SpaceX Debuts with $41.3B Cumulative Loss Since 2002, P/S Ratio of 112x on First Trading Day

According to Odaily, SpaceX's IPO debut on its first trading day saw a price-to-sales ratio of 112x, significantly higher than Tesla's 15x and Nvidia's nearly 20x. The company has accumulated losses of $41.3 billion since its 2002 founding, according to its prospectus.

The company's business shows a "one profit, two loss" structure: Starlink generated $11.39 billion in revenue last year, accounting for 61% of total revenue and serving over 10 million users; rocket launch operations hold approximately 80% of the global commercial rocket market share but incurred losses of $657 million last year; xAI and emerging space computing businesses are considered high-investment segments that could exhaust Starlink's profits within four quarters at current burn rates.