SpaceX's business is characterized by one profitable segment and two loss-making segments, with accumulated losses reaching $41.3 billion. Approximately 30% of its valuation is attributed to Musk's personal brand and the AI ​​concept premium.

CoinFeed reported on June 13th that, according to CCTV Finance, on SpaceX's first day of trading, only 4.2% of its total shares were publicly traded, indicating a supply shortage and high demand, making the short-term surge in share price unsurprising. However, the company's price-to-sales ratio has exceeded 112, far surpassing Tesla's 15 and chip giant Nvidia's nearly 20. Simply put, SpaceX's business exhibits a pattern of "one profitable segment and two loss-making segments." Starlink is undoubtedly its "cash cow." According to the prospectus, this satellite internet business generated $11.39 billion in revenue last year, accounting for 61% of SpaceX's total revenue, and is expected to serve over 10 million users by the end of 2025. The company also plans to acquire spectrum and add 15,000 satellites to expand its direct-connection mobile phone business, potentially covering approximately 6 billion mobile phone users worldwide.