The Guardian4 Jun 2026Macro
Automatically composed with AI from the cited sources
SpaceX recorded a net loss of $4.9bn on revenues of $18.7bn in 2025, giving the floated company a price-to-sales ratio of nearly 100 times at the top-end valuation of $1.77tn. Starlink provides 60% of revenues; the artificial intelligence unit xAI was folded into the group earlier this year at an accounting value of $250bn, and most of the IPO proceeds will fund xAI. The Nasdaq offering, which could raise up to $86bn, is being underwritten by Goldman Sachs, Morgan Stanley, JP Morgan, and Citigroup, and the shares will be rushed into stock market indices, which will force passive tracker funds to buy regardless of price. Morningstar’s fundamental analysis pegs the company’s value closer to $780bn.