[Cumulative Losses Reach $41.3 Billion, SpaceX Business Shows One Profitable Segment and Two Loss-Making Segments] Odaily Planet Daily reports that on SpaceX's first trading day after going public, circulating shares accounted for only 4.2% of total equity, with the stock price surging in the short term. The company's price-to-sales ratio has exceeded 112x, significantly higher than Tesla's 15x and NVIDIA's nearly 20x. SpaceX's business structure exhibits a 'one profitable segment, two loss-making segments' pattern. Among them, Starlink generated $11.39 billion in revenue last year, accounting for 61% of total revenue. By the end of 2025, it is expected to serve over 10 million users and plans to expand into direct-to-mobile services by acquiring spectrum and deploying an additional 15,000 satellites. The rocket launch business holds approximately 80% of the global commercial rocket launch market share but still incurred a $657 million loss last year. The xAI and future space computing power businesses are considered high-investment ventures. According to institutional estimates, at the current rate of losses, the xAI business alone could deplete Starlink's profits within the next four quarters. The prospectus reveals that SpaceX has accumulated losses of $41.3 billion since its founding in 2002.