Can SpaceX Fire On All Cylinders?
SpaceX's June IPO raised $75 billion, resulting in an initial valuation of $1.77 trillion, making it the largest IPO in history. SpaceX, encompassing its launch business, Starlink, and the recently merged xAI, peaked at a $2.5 trillion market cap in its first week of trading, briefly tying it with Amazon as the fifth-largest publicly traded company. After only a month, the enthusiasm is rapidly fading. Perhaps most amazing of all, the fanfare is occurring despite SpaceX producing a net loss of nearly $5 billion in 2025. Based on its $1.84 trillion market cap, investors are clearly not worried…
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