SpaceX stock has fallen 34% from its all-time high following its IPO. The company generated $7.8 billion in revenue in the second quarter, with its connectivity division, primarily Starlink, contributing $4.3 billion in revenue and $1.6 billion in operating profit. The AI segment, boosted by the xAI acquisition, brought in $2.56 billion but required $15.8 billion in capital expenditures, while the space division posted $962 million in revenue and remains unprofitable. Annualized revenue of $31.2 billion gives the $1.7 trillion company a price-to-sales ratio of about 56, suggesting significant growth is already priced in. A $10,000 investment today could be worth $10,000 or less by the end of 2027 if no major breakthroughs occur.
