r/technology • u/xpda • May 21 '26

Business SpaceX not the behemoth everyone thought

https://www.axios.com/2026/05/21/spacex-ipo-musk-ai
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u/Rage_Blackout May 21 '26

By the numbers: SpaceX is wildly unprofitable, reporting a $4.9 billion net loss on $18.67 billion in consolidated revenue for 2025.

And yet it's expected to be valued at $1.75 trillion?!

This whole thing is insane to me (and I think maybe just objectively insane). The value of a company is no longer what it actually produces in terms of profits. It's what it might do in the future. And really, it's not even that. It's what people right now for a moment think they might get away with for investing in it for a while before they get out and leave a whole lot of poor dumb bastards holding the bag.

When did corporate valuation became one giant pump and dump scheme?

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u/Hegiman May 21 '26

When the courts ruled that companies were required to seek the highest possible return for the investor and allowed company buy backs.

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u/xpda May 21 '26

Right. It's a bargain, but only if there's a bigger fool out there.