Starlink earned $11.4 billion in 2025 revenue. That’s the number analysts have been waiting for since SpaceX filed its S-1 ahead of the June 12 Nasdaq debut under ticker SPCX. It’s the first audited, public-facing financial disclosure for the world’s largest satellite internet operator, and it lands in the middle of the most consequential IPO window AI infrastructure has ever seen.
The IPO itself priced at $135 per share, opened at $150, and closed near $160–$161 on day one, per Forbes reporting and prior TJS coverage. The $75 billion raised is widely cited as the largest IPO in history, surpassing Saudi Aramco’s 2019 listing, which raised between $25.6 billion and $29.4 billion depending on how the offering’s components are counted. The market cap at close came in around $2.1 trillion, though that figure requires share count confirmation from the S-1.
What the S-1 actually shows
Starlink’s $11.4 billion in 2025 revenue, confirmed by multiple sources including Skift’s reporting on the S-1 disclosures, establishes a real revenue baseline for AI connectivity infrastructure. The operating income figure is approximately $4.4 billion per some sources, though that number varies by methodology across reports, the S-1 is the authoritative reference. xAI was merged into SpaceX in early 2026; reported valuations at the time of the merger ranged from $125 billion to $250 billion according to separate sources, and the S-1 prospectus is the place to resolve that discrepancy. Specific xAI revenue and operating loss figures in The Wire’s original package contained an internal arithmetic inconsistency and have been withheld from this brief pending S-1 verification. Readers should treat the prospectus as the primary source for all xAI financials.
Warning
The xAI financial figures in the original Wire package contained an internal arithmetic inconsistency ($14B annualized burn vs. $2.5B/quarter = $10B annualized). Both figures have been withheld from this brief. Readers modeling xAI's contribution to SpaceX's financials should verify directly against the S-1 prospectus. The S-1 is the authoritative source for all xAI revenue and loss disclosures.
Why it matters
OpenAI and Anthropic have both filed or signaled S-1 timelines. Neither has public financial data of this depth. The SpaceX S-1 now sets a comp. Investors pricing an OpenAI offering will look at Starlink’s revenue-to-market-cap ratio, roughly 185x at the $2.1 trillion implied cap, and ask whether a frontier AI lab’s revenue justifies a similar multiple. The xAI valuation dispute ($125B vs. $250B) is itself diagnostic: if two credible sources can’t agree on an integrated subsidiary’s value within a factor of two, the broader AI infrastructure valuation methodology has real uncertainty baked in.
The Nasdaq rule change
Nasdaq recently amended its index inclusion rules to allow eligible megacap listings to join the Nasdaq-100 within 15 trading days; per Yahoo Finance’s reporting on the amendment, SpaceX qualifies. The timing of the amendment should be confirmed against Nasdaq’s official rule filing, but the consequence is clear: passive funds tracking the Nasdaq-100 will have to buy SPCX within weeks of listing, creating structural demand that prior IPOs didn’t benefit from. That mechanism is available to OpenAI and Anthropic too.
Analysis
Nasdaq's 15-trading-day fast-track rule for index inclusion is structurally significant beyond SPCX. It means that any qualifying megacap AI IPO, OpenAI, Anthropic, or others, will trigger automatic passive fund buying within weeks of listing, creating mechanical price support that wasn't available to prior tech IPOs. This changes the near-term liquidity calculus for investors who historically waited for index inclusion before buying new listings.
What to watch
The S-1 prospectus is the document that resolves every disputed figure in this brief. Analysts modeling the OpenAI or Anthropic IPO should pull the SpaceX S-1 directly and use Starlink’s revenue and margin profile as the best available public comparable for AI infrastructure at scale. Watch for: (1) Goldman Sachs’ reported role as lead underwriter, confirm against the S-1 cover page; (2) the xAI financial disclosures, specifically whether the revenue and loss figures reconcile cleanly; (3) the Nasdaq-100 inclusion timeline, which creates a mechanical price floor in the near term.
TJS synthesis
The SpaceX IPO doesn’t just set a market cap record. It sets a financial disclosure standard. Every number Starlink reports, revenue, margins, subscriber count, is now a data point that shapes how institutional investors will demand OpenAI and Anthropic report theirs. The $2.1 trillion implied valuation for an infrastructure business generating $11.4 billion in revenue implies a multiple that only makes sense if you believe the AI infrastructure layer will compound at rates that dwarf historical tech comps. If you’re modeling OpenAI’s IPO, you now have a floor. The ceiling is still being argued.