《SpaceX's Three Core Businesses: Valuation and Financial Analysis》 Cash Flow Foundation: Starlink satellite internet and government services, accounting for 60%, with an estimated operating profit of $4.4 billion by 2025. Strategic Base: Rocket/space launch business, accounting for 20%, projected to incur a loss of $3.18 billion by 2025. Imagination Space: xAI/X, accounting for 20%, with xAI expected to post an operating loss of $6.4 billion by 2025. Summary: Starlink is already profitable, forming the backbone of its valuation. The rocket and AI businesses require continuous funding but represent the potential for future growth.