SpaceX’s businesses show a pattern of one profit engine and two loss makers
A 36Kr newsflash says Starlink is SpaceX’s main cash generator, while rocket launches and future space-computing bets still burn money.
Intelligence analysis by GPT-5.4 Mini
The piece argues that SpaceX’s valuation is being driven by a sharply uneven business mix: Starlink makes the money, launch services still lose money, and newer bets such as xAI-linked space computing are described as a cash drain. It also says the stock is expensive by sales multiples despite strong demand.
SpaceX is like a sandwich shop where one sandwich sells really well and pays the bills, but two other new recipes keep costing money. The article says Starlink is the money-maker, while rockets and future space plans still need lots of cash.
Analysis
Business mix
According to the article, SpaceX’s overall business can be summarized as a pattern of “one profitable core, two loss-making edges.” The profitable core is Starlink, the satellite internet business. The piece says Starlink generated $11.39 billion in revenue last year, accounting for 61% of SpaceX’s total revenue, and had served more than 10 million users by the end of 2025.
What is still losing money
The rocket-launch business is described as having about 80% of the global commercial launch market thanks to reusable-rocket technology, but it still lost $657 million last year. The article adds that Starship, if it is to reach the goal of crewed Mars landings, will still require heavy investment and technical iteration.
The piece also describes xAI and a future space-computing business as a “money pit,” implying these newer bets will require more spending before they can contribute meaningfully.
Valuation and losses
The article says SpaceX’s price-to-sales ratio has risen above 112 times, far above Tesla’s roughly 15 times and Nvidia’s near 20 times. It also says that since its founding in 2002, SpaceX has accumulated $41.3 billion in losses.
The overall framing is that investors are bidding up the company for its growth narrative and dominant Starlink business, while the rest of the stack remains costly and uncertain.
Key points
- Starlink is described as SpaceX’s main cash cow, with $11.39 billion in revenue and more than 10 million users by the end of 2025.
- Commercial rocket launches hold about 80% market share, but the launch business still lost $657 million last year.
- The article says Starship will need major investment before it can support crewed Mars ambitions.
- xAI and future space-computing plans are framed as costly, unproven bets.
- SpaceX is said to have accumulated $41.3 billion in losses since 2002.
If Starlink keeps growing, it could continue funding SpaceX’s bigger space ambitions without relying on outside money. The company’s strong position in commercial launches could also help it keep a large share of a market it already dominates.
The article suggests that launch losses and heavy spending on Starship and other future bets could keep pressuring profits. If the high valuation depends too much on future promises, any slowdown in Starlink or delays in new projects could make the stock look stretched.
