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Elon Musk’s SpaceX recorded a loss approaching $5 billion in 2025 despite generating more than $18.5 billion in revenue, The Information reported Thursday, citing people familiar with the matter.

Reuters was unable to independently confirm the figures. SpaceX did not immediately respond to a Reuters request for comment sent outside of normal business hours.

• The reported loss includes results from Musk’s artificial intelligence venture xAI, which SpaceX acquired in February, the report said. * SpaceX remains the world’s most active launch provider and has laid out long-term goals of enabling interplanetary travel. It has also detailed plans to establish artificial intelligence data centers in orbit. * The company, which submitted a confidential filing for a U.S. initial public offering in March, previously generated roughly $8 billion in profit on revenue between $15 billion and $16 billion last year, Reuters reported in January. * SpaceX is pursuing a stock market debut that could value the company at more than $1.75 trillion.