SpaceX IPO investors face expensive lesson

SpaceX's IPO targets a valuation near $2 trillion, giving it a price-to-sales ratio of 93.6 based on $18.7 billion in 2025 revenue. The company's AI segment lost $6.36 billion in 2025 before acquiring xAI in February 2026. Much of the valuation relies on speculation about Mars colonies and space data centers.