That's despite the company continuing to win major government contracts, including its latest $1.6 billion U.S. Space Force launch award. On an annual basis, the company generated $18.7 billion in revenue during 2025, up roughly 33% YOY from $14 billion in 2024, while adjusted EBITDA increased to $6.6 billion. In 2025, the segment generated $11.4 billion in revenue, representing 50% YOY growth, while operating income surged 120% to $4.4 billion and adjusted EBITDA climbed 86% to $7.2 billion. The Space segment, which includes launch services and Starship development, generated $4.1 billion of revenue in 2025. Meanwhile, SpaceX's newly consolidated AI segment generated $3.2 billion of revenue in 2025 but posted an operating loss of $6.4 billion.