SpaceX Burned More Than $9.9 Billion of Free Cash Flow in a Single Quarter. Here's How Long Its $85.7 Billion IPO War Chest Actually Lasts.

SpaceX went public with an $85.7 billion IPO and is burning cash aggressively to build AI infrastructure, with Q3 free cash flow losses of $9.9 billion. While AI revenue grew to $7 billion from $359 million year-over-year, the company's IPO proceeds will last only about two years at current burn rates. Elon Musk's ambitious goal of $500 billion to $1 trillion ARR by end of 2027 appears unrealistic, and at a P/S ratio of 69, the stock appears overvalued given execution risks.