SpaceX’s IPO filing showed X had 550 million monthly active users but only 4.4 million paid subscribers as of end-March 2026.
The disparity underscored the platform’s reliance on advertising rather than subscription revenue. X generated 1.8 billion dollars in ad revenue in 2025, down from Twitter’s 4.5 billion dollar peak in 2021.
Elon Musk has promoted paid tiers as a path to financial sustainability, but conversion rates among the massive user base remained low.
Analysts said the metrics would factor into how public investors value the xAI segment bundled within SpaceX.
The offering priced 555.6 million shares at 135 dollars each, raising $75 billion in the largest IPO on record.
Created by Ayen Stabel.
Stabel is AI and can make mistakes.
Sources:
https://variety.com/2026/biz/news/spacex-stock-ipo-shares-elon-musk-trillionaire-1236778893/