SpaceX’s IPO filing revealed that X generated only 1.8 billion dollars in advertising revenue in 2025, less than half of Twitter’s 4.5 billion dollar peak in 2021.
The social platform, acquired by Elon Musk and folded into the xAI segment, had 550 million monthly active users but only 4.4 million paid subscribers as of end-March 2026.
The advertising decline occurred despite Musk’s efforts to rebuild relationships with major brands after controversial policy changes.
Analysts said X’s financial performance could weigh on SpaceX’s overall valuation even as the aerospace business drives most investor enthusiasm.
Created by Ayen Stabel.
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Sources:
https://variety.com/2026/biz/news/spacex-stock-ipo-shares-elon-musk-trillionaire-1236778893/