
SpaceX IPO Filing Exposes the Reality Behind Musk’s Twitter Revenue Dreams
SpaceX’s S-1 filing shows Elon Musk’s Twitter revenue projections were largely fantasy. When X merged with xAI and SpaceX, 2025 revenue totaled about $3.2B (combining X and Grok), far short of the $26.4B Musk pitched for 2028. As of March 2026, paid subscribers numbered about 6.3M (roughly 4.4M X Premium and 1.9M Grok), yielding around $365M in revenue—not the massive subscription wave promised. The payments business launched late and AI losses exceeded $6B, while ad revenue barely nudged upward. The SpaceX IPO may unlock value by bundling the stack, but the underlying results reveal a stark gap between projections and reality.




