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SpaceX IPO filing shows $3.2B AI-segment revenue in 2025, with most tied to X ads and subscriptions

SpaceX priced its IPO at $135 a share, valuing the company near $1.75 trillion. Its SEC prospectus says the company’s “AI segment” generated $3.2B in revenue in 2025, but more than 85% came from X’s legacy advertising and subscription business rather than Grok or AI infrastructure. Only about $465M was attributed to new AI-related revenue, according to the filing.
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