SpaceX's IPO debut saw high demand with only 4.2% of shares available for trading, leading to a short-term price surge. Despite this, SpaceX's price-to-sales ratio has soared to over 112 times, significantly higher than Tesla's 15 times and Nvidia's nearly 20 times. The company's financials reveal a mixed performance, with its Starlink satellite internet service generating $11.39 billion in revenue last year, accounting for 61% of total revenue and serving over 10 million users by the end of 2025. However, SpaceX's rocket launch business, despite holding an 80% market share in commercial launches, reported a $657 million loss last year. The ambitious Starship project requires substantial investment to achieve manned Mars landings. Additionally, the xAI and future space computing ventures are seen as financial drains, potentially consuming Starlink's profits within four quarters. Since its inception in 2002, SpaceX has accumulated losses totaling $413 billion. Investment opinions on SpaceX's valuation are divided. While underwriters like Morgan Stanley and Goldman Sachs are optimistic about Starlink's moat and AI growth potential, others, such as Danish pension funds, argue the company's valuation is inflated, suggesting a fair value below $1 trillion. Fidelity notes that approximately 30% of SpaceX's valuation is attributed to Elon Musk's personal brand and AI concept premium.