Based solely on the article, SpaceX had an $800 billion market capitalization before its IPO and was profitable. After the IPO, SpaceX stock is 3 times as expensive and unprofitable. The company's absorption of a money-losing AI business is the No. 1 reason SpaceX's profits got wrecked. The AI segment, consisting of X and xAI (Grok), lost $6.4 billion last year on revenue of only $3.2 billion. In contrast, the space segment reported losses of $657 million on $4.1 billion in revenue, and the connectivity segment (Starlink) earned $4.4 billion on $11.4 billion in revenue. If only the space and connectivity segments comprised SpaceX, they would have had a combined 2025 revenue of $15.5 billion and earned about $3.8 billion in operating profit. The author is no longer interested in SpaceX due to Elon Musk structuring the IPO in a way that includes the AI segment.