SpaceX's business is highly profitable in one aspect and highly unprofitable in another. SpaceX has incurred losses of $4.13 billion.

On the first day of trading of SpaceX, only 4.2% of the total shares were available in the market, causing a shortage of chips and high demand for subscriptions. It is not surprising that the stock price surged in the short term. However, the company's market-to-sales ratio has exceeded 112 times, far exceeding Tesla's 15 times and chip giant Nvidia's nearly 20 times. In simple terms, SpaceX's business presents a pattern of "profit in one extreme and loss in two extremes". Starlink is undoubtedly the "cash cow". According to the prospectus, this satellite internet business had a revenue of $11.39 billion 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 expand its direct-to-phone business by acquiring spectrum and adding 15,000 more satellites, potentially reaching about 6 billion mobile phone users worldwide. The rocket launch business, with its reusable technology, holds about 80% of the global commercial rocket launch market share, but still incurred a loss of $657 million last year. To achieve manned landing on Mars, a substantial amount of funding and technological innovation are still needed. AI and future space computing businesses are seen as "money-burning black holes". According to some institutions, based on the current rate of losses, the AI business alone may deplete Starlink's profits in the next four quarters. According to the prospectus, SpaceX has incurred a cumulative loss of $41.3 billion since its establishment in 2002.