[SpaceX's Business: One Segment Profitable, Two Segments Losing Money, Cumulative Losses Reach $41.3 Billion, Valuation Includes About 30% Premium from Musk's Personal Brand and AI Concept] According to CCTV Finance, on SpaceX's first trading day after going public, only 4.2% of the total shares entered market circulation. Demand far exceeded supply, with strong enthusiasm for subscription, making the 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. In simple terms, SpaceX's business structure exhibits a "one-segment profitable, two-segment losing money" pattern. 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. By the end of 2025, it is expected to serve over 10 million users. 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.