SpaceX Goes Public in Record IPO While Facing Billion-Dollar Losses

SpaceX's record-breaking $75 billion IPO opens the company's financial challenges and Elon Musk's self-dealing practices to public scrutiny, marking the first time retail investors can access the space venture. Despite commanding 82% of U.S. space launches and scaling Starlink to 10 million subscribers, SpaceX lost $4.9 billion in 2025 and could deplete its IPO proceeds within 2.5 years at its current burn rate. This IPO represents a critical test of whether investors believe in Musk's Mars ambitions enough to overlook mounting profitability concerns and governance risks.