# Jio vs Tesla vs SpaceX: Revenue, Profit and Valuation > Jio Platforms IPO valuation vs Tesla and SpaceX: revenue, profit and price-to-sales with RHP, SEC 10-K and SpaceX S-1 figures. Educational, sourced. - **Published**: 2026-10-19 - **Modified**: 2026-10-19 - **Category**: ipo - **URL**: https://www.tldr.money/articles/ipo/jio-vs-tesla-vs-spacex --- This page puts the **Jio Platforms IPO** valuation next to **Tesla** and **SpaceX** -- three companies people often name in the same breath when talking about "big tech" scale. It is part of the [Jio IPO DRHP and RHP breakdown](/articles/ipo/jio-ipo) and our [IPO guides](/ipo). **Last updated: 19 October 2026, IST.** > **Educational content, not investment advice.** This page uses published offer documents and SEC filings. tldr.money is not a SEBI-registered investment adviser or research analyst, and nothing here is a recommendation to apply for, buy, sell or hold any security. IPO and listed-share investments can lose money. Read the [Jio red herring prospectus](https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1792045029108.pdf) before you bid.
- **Jio at the IPO cap:** about **$108 billion** (INR 10.3 lakh crore at INR 1,119). - **Tesla:** about **$1.40 trillion** market cap (16 Oct 2026 close). - **SpaceX (SPCX):** about **$1.98 trillion** market cap (16 Oct 2026 close) -- it listed in June 2026. - **Revenue:** Jio $15.5 bn (FY26) - Tesla $94.8 bn (FY2025) - SpaceX $18.7 bn (FY2025). - **Profit:** Jio and Tesla both make a few billion dollars of GAAP profit a year; SpaceX reported a **GAAP net loss** of about $4.94 bn in FY2025 (it did report $6.58 bn of Adjusted EBITDA). - **Why the gap:** different businesses, countries and what investors are paying for. See the apples-to-oranges box below.
Jio IPO-cap value ~$108 bn; Tesla ~$1.40 tn; SpaceX ~$1.98 tn (16 Oct 2026 close). Revenue: Jio $15.5 bn, Tesla $94.8 bn, SpaceX $18.7 bn.
## Why this comparison is apples to oranges
- **Different businesses.** Jio is mainly Indian mobile, broadband and digital services. Tesla is electric cars, energy storage and AI/robotics bets. SpaceX is rockets, Starlink connectivity and (after acquiring xAI) AI -- three segments in one filing. - **Different calendars.** Jio's financial year runs **April-March**. Tesla and SpaceX use the **calendar year**. Jio "FY26" ends 31 March 2026; Tesla/SpaceX "FY2025" ends 31 December 2025. They overlap a lot but are not identical twelve months. - **Different currencies.** We convert with one RBI reference rate: **INR 95.02 per US dollar on 16 October 2026** ($1 billion = INR 9,502 crore). Rates move; treat dollar figures as approximate. - **Different kinds of price.** Jio's figure is an **IPO price band** (not yet a live market price). Tesla and SpaceX are **live Nasdaq market caps** that change every day. - **SpaceX's accounts include xAI and X.** The S-1 retrospectively consolidates those acquisitions. That boosts revenue and deepens GAAP losses versus the old private-market "SpaceX-only" estimates you may have seen in 2025.
## Who is SpaceX now? SpaceX is **public**. It filed an S-1 in May 2026, priced **555,555,555** Class A shares at **$135** on 11 June 2026 (ticker **SPCX**), began trading on 12 June, and closed the deal -- including the full underwriters' option -- on 15 June for about **$85.7 billion** of gross proceeds. Elon Musk retained voting control through dual-class stock. So for this page we use **audited prospectus figures**, not grey-market estimates. ## Revenue
Latest full-year revenue: Jio Platforms FY26 INR 1,46,885 crore ($15.5 bn); Tesla FY2025 $94.8 bn (INR 9,01,046 crore); SpaceX FY2025 $18.7 bn (INR 1,77,440 crore). FX: INR 95.02 per USD, RBI, 16 Oct 2026.
| Company | Period | Revenue (reported) | Revenue (INR crore, our conversion) | Revenue ($ bn) | |---|---|---|---|---| | Jio Platforms | FY26 (to 31 Mar 2026) | INR 1,46,885 crore | 1,46,885 | 15.5 | | Tesla | FY2025 (to 31 Dec 2025) | $94.827 billion | 9,01,046 | 94.8 | | SpaceX | FY2025 (to 31 Dec 2025) | $18.674 billion | 1,77,440 | 18.7 | Sources: Jio Platforms RHP; Tesla Form 10-K for the year ended 31 December 2025; SpaceX IPO prospectus (S-1 / 424(b)(4)). Conversion: RBI reference rate INR 95.02/$, 16 Oct 2026. **In plain English:** Tesla's sales are in a different league. SpaceX's reported FY2025 revenue is a bit higher than Jio's FY26 revenue. Jio is the profitable Indian telecom scale story; it is not a $100 bn revenue company. ## Profit (and SpaceX's loss)
Net profit: Jio FY26 PAT about $3.16 bn; Tesla FY2025 net income $3.79 bn. SpaceX reported a GAAP net loss of about $4.94 bn in FY2025.
| Company | Measure | Amount (reported) | Amount ($ bn) | Amount (INR crore) | |---|---|---|---|---| | Jio Platforms | Profit after tax, FY26 | INR 30,049 crore | 3.16 | 30,049 | | Tesla | Net income to common, FY2025 | $3.794 billion | 3.79 | 36,051 | | SpaceX | Consolidated net loss, FY2025 | about −$4.94 billion | −4.94 | −46,940 | | SpaceX (extra) | Loss from operations, FY2025 | −$2.589 billion | −2.59 | −24,601 | | SpaceX (extra) | Adjusted EBITDA, FY2025 | $6.584 billion | 6.58 | 62,561 | Sources: Jio RHP; Tesla 10-K; SpaceX IPO prospectus. Adjusted EBITDA is a non-GAAP measure SpaceX defines in its prospectus -- it is **not** the same as profit.
**Adjusted EBITDA** adds back things like depreciation, interest, tax and some other items to operating results. SpaceX's Connectivity (Starlink) segment was strongly profitable on that basis in 2025, but the consolidated company still booked a large GAAP net loss -- partly from heavy investment in its AI segment after combining with xAI. When someone says "SpaceX is profitable," ask: **which measure?**
For the most recent Tesla quarters: in **Q2 2026** Tesla reported revenue of **$28.236 billion** and net income attributable to common stockholders of **$1.114 billion** (Form 10-Q). Trailing twelve months to 30 June 2026, our calculation from the 10-K and 10-Q is about **$103.6 billion** of revenue and **$3.80 billion** of net income -- close to the full-year FY2025 profit run-rate. Q3 2026 results were still pending as of 19 October 2026 (earnings call scheduled 21 October). ## Valuation
Company value: Jio about $103-108 bn across the IPO band; Tesla about $1.40 tn; SpaceX about $1.98 tn (16 Oct 2026 close).
| Company | What the number is | Value | As of | |---|---|---|---| | Jio Platforms | Post-issue market cap at INR 1,065 | INR 9,80,762 crore ~= **$103 bn** | Price band advertisement, 14 Oct 2026 | | Jio Platforms | Post-issue market cap at INR 1,119 | INR 10,30,491 crore ~= **$108 bn** | Price band advertisement, 14 Oct 2026 | | Tesla (TSLA) | Market capitalisation | about **$1.40 trillion** | 16 Oct 2026 close (~$354.72 x ~3.95 bn shares) | | SpaceX (SPCX) | Market capitalisation | about **$1.98 trillion** | 16 Oct 2026 close | Tesla and SpaceX move every trading day. Treat the dollar figures as a mid-October 2026 snapshot, not a live quote. ## Valuation multiples (our calculation)
Price-to-sales (our calculation): Jio at the IPO cap about 7.0x FY26 revenue; Tesla about 14.8x FY2025 revenue; SpaceX about 106x FY2025 revenue.
| Multiple | Jio (at INR 1,119) | Tesla | SpaceX | |---|---|---|---| | Price / sales (our calc) | **7.0x** FY26 revenue | **14.8x** FY2025 revenue | **106x** FY2025 revenue | | Price / earnings | **33.31x** FY26 diluted EPS (RHP) | about **369x** FY2025 net income (our calc) | **Not meaningful** (GAAP net loss) | How we got there: - Jio P/S: $108 bn / $15.5 bn ~= 7.0x. The RHP's own P/E is 33.31x at the cap on FY26 diluted EPS of INR 33.59 -- see [Jio vs Airtel](/articles/ipo/jio-vs-airtel) for the India peer set. - Tesla P/S: $1,400 bn / $94.827 bn ~= 14.8x. Tesla P/E: $1,400 bn / $3.794 bn ~= 369x. - SpaceX P/S: $1,980 bn / $18.674 bn ~= 106x. No GAAP P/E while losses continue.
In plain English, public markets (and IPO books) pay up when they expect **fast growth, scarce assets or a technology option** that is hard to replicate. Tesla's multiple reflects years of EV leadership plus autonomy and robotics optionality. SpaceX's multiple reflects Starlink scale, launch dominance and the AI story after xAI -- and a share price that can move a lot, as it has since the June IPO. Jio is priced more like a **large, regulated cash-generative telecom and digital platform in India**: solid growth in ARPU and subscribers, but lower return on equity than Airtel (9.42% vs 20.32% in FY26) and a balance sheet that still carries large deferred spectrum dues. A 7x sales multiple and ~33x earnings is not "cheap" in absolute terms -- it is simply a different asset class from a $2 trillion space-and-AI compounder. For the India-peer view, read [Jio vs Airtel](/articles/ipo/jio-vs-airtel) and [should you invest](/articles/ipo/should-you-invest-in-jio-ipo).
## What this means if you are looking at the Jio IPO - **Size:** Jio at the IPO band is a **~$100 billion** company, not a trillion-dollar one. Comparing it to Tesla or SpaceX is useful for scale, not as a like-for-like valuation peer. - **Earnings:** Unlike SpaceX on GAAP numbers today, Jio already earns a large rupee profit. The debate for IPO investors is mostly about **growth, returns and risks inside India**, not about whether it will ever make money. - **Do not use GMP or Twitter comps as a shortcut.** Grey market chatter and "Jio should be worth X because SpaceX is worth Y" arguments skip the business differences above. Stick to the [RHP](https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1792045029108.pdf), the [GMP caveats](/articles/ipo/jio-ipo-gmp), and your own checklist. ## Related guides - [Jio IPO: DRHP and RHP breakdown](/articles/ipo/jio-ipo) - [Jio vs Airtel, by the numbers](/articles/ipo/jio-vs-airtel) - [Should you invest in the Jio IPO?](/articles/ipo/should-you-invest-in-jio-ipo) - [Jio IPO GMP tracker](/articles/ipo/jio-ipo-gmp) - [Jio IPO risk factors](/articles/ipo/jio-ipo-risk-factors) ## Sources Primary sources first. All links accessed **19 October 2026**. - [SEBI, Jio Platforms Limited: Red Herring Prospectus dated 14 October 2026](https://www.sebi.gov.in/filings/public-issues/oct-2026/jio-platforms-limited-rhp_105274.html) and the [full RHP PDF](https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1792045029108.pdf) -- FY26 revenue, PAT, P/E and post-issue market capitalisation at the band. - [Tesla, Inc. Form 10-K for the fiscal year ended 31 December 2025](https://www.sec.gov/Archives/edgar/data/1318605/000162828026003952/tsla-20251231.htm) -- revenue $94.827 bn; operating income $4.355 bn; net income attributable to common stockholders $3.794 bn. - [Tesla, Inc. Form 10-Q for the quarter ended 30 June 2026](https://www.sec.gov/Archives/edgar/data/1318605/000162828026049270/tsla-20260630.htm) -- Q2 revenue $28.236 bn; Q2 net income to common $1.114 bn; H1 2026 revenue $50.623 bn. - [Space Exploration Technologies Corp. IPO prospectus / Form 424(b)(4)](https://www.sec.gov/Archives/edgar/data/1181412/000162828026042639/spaceexplorationtechnologi.htm) and related S-1 -- FY2025 revenue $18.674 bn; loss from operations $2.589 bn; Adjusted EBITDA $6.584 bn; IPO price $135; ticker SPCX. - SpaceX FY2025 consolidated net loss of about $4.94 bn: company financials as summarised from the S-1 consolidation (see also third-party tabulations of the same prospectus line items). - [SpaceX IPO pricing release, 11 June 2026](https://ir.spacex.com/updates/releases-details/2026/Space-Exploration-Technologies-Corp--Announces-Pricing-of-Initial-Public-Offering/default.aspx) and [closing release, 15 June 2026](https://ir.spacex.com/updates/releases-details/2026/Space-Exploration-Technologies-Corp--Announces-Closing-of-Initial-Public-Offering-Including-Full-Exercise-of-Underwriters-Option-to-Purchase-Additional-Shares-2026-RgoR-Y1Vwh/default.aspx). - Market capitalisations (16 Oct 2026 close): Tesla about $1.40 tn and SpaceX about $1.98 tn -- [stockanalysis.com TSLA](https://stockanalysis.com/stocks/tsla/market-cap/), [stockanalysis.com SPCX](https://stockanalysis.com/stocks/spcx/market-cap/), cross-checked with Nasdaq/CNBC quotes. - [RBI reference rate](https://www.rbi.org.in/scripts/ReferenceRateArchive.aspx): INR 95.02 per US dollar on 16 October 2026 (USD/INR 95.0194). **Audited / prospectus vs estimated:** every revenue, profit and IPO-band figure above is from an offer document or SEC filing. Market caps are exchange-derived. Price/sales multiples and rupee conversions marked "our calculation" are derived from those sources with the stated FX rate. We do **not** use private-market tender valuations for SpaceX now that it is public. --- - [More ipo articles](https://www.tldr.money/articles/category/ipo) - [All articles](https://www.tldr.money/articles)