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SpaceX stock drops to a new low and loses $1 trillion in value in a month (www.businessinsider.com)
submitted 2 months ago by to c/technology@lemmy.world
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[–] 41 points 2 months ago (3 children)

That's because it was severely over valued for a company that produces no product and makes no profit.

To be fair it was a solid pump and dump.

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  • [–] 4 points 2 months ago (2 children)

    You mean creating a worldwide communication system that has to be completely relaunched every half decade that is the exact opposite of profitable isn't sustainable!?

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  • [–] 10 points 2 months ago* (1 child)

    Actually the Starlink division itself is profitable.

    The unprofitable part is Twitter and xAI which got merged in right before the IPO.

    SpaceX was actually on the path to being quite profitable, but then Musk tried to hide his two biggest money sinks inside it.

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  • [–] 4 points 2 months ago

    Profitable like Tesla? That is not actually profitable without a big chunk (like a third) of their money from government subsidies.

    https://www.congress.gov/119/meeting/house/117956/documents/HMKP-119-JU00-20250226-SD003.pdf

    It appears SpaceX may not be as highly leveraged with the government with only 20% of its total revenue from government contracts.

    It is interesting to look this up but ultimately what I mean is long term profitability considering they will have to continuously replace their satellites every 5-10 years.

    The combining of his companies is a whole other level of fuckery that regulators should have smacked down instantly, but you know reality.

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