What Happened
Musk's Company Becomes Sixth-Most Valuable Public Company
SpaceX, the company founded by Elon Musk, has become the sixth-most valuable public company after its initial public offering, despite posting a net loss of $4.94 billion last year. The company’s valuation has been driven by its future ambitions and assumed triumphs, including its desire to mine asteroids and promote space tourism. SpaceX’s IPO filing was more oriented around its future plans, such as its acquisition of xAI and X, than its current financial performance. The company’s appeal is also reliant on a combination of story and Musk’s own image, which may not be connected to reality. This was first reported by The Atlantic.