SpaceX Might Be the Most Valuable Money-Losing Company in Market History. Should Investors Care?
Yahoo Finance ·
SpaceX ( SPCX +2.69% ) went public on June 12 at $135 per share, raising $75 billion in the largest initial public offering (IPO) in history. Three weeks later, the rocket, satellite-internet, and artificial intelligence (AI) company commands a market capitalization of about $2.1 trillion. Only a handful of companies have ever been worth that much -- and every one of them earned billions in profits when it got there. SpaceX is different. Across 2025 and the first quarter of 2026, its reported losses add up to a trailing net loss of about $9.4 billion, set against roughly $19.3 billion in trailing revenue. That combination raises a question worth answering before the company joins the Nasdaq-100 on July 7 -- an event that will make index funds automatic buyers of the stock. Has a money-losing business ever been valued this highly? And if it hasn't, should investors care? Start with the historical check. The market has valued unprofitable companies richly before, but the previous standard-bearers operated on a different scale entirely. Rivian , the electric-truck maker, briefly commanded a market value of about $150 billion in late 2021 while deeply unprofitable -- and that stood out as extreme at the time. Uber ran years of losses with a valuation that topped out around $100 billion. Amazon , the dot-com era's favorite money-loser, was worth only tens of billions back when it was losing money.
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