SpaceX's Launch Business, from Its Own Filing
What does SpaceX's own filing reveal?
Chapter summary
165 Falcon launches in 2025, 43 for customers; Launch Services $2.58B; Starship R&D $3.0B.
Key takeaways
- 1
Customer launches have not grown since 2024; all growth went to Starlink.
- 2
Customers paid ~$60M per launch and ~$8,300 per kg of their own payload.
- 3
The launch business funds Starship.
Key figures in this chapter
- 165
- Falcon launches in 2025
- 43
- of them for external customers
- 86%
- of mass to orbit was SpaceX's own (2025)
- $3.0B
- Starship R&D in 2025
Source: SpaceX S-1/A (2026); Setcoin calculations
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