SpaceX's financial disclosures reveal that its satellite internet service, Starlink, is the only profitable segment, generating $11.4 billion in revenue last year, a 50% increase from the previous year. Starlink's adjusted EBITDA reached $7.2 billion with a 63% margin, resulting in approximately $3 billion in free cash flow. In contrast, SpaceX's AI division, including xAI, incurs annual losses of nearly $14 billion, surpassing the combined burn rates of OpenAI and Anthropic. The rocket launch segment reported $4.1 billion in revenue, with a negative free cash flow of about $3 billion. SpaceX's total capital expenditures of $20.7 billion exceeded its revenue, leading to an overall negative free cash flow of approximately $14 billion. Despite these financial challenges, SpaceX is valued at $1.25 trillion and plans to go public in June, potentially marking the largest IPO in history. The key question remains whether Starlink's growth can counterbalance the losses from SpaceX's other ventures.