SpaceX IPO Debut Sees Valuation at 112x Sales; Starlink Revenue Hits $11.39B Amid Broader Business Losses

According to Odaily and state media reports, SpaceX had a strong market debut with a price-to-sales ratio of 112 times, far exceeding Tesla's 15 times and Nvidia's approximately 20 times. The satellite internet business Starlink generated $11.39 billion in revenue last year, accounting for 61% of total revenue and serving over 10 million users as of end-2025.

However, SpaceX's operations show a mixed picture. While Starlink is a cash generator, the rocket launch business lost $657 million last year despite controlling about 80% of the global commercial rocket launch market. According to the company's prospectus, SpaceX has accumulated losses of $41.3 billion since its founding in 2002, with artificial intelligence and space computing ventures identified as significant cash drains.