SpaceX is the integration of Musk's three companies: 1. Starlink sells internet services, annual profits as shown in the chart. 2. Rocket launches are still not profitable. 3. AI business integrated in the past six months, with an annual loss of 6.4 billion. But it contributed the highest valuation. After the IPO, investors unlock in stages, and each unlock is a test. The big test might be around September or October. Fans, just focus on these points.