According to Odaily, SpaceX saw its share price rise sharply in the short term on its first trading day. The publicly circulating shares accounted for only 4.2% of total share capital, making the limited float a key feature of early trading. The company’s price-to-sales ratio has already exceeded 112 times, higher than Tesla’s 15 times and Nvidia’s nearly 20 times.
Starlink provides the main revenue base
SpaceX’s business structure is described as one profitable pole and two loss-making poles. Starlink is currently the main source of profit support. Its revenue reached $11.39 billion last year, representing 61% of total company revenue. By the end of 2025, Starlink had served more than 10 million users. The company also plans to develop direct-to-cell services by acquiring spectrum and adding 15,000 satellites.
Starlink’s revenue contribution and user scale place it at the center of SpaceX’s overall business profile. In contrast, other parts of the company remain in high-investment stages, with losses and spending pressure continuing at the same time. The input material states that xAI and future space computing businesses are regarded by institutions as high-investment operations.
Launch business leads in share but remains in loss
SpaceX’s rocket launch business accounts for around 80% of the global commercial rocket launch market. However, the segment still recorded a loss of $657 million last year. This means that even with a leading market share, the financial performance of the launch business has not yet turned profitable. The contrast between launch operations and Starlink forms a central part of the company’s current business picture.
For high-investment businesses, institutional calculations cited in the source indicate that, at the current loss rate, xAI alone could consume Starlink’s profits within the next four quarters. The prospectus shows that SpaceX has accumulated losses of $41.3 billion since its founding in 2002. The first-day valuation level, the low circulating share ratio, Starlink’s large revenue share, and losses across several business lines together define the key points of this market analysis.