SpaceX Prepares for Blockbuster IPO with Prominent Business Units

SentiSense · Published May 9, 2026, 11:10 AM ET · Updated May 13, 2026, 1:48 PM ET

SpaceX is preparing for an initial public offering (IPO) that will include Starlink and X, which generated $10.4 billion in revenue in 2025. Starlink boasts 60% operating margins. However, Amazon's Leo satellite constellation poses a threat, with 300 satellites in orbit and plans for 600 by 2026.

The IPO is expected to feature SpaceX's business units, including Starlink and X. Starlink has proven highly profitable, posting 60% operating margins and $10.4 billion in revenue for 2025.

As SpaceX's financial performance becomes more visible, investors and analysts are also focusing on the competitive landscape. Amazon's Leo satellite constellation is a direct competitor, with 300 satellites currently in orbit and plans to deploy 300 more by the end of 2026.

While Starlink's strong financial performance positions it for significant growth, the emergence of Amazon's Leo constellation threatens to introduce price competition and erode profit margins.