How does SpaceX make money? SpaceX is going public at a $1.75 trillion valuation — the largest IPO in history. But the company finished 2025 on just $18.7 billion in revenue, according to Sacra. So how does a business with Fortune-500-middle-of-the-pack revenue command the 7th-largest market value in the world? In this video, I break down the three businesses behind SpaceX: the launch business that built the company, Starlink — the satellite internet engine paying the bills, and a massive new bet on AI infrastructure, where SpaceX now rents computing power to Anthropic and Google for a reported $26 billion a year combined. Plus the $60 billion Cursor acquisition, the xAI merger, and what's actually in the S-1. X - https://x.com/AaronRossPreIPO SOURCES Revenue and segment figures per Sacra and SpaceX's S-1 filing. Starlink 2026 projection per Quilty Space. Compute deal terms as reported in the S-1. DISCLAIMER This video is for educational and informational purposes only. I am not a registered representative or financial advisor, and nothing here is investment advice or a solicitation to buy or sell any security. Pre-IPO and private market investing involves significant risk. Always do your own research. #SpaceX #IPO #Starlink #PreIPO #ElonMusk #AI