Svmuu News: On SpaceX’s first day of trading, only 4.2% of the total shares were made available to the market. With supply failing to meet demand and subscription enthusiasm running high, it comes as no surprise that the stock price surged in the short term.However, the company’s price-to-sales ratio has exceeded 112 times, far surpassing the 15 times of the “Tesla” and the nearly 20 times of chip giant “NVIDIA.” Nevertheless, SpaceX’s business presents a pattern of “one profitable segment and two loss-making segments.”Starlink is undoubtedly the “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 had served over 10 million users by the end of 2025.The company further plans to acquire spectrum and deploy an additional 15,000 satellites to launch a direct-to-mobile business, potentially covering approximately 6 billion mobile users worldwide.The rocket launch business holds approximately an 80% share of the global commercial rocket launch market thanks to reusable technology, but it still posted a loss of $657 million last year. Furthermore, for Starship to achieve a crewed landing on Mars, substantial capital investment and technological advancements are still required. xAI and future space computing operations are viewed as “money pits.” According to some estimates, at the current rate of losses, xAI alone could deplete Starlink’s profits within the next four quarters.According to the prospectus, SpaceX has accumulated losses of $41.3 billion since its founding in 2002. (CCTV News)