SpaceX files a "loss-making" prospectus, Wall Street is preparing to invest 2 trillion USD

Have you seen a company that loses 4.9 billion USD a year, yet dares to call its valuation 2 trillion?
Don't worry, there's something even crazier.
It holds more Bitcoin than Tesla. Its most profitable business isn't rockets or AI, but "laying internet cables to your home."
— This is SpaceX. Just filed its prospectus, planning to go public on Nasdaq, code name SPCX.
Let's look at the most heartbreaking number first
$18.7 billion in revenue, $2.6 billion operating loss, net loss of $4.9 billion.
What does this mean? Meta earns over $20k a year, but loses a small Xiaomi each year.
Yet Meta's market cap is $1.5 trillion, and SpaceX aims for $2 trillion.
Why?
Because the market is never priced for "now," but for "the future many believe in."
Breaking it down: three business segments, only one "person" supporting the family
Starlink: revenue of $20k, profit of $15k. This is SpaceX's only and all cash cow. 20k users worldwide, still doubling.
Rocket launches: revenue of $11.39B, loss of $657 million. Technology is legendary, accounting is a nightmare.
AI (merged with xAI): revenue of $3.2 billion, loss of $4.42B. Consumes $1.27 billion in capital expenditure annually.
So the truth is: the money earned by Starlink is all used to feed rockets and AI. And it's not enough.
What is the $2 trillion valuation really betting on?
Wall Street's calculation is like this:
Launch business valued at $150 billion, Starlink at $650 billion, AI space computing at $700 billion. The remaining $250-500 billion is called "Elon Musk premium."
What is this premium about? The prospectus states:
Plan to deploy AI data centers in space, applying to the FCC for launch of 1 million satellites, used as low-earth orbit computing facilities.
Yes, you read that right. Not just Starlink internet, but "Starlink mining"—not mining coins, but computing power.
SpaceX has already secured a cloud contract with Anthropic worth $1.25 billion per month, $15 billion annually. Just this one client is nearly matching its current annual revenue.
So the $2 trillion valuation is betting not on Starlink or Falcon 9. It’s betting on turning Earth's orbit into another Silicon Valley.
Bitcoin holdings: a carefully designed "anchor"
This prospectus also reveals for the first time: SpaceX owns 18,712 BTC, worth $1.29 billion, with an average cost of $35k.
But do you really think Musk is taking the crypto world to new heights?
Calm down. These bitcoins are on the balance sheet, equivalent to a "digital gold reserve." For a giant seeking to raise $75-80 billion, it needs to tell traditional investors: look, I understand hedging too.
$1.29 billion in BTC, in the face of a $2 trillion valuation, is hardly pocket change. Don't expect it to pump the stock; it's just Musk's "bling" to dress up the facade.
The craziest sentence
A devilish detail hidden in the prospectus: Musk's final compensation clause is written into the Mars colonization plan—
He can only receive the last 10 million shares if he builds a permanent settlement on Mars with a population of 1 million.
What does this mean?
It means every share of SPCX you buy is essentially a ticket to Mars.
Even if Starlink makes money, it can't support a $2 trillion valuation. Only the narrative of "humans becoming an interplanetary species" justifies this number.
And Musk knows very well: this narrative doesn't need to be profitable today, only believed today.
So, will you buy in?
This isn't investing; it's buying a faith ETF.
If you believe "space AI + interstellar internet" will explode within 10 years, the current price might be very cheap.
If you think Starlink is just a communication business, rockets are high-end logistics, and AI is still burning money—that's a super bubble with an $4.9 billion annual loss and an 80x sales ratio.
Finally, a truth bomb:
All great bubbles in history, before bursting, are called faith. And all faiths that eventually come true were called bubbles at the start.
Which one is SpaceX?
No one knows. But its IPO will definitely be the wildest gamble of 2026.