finance
SpaceX Reports $4.3 Billion Quarterly Loss Ahead of Planned Nasdaq Listing
SpaceX posted a net loss of $4.3 billion on $4.7 billion in revenue for the first quarter. The company has accumulated losses of $37 billion since its founding. A former hedge fund manager described the company as a money furnace.
May 21, 5:01 PM·1m read1 source
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SpaceX reported a net loss of $4.3 billion in the first quarter on $4.7 billion in revenue, according to a regulatory filing released ahead of a planned Nasdaq listing. The company has recorded cumulative losses of approximately $37 billion since inception. Starlink, the satellite connectivity division, generated an operating profit of about $1.19 billion during the same period.
The filing shows that losses were concentrated in other business units outside of Starlink. The company plans to list under the ticker SPCX with a debut expected on June 12. Patrick Boyle, a former hedge fund manager, said the valuation appears disconnected from traditional profitability metrics.
He described SpaceX as a money furnace and noted that the company is not profitable like Nvidia. Boyle stated that the valuation exceeds that of Nvidia despite differences in profit margins and overall financial performance.
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