confirmed revenue line, so it isn't counted in any figure above.
The AI compute behind Grok
Grok's training compute is the one piece of the xAI acquisition with a public-market read:
- Grok, xAI's model family, trains on the Colossus GPU cluster — reported by Sacra to span hundreds of thousands of Nvidia GPUs.
Company & leadership
Founded in 2002 by Elon Musk, SpaceX is headquartered in Starbase, Texas. For the ownership structure behind it — including the dual-class voting split — see our investors page.