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For weeks, the debate around SpaceX's (SPCX) upcoming IPO has centered on a simple question: How can a company worth nearly $2 trillion be losing so much money?
The skepticism wasn't difficult to understand. According to its SEC filing, SpaceX generated $18.7 billion in revenue during 2025 yet reported an operating loss of roughly $2.6 billion after absorbing xAI and pouring billions into AI infrastructure. Critics argued investors were being asked to pay a valuation usually reserved for the largest and most profitable businesses on Earth. Some analysts even suggested the company's fair value was less than half its proposed $1.75 trillion IPO valuation.
