SpaceX's IPO faces Wall Street's profit test

SpaceX's $75 billion IPO filing highlights its revenue growth but also a $5 billion net loss in 2025. The company's scale and tech appeal are evident, but Wall Street demands proof of profitability. IPO data shows money-losing companies often have strong first-day gains but weaker long-term returns. SpaceX's revenue of nearly $19 billion in 2025 provides investors with real business metrics. Tech companies with over $100 million in pre-IPO revenue tend to outperform those below that threshold.