SpaceX filing: X's ad revenue was $1.8B in 2025, $1.7B in 2024, and $2.3B in 2023, below Twitter's $4B in 2021; X and Grok now have 6.3M active paid subscribers

A recent SEC filing from SpaceX has disclosed vital financial information regarding X, formerly known as Twitter, revealing notable revenue difficulties following Elon Musk's acquisition.

Advertising Revenue Decline

The filing indicates a significant downturn in X’s advertising revenue:

• 2025: $1.8 billion
• 2024: $1.7 billion
• 2023: $2.3 billion

These figures are markedly lower than Twitter's advertising revenue prior to the acquisition, which was $4 billion in 2021, reflecting a decline of over 50% from those peak figures.

Paid Subscriber Growth

Conversely, there is a positive development as X, along with its AI chatbot Grok, has successfully garnered 6.3 million active paid subscribers across both platforms, highlighting some progress in its subscription-based revenue strategy.

Context

These revenue statistics emphasize the obstacles X has faced since Musk's takeover. Despite the platform's ongoing operation and user engagement, the considerable decrease in advertising revenue indicates persistent concerns among advertisers that have emerged since the acquisition, notwithstanding Musk’s claims that advertisers have "come crawling back."

The filing suggests that, while X is actively pursuing alternative revenue avenues via subscriptions, its advertising revenue remains significantly diminished compared to pre-acquisition figures.