SpaceX Isn't Profitable Yet. Does That Make It a Buy, a Hold, or a Pass?

SpaceX is set to go public on June 12 with a $2 trillion valuation, making it the largest IPO in history. However, the company is deeply unprofitable, posting a $4.3 billion net loss in Q1 2026 despite $4.7 billion in revenue. While Starlink (its only profitable division) shows strong growth with 10.3 million subscribers, losses from the space division and AI division (including X and xAI) are substantial. The analyst recommends avoiding SpaceX at its current valuation and suggests considering smaller competitors instead.