SpaceX ist nicht der Gigant, von dem alle dachten
https://www.axios.com/2026/05/21/spacex-ipo-musk-ai
SpaceX ist nicht der Gigant, von dem alle dachten
https://www.axios.com/2026/05/21/spacex-ipo-musk-ai
46 Kommentare
That’s surprising. It’s widely known that X and xAI are miserable failures, but I expected SpaceX’s core business to more than compensate for that. Apparently not, they manage to lose billions of dollars while having the launch market pretty much for themselves.
Starting to look like SpaceX will be more of a data center company.
if it were profitable it’d be worth less, that’s how it works these days .
[removed]
Maybe they should go into the shoe business. I hear there’s a vacancy
This point was striking to me.
“SpaceX said that the AI unit containing X and xAI generated only $818 million in Q1 2026, about a third less than Twitter alone generated in the quarter before Musk took it over.”
So Twitter revenue has dropped that much? Surely xAI has made some revenue of their own, meaning Twitter revenue is down more than 66% since the purchase.
Alternative headline: Noted Con-man’s businesses not as well run as we had you believe.
Who is „everyone?“ The valuation of SpaceX has long been whatever Musk declares it to be.
Star link looks great because it has had a great headstart.and mountains of capital thrown at it with access to all the launch they needed. That advantage will finish over time
“the prospectus shows just how much the IPO depends on expectations for future growth and investor servility to Musk — as opposed to the current underlying business.” you mean unlike Tesla’s $1.3 trillion valuation on $450M in Q1 profit? How can this surprise anyone?
This filing is the catalyst for the bubble pop.
If they somehow ipo this with these books for anywhere near 1.5T…lol
Good lord – why does everything have to have an X?
“Space X CEO X Xman says X and xAI generated $X in reXenue in X1 and eXpect to increase by X% in X2. XXX!”
“Everyone” except anyone who has been paying the slightest bit of attention to what that idiot Musk does.
I look forward to musk being the richest inmate in the world.
Is this going to end up in my 401k via the S&P 500?
This financial market desperately needed ways to lose massive amounts of money. It looks like SpaceX and AI will take the lead role. Thank You AI and SpaceX. Enjoy the ride!
Who thought that?
All of Elons companies are being propped up by tax payer dollars
Until there are fundamental changes in how AI functions (decreasing processing needed for each little query), AI as a stand-alone offering may never been profitable for some of these companies. That’s why xAI had to be moved into SpaceX, so that the losses could be better absorbed. It’s why Sora was shut down. Why Gemini is being shovelwared into Google search, despite constantly hallucinating. Why OpenAI is still bleeding funding almost as quickly as it can secure investment. Why Facebook keeps having to fire waves of employees and shut down whole divisions to fund their AI ambitions.
Companies that are buying AI products need it to be cheaper than how they function today. If using AI to develop code costs more than the Devs they’re firing, they won’t use it. So the AI providers need to keep their billing low despite their costs running high. Having a negative margin is obviously not sustainable, but they also need to be „early to market“, making it suicide to delay until costs decrease.
They all need to find a way to decrease costs and increase monetization without scaring away their potential customers. Until those happen, AI is going to be a money pit instead of the cashcow the market believes it will be.
We saw the same thing with the Internet Bubble. All these giant venture capital darlings that just couldn’t figure out how to go from idea to profitability. Eventually that bubble burst, the majority of companies went bankrupt when the funding dried up, and we were left with a handful of survivors. Expecting AI to be the same. The question will be, who will be the first major player to give up and realize their AI dreams are going to bankrupt their otherwise profitable companies?
So SpaceX, consists of three divisions. Space launch, communications, and AI.
Of the three, only communications turned a profit, and not enough to offset the losses of the other 2 divisions, for a total operating loss of $5billion.
The AI business also plans to start selling its own compute power to a rival AI company, which might be the right move but also basically signals surrender in the field of AI, meaning it is actually a compute rental division, and that probably has a very limited shelf-life as the actual AI companies it rents to build out their own proper computing capacity.
I’m curious what this also means for Tesla, which Musk said was pivoting to be an AI company, but since the AI front is basically being surrendered, what is Tesla now with its cratering auto sales?
If you keep up to date on the companies being rolled into the SpaceX umbrella, it’s understood the IPO is bundling three struggling companies with Starlink.
Trillion dollar valuation on 18 billion in revenue with 5 in loses.
A company sells 180 000 something for 100 that cost 125 but rumors has it they might be able to sell 18 millon something that cost 80. Is that correct or did I miss a 0 or two?
It sounds insane.
I can’t see SpaceX, OpenAI and Anthropic all having a successful introduction to the stockmarket at more or less the same time?
So…SpaceX isnt a space company, its just another AI company?
Nothing Elon does is a behemoth except superb marketing and stock manipulation
Elmo is great at manipulating numbers.
Book keeping and government welfare subsidies.
Oh look, space x going public so the ketamine addict, scam artist piece of shit can add more to his net worth. That’s all.
It’s going to be another overhyped POS, that will have a P:E ratio that doesn’t make any sense.
Sounds like it’s exactly what investors thought it was. So there are a few more unprofitable business units, they can be sold off if they can’t be offset or profitable. Starlink is still the darling people think it is and starship has looked pretty good in its tests so its first successful manned flight will be a game changer in space. Data centers in space also has extreme potential and demand it seems.
Because the masses continue to believe what these rich douch canoes say. They only say it because they financially benefit from over valued stocks. Then those who swallowed the pill are afraid to pull their investments because the rich keep saying the next big thing is coming. It never does. Stop listening to people who have a direct financial interest in their stock being hyper inflated for no reason.
Looks like alot of his wealth is smoke and mirrors on paper. It’s just his companies pumping each other’s perceived value by being their own customers.
It’s like I write myself an IOU that say I owe myself 1 billion dollars. If I was an elite that would make me a billionaire. But since I’m not part of the elite, it just makes me a fucking idiot.
Don’t include me in „Everyone“. I never thought highly of anything Musk touches.
Mixing four companies together hides both faults and strengths. Any competent business analyst would dissuade this.
My guess is after X/Twitter external fund raising antics, Musk couldnt raise enough external capital for xAI data centers. So he resorted to creating a conglomerate.
SpaceX has a fairly solid business model (launching satellites) inexplicably coupled with Xitter hemorrhaging money and probably the worst of the big name AI models.
Elon musk is one of the most unlikable people on the planet. His name is poisoning the well for his businesses
And it somehow won’t do anything to hold back its absurd expected market cap
By the numbers: SpaceX is wildly unprofitable, reporting a $4.9 billion net loss on $18.67 billion in consolidated revenue for 2025.
Anthropic has agreed to pay $1.25 billion per month to SpaceX for compute, and SpaceX says it will seek to sign similar contracts.
Nothing Felon Muskrat does is profitable without government kickbacks. Even with kickbacks, most of what he does still isn’t profitable. He’s a con man.
>reporting a $4.9 billion net loss
I don’t mean to brag, but I made more money than Space X last year.
Jeez, I’m confused why this bozo wants to do away with the insider lockup timeline and just unload on retail investors as fast as this goes public?
Well next you’re gonna tell me that Musk fellow has a tendency to exaggerate and I know that’s not true. /s
They’re going to be very late to the moon. China’s plan is less ambitious, but they will get there first. China also has a plan for reusable rockets and they will get there. They don’t have a habit of making promises and not following through.
Wow, I’m so surprised that this man child dork known-liar has propped all of this up on his own bravado. I, for one, hope all of this comes crashing down on top of him. It wont, I know, but man would it be sweet to watch it.
„not the behemoth everyone thought“ I never thought this lol.
Musk’s entire „fortune“ is based on a cult of personality worshipped by Cyber Truck owners who still believe he’s Tony Stark
The US economy operates solely on vibes now so I’m sure none of this actually matters
Coz all the shit Elon has or does is money laundering operation.