Took a look at S-1, the launch business is betting on the future, AI is betting on computing power, only Starlink is honestly making money, this company's three souls are fighting each other.

SpaceX files S-1 with the SEC, planning to go public on NASDAQ, with an estimated valuation of about $1.75 trillion. The first financial report after the merger shows: Starlink is profitable and growing rapidly; the AI division is heavily loss-making, with losses in Q1 2026 nearly equal to the entire year of 2025, and the launch business is also investing for the future. The AI losses are supported by computational power contracts with Anthropic, costing $17.5k per month, approximately $15 billion annually, with contracts that can be terminated 90 days early, and the clients are competitors. Starlink's growth drives the valuation, despite ARPU declining.