您的当前位置：首页 > 行业数据 > SpaceX营收2025年达186.74亿美元，三年增长近80%

SpaceX营收2025年达186.74亿美元，三年增长近80%

行业数据

下载图片

原图定位

同报告图片

/ 4

fCDlm73lrrYgICB8IOivpeWbveW5tOW6puWPkeWwhOaAu+aVsOmHj++8iOasoe+8iSB8IOWPkeWwhOWcsOeCuSAgICAgICAgICAgfCDljZXlnLDngrnlj5HlsITmrKHmlbDvvIjmrKHvvIkgfAp8LS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tLS18Cnwg576O5Zu9ICAgfCAxODEgICAgICAgICAgICAgICAgICAgICAgfCDljaHop5LlpKnlhpvln7rlnLAgICAgICAgfCA4MiAgICAgICAgICAgICAgICAgfAp8IOe+juWbvSAgIHwgMTgxICAgICAgICAgICAgICAgICAgICAgIHwg6IyD55m75aCh5aSp5Yab5Y+R5bCE5Z+65ZywIHwgNjYgICAgICAgICAgICAgICAgIHwKfCDnvo7lm70gICB8IDE4MSAgICAgICAgICAgICAgICAgICAgICB8IOiCr+WwvOi/quiIquWkqeS4reW/gyAgICAgfCAyNyAgICAgICAgICAgICAgICAgfAp8IOe+juWbvSAgIHwgMTgxICAgICAgICAgICAgICAgICAgICAgIHwg5rKD5rSb5pmu5pav6aOe6KGM5Lit5b+DICAgfCAxICAgICAgICAgICAgICAgICAgfAp8IOe+juWbvSAgIHwgMTgxICAgICAgICAgICAgICAgICAgICAgIHwg5Y2a5Y2h5aWH5Y2h5pif5Z+65ZywICAgICB8IDUgICAgICAgICAgICAgICAgICB8Cnwg5Lit5Zu9ICAgfCA5MiAgICAgICAgICAgICAgICAgICAgICAgfCDphZLms4nljavmmJ/lj5HlsITkuK3lv4PnrYkgfCA5MiAgICAgICAgICAgICAgICAgfAp8IOS/hOe9l+aWryB8IDExICAgICAgICAgICAgICAgICAgICAgICB8IOaZruWIl+iwouiMqOWFi+iIquWkqeWPkeWwhOWcuiB8IDggICAgICAgICAgICAgICAgICB8Cnwg5L+E572X5pavIHwgMTEgICAgICAgICAgICAgICAgICAgICAgIHwg5Lic5pa56Iiq5aSp5Y+R5bCE5Zy6ICAgICB8IDMgICAgICAgICAgICAgICAgICB8Cnwg5paw6KW/5YWwIHwgMTcgICAgICAgICAgICAgICAgICAgICAgIHwg5qyn5bC85Yqq5LyK56uZICAgICAgICAgfCAxNyAgICAgICAgICAgICAgICAgfAp8IOazleWbvSAgIHwgNyAgICAgICAgICAgICAgICAgICAgICAgIHwg5Zyt5Lqa6YKj6Iiq5aSp5Lit5b+DICAgICB8IDcgICAgICAgICAgICAgICAgICB8Cnwg5ZOI6JCo5YWL5pav5Z2mIHwgNiAgICAgICAgICAgICAgICAgICAgICB8IOaLnOenkeWKquWwlOiIquWkqeWPkeWwhOWcuiB8IDYgICAgICAgICAgICAgICAgICB8Cnwg5Y2w5bqmICAgfCA1ICAgICAgICAgICAgICAgICAgICAgICAgfCDokKjov6rku4DCt+i+vuS4h+iIquWkqeS4reW/gyB8IDUgICAgICAgICAgICAgICAgICB8Cnwg5pel5pysICAgfCA0ICAgICAgICAgICAgICAgICAgICAgICAgfCDnp43lrZDlspvoiKrlpKnkuK3lv4MgICAgIHwgNCAgICAgICAgICAgICAgICAgIHwKfCDmvrPlpKfliKnkupogfCAxICAgICAgICAgICAgICAgICAgICAgIHwg6bKN5paH6L2o6YGT6Iiq5aSp5rivICAgICB8IDEgICAgICAgICAgICAgICAgICB8Cnwg6Z+p5Zu9ICAgfCAxICAgICAgICAgICAgICAgICAgICAgICAgfCDnvZfogIHoiKrlpKnkuK3lv4MgICAgICAgfCAxICAgICAgICAgICAgICAgICAgfAp8IOS8iuaclyAgIHwgMSAgICAgICAgICAgICAgICAgICAgICAgIHwg5aGe5aeG5Y2X6Iiq5aSp5Lit5b+DICAgICB8IDEgICAgICAgICAgICAgICAgICB8Cnwg5be06KW/ICAgfCAxICAgICAgICAgICAgICAgICAgICAgICAgfCDpmL/lsJTlnY7loZTmi4noiKrlpKnkuK3lv4MgfCAxICAgICAgICAgICAgICAgICAgfAp8IOS7peiJsuWIlyB8IDEgICAgICAgICAgICAgICAgICAgICAgICB8IOS7peiJsuWIl+epuuWGm+ivlemqjOWcuiAgIHwgMSAgICAgICAgICAgICAgICAgIHwKfCDmjKrlqIEgICB8IDEgICAgICAgICAgICAgICAgICAgICAgICB8IOWuieWkmuS6muiIquWkqea4ryAgICAgICB8IDEgICAgICAgICAgICAgICAgICB8CgrotYTmlpnmnaXmupDvvJrjgIoyMDI15bm05LiW55WM6Iiq5aSp5Y+R5bCE5rS75Yqo5oC757uT44CL5YiY5rSB562J77yM5Zu95rW36K+B5Yi456CU56m25omA

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

所属报告：

国防军工行业深度研究：商业航天系列（二）中国火箭首次实现一子级可控回收卫星互联网时代有望加速到来-260715（23页）.pdf

打包全文图表

2023年至2025年，SpaceX营业收入从103.87亿美元增长至186.74亿美元，三年累计增长约79.8%。2025年营收较2024年的140.15亿美元增长33.2%，营收规模持续创历史新高。数据来源：经济观察报，国海证券研究所

2023-2025年SpaceX营业收入变化
年份	营业收入（亿美元）
2023年	103.87
2024年	140.15
2025年	186.74

数据来源：经济观察报，国海证券研究所

从2023年至2025年SpaceX营业收入的变化来看，可以提炼出三个关键判断：
营收保持高速增长。 SpaceX营收从2023年103.87亿美元增至2025年186.74亿美元，三年累计增长约79.8%。其中2024年同比增长34.9%，2025年同比增长33.2%，两年增速均超过30%，营收增长动能强劲。
2025年增速仍超30%。 2025年营收186.74亿美元，较2024年增加46.59亿美元，增量超过2023年全年营收的45%。在高基数基础上仍保持33%以上的增速，反映出星链订阅用户持续扩张和企业级业务放量的双重驱动。
营收规模实现量级跨越。 SpaceX从2021年约50-60亿美元营收规模（参考报告数据）起步，2025年已达186.74亿美元。结合星链用户从2021年67万增长至2024年1030万的扩张节奏，营收增长与用户增长高度同步，商业航天的规模化盈利路径逐步清晰。