SpaceX (NASDAQ: SPCX) went public on June 12, 2026, at an initial share price of $135, raising $75 billion in the largest IPO on record. Now valued at approximately $2.1 trillion, SpaceX’s market capitalization is unprecedented for a money-losing company. Over the last two years, it has reported losses totaling $9.4 billion against $19.3 billion in revenue, primarily due to high expenditures in research and development for its Starship rocket and artificial intelligence operations.
Despite these losses, SpaceX’s Starlink satellite-internet service generated $11.4 billion in revenue in 2025, contributing significantly to its overall earnings. For context, SpaceX’s current valuation is 14 times higher than that of Rivian, which previously held the record for a money-losing company at $150 billion. The company’s upcoming earnings report, expected this summer, will provide critical insights into Starlink’s performance and the sustainability of its current valuation.
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