Investors salivate over SpaceX's mega IPO, the company reportedly lost $5B

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     At $1.75 trillion, you'd be paying about 56 times SpaceX's 2025 revenue (7) (over $18.5 billion) or 109 times its EBITDA, even if you are super-optimistic about its growth. That's a lot, considering that even Nvidia, at its wild AI peak, traded at 15-20x revenue, making SpaceX is even more aggressive with its ask. Retail folks could end up buying high into hype that crashes if Starlink or xAI stumbles.

      Third, the losses don't disappear at listing. The $5 billion figure, whether it's attached to xAI or not, is still real. The subsidiary is still burning roughly $28 million a day. And until SpaceX can translate that spending into revenue, either through Grok's commercial growth or the orbital data center thesis, xAI is still dragging SpaceX.