SpaceX Goes Public Today at $1.77 Trillion. It Lost $4.9 Billion Last Year.

Investors are paying 95 times revenue for a company that hasn’t earned a dime of profit. Here’s how that stacks up against every other giant in the market.

Price-to-Sales Ratio — Largest U.S. Companies

Amazon

4x

Apple

11x

Microsoft

12x

Alphabet

12x

Tesla

16x

Nvidia

24x

SpaceX

95x

Price-to-sales = market cap ÷ trailing 12-month revenue. SpaceX priced at $135/share.

Source: SEC Filings, Company Reports, June 2026

Today is the day. SpaceX starts trading on the Nasdaq under the ticker SPCX. At $135 a share, the company is worth $1.77 trillion. That makes it the seventh-largest company in America... before the opening bell even rings.

Bigger than Tesla. Bigger than Walmart. Bigger than JPMorgan, ExxonMobil, and Johnson & Johnson combined.

Now... I love what SpaceX has done. Reusable rockets. Starlink. The commercial launch business is real — they handle about 90% of global launches. Revenue grew 33% last year to $18.7 billion. That’s impressive by any measure.

But look at the chart. Investors are paying 95 times revenue for this company. Nvidia — the hottest stock on the planet — trades at 24 times. Apple, the most profitable company in history, trades at 11 times. Amazon, which runs the backbone of the internet, trades at 4 times.

And here’s the part that really gets me. SpaceX didn’t earn a profit last year. It lost $4.9 billion. So that 95x isn’t a price-to-earnings ratio — there are no earnings. It’s price-to-sales. You’re paying $95 for every $1 of revenue that the company doesn’t even get to keep.

History has a word for IPOs like this. The average mega-IPO underperforms the S&P 500 in its first year. That doesn’t mean SpaceX will. But it means the price you pay on day one matters more than people think.

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Chart of the Day — June 12, 2026

The Takeaway

“SpaceX goes public today at $1.77 trillion — but it lost $4.9 billion last year. Investors are paying 95 times revenue. For comparison, Nvidia trades at 24 times and Apple trades at 11. The rockets are real. The question is whether the price is.”

IPO day is always the loudest day. Everyone has an opinion. The ticker is on every screen. But the chart above is worth taping to your desk — because it tells you something no cable news segment will. Great companies and great stocks are not always the same thing. The rockets are extraordinary. The price tag is the part worth studying.

More tomorrow. Stay sharp.

— Ray Calloway

SpaceX Goes Public Today at 95 Times Revenue

SpaceX Goes Public Today at $1.77 Trillion. It Lost $4.9 Billion Last Year.

Porter exposes Trump’s plan

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