SpaceX Is Firing Up: 3 Businesses to Breakdown

SpaceX begins trading with a $2 trillion valuation, but investors should understand they're buying three distinct businesses: Starlink (profitable satellite internet with 9M subscribers), the rocket launch division (long-term bet on Starship with uncertain economics), and xAI (high-risk AI business burning cash). Starlink generates 61% of revenue with strong margins, while the other two segments are unprofitable and face significant competition.