SpaceX opened on Nasdaq as SPCX after raising $75 billion, but its filing shows Starlink profit being offset by xAI losses and a consolidated 2025 net loss.
The reported figures show why investors are paying attention: scale arrives before proof is complete, and the gap between promise and delivery will be judged through deployment, margins and regulatory reaction.
For readers, the practical point is to separate the headline valuation from the business mechanism. The winners will be the projects that convert AI capability into repeatable work, not just a larger launch narrative.
Sources：Yahoo Finance、CocoLoop、TechTimes、Morningstar.