SpaceX Owns a Rocket Company, an AI Platform, and a Consumer Internet Service. Which Business Should Investors Care Most About?
Yahoo Finance ·
After a splashy public offering immediately followed by impressive gains, shares of Space Exploration Technologies ( SPCX 1.33% ) -- or SpaceX -- are already tumbling . Good. While it's a miserable outcome for anyone who bought in after shares began publicly trading on a stock exchange, the pullback says people aren't simply buying into the hype. They're giving some thought to the ticker's current and future value. To this end, what's going to be the biggest driver of this stock's future price? Probably not the business you think. You know it best as a maker of rockets that power its orbital launch arm. Heck, it's in the name. That's not SpaceX's biggest business, though. It's not even its second-biggest business. SpaceX's top breadwinner right now is satellite-based internet service provider (ISP) Starlink, which drove $11.4 billion of last year's companywide revenue of $14 billion, turning $4.4 billion of that into net income. Space launch was a distant second with its 2025 top-line figure of only $4.1 billion, while its artificial intelligence (AI) arm wasn't too far behind that at $3.2 billion in sales. AI and launch services also remain in the red for the time being.
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