**[Analysis: SpaceX's Business Shows One Profitable Segment and Two Loss-Making Segments, with Cumulative Losses Reaching $41.3 Billion]** Golden Finance reports that on SpaceX's first trading day after going public, only 4.2% of its total shares were in market circulation. The limited supply of shares led to high demand and strong subscription enthusiasm, making a short-term surge in stock price unsurprising. However, the company's price-to-sales ratio has exceeded 112x, far surpassing Tesla's 15x and chip giant NVIDIA's nearly 20x. That said, SpaceX's business structure reflects a pattern of "one profitable segment, 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 has served over 10 million users as of the end of 2025. The company also plans to expand into direct-to-mobile services by acquiring spectrum and deploying an additional 15,000 satellites, potentially covering approximately 6 billion mobile terminal users worldwide. The rocket launch business, leveraging reusable technology, holds about 80% of the global commercial rocket launch market. However, it still posted a $657 million loss last year, and achieving manned missions to Mars with Starship will require significant capital investment and technological advancements. Meanwhile, xAI and future space computing power ventures are seen as "money-burning black holes." According to institutional estimates, at the current rate of losses, the xAI business alone could deplete Starlink's profits within the next four quarters. As per the prospectus, SpaceX has accumulated $41.3 billion in losses since its founding in 2002.