Why SpaceX Is Worth $2.8 Trillion While Losing $5 Billion a Year

SpaceX just overtook Amazon to become the fifth most valuable public company in the United States — on $18.7 billion in revenue and a $5 billion annual loss. Here is how the market got there in four trading days. David and Sophia walk through the aftermath of the largest IPO in history: priced at $135 per share, up almost 20% on day one, and touching a $2.8 trillion valuation. They break down the bull case — Starlink, the reusable-rocket launch monopoly, defense contracts — and the catalyst that changed the math: the xAI merger and the $60 billion Anysphere/Cursor move that turned a rocket company into a space-based AI inf...