Svmuu reported that on the first trading day of SpaceX's IPO, only 4.2% of the total shares were in circulation, leading to a short-term price surge. The company's price-to-sales ratio has exceeded 112 times, higher than Tesla's 15 times and Nvidia's nearly 20 times. SpaceX's business structure shows a pattern of "one pole generating profit, two poles incurring losses." Starlink generated $11.39 billion in revenue last year, accounting for 61% of total revenue, serving over 10 million users by the end of 2025, with plans to acquire spectrum and add 15,000 satellites to launch a direct-to-cellphone service. The rocket launch business holds about an 80% share of the global commercial rocket launch market but still posted a loss of $657 million last year. xAI and future space computing services are considered high-investment ventures. According to one institution's statistics, at the current loss rate, xAI alone could deplete Starlink's profits within the next four quarters. The prospectus shows that SpaceX has accumulated a total loss of $41.3 billion since its founding in 2002.