SpaceX is barely Space and mostly X

<figure> <img alt="Elon Musk with money flying away." data-caption="Privatize the profit, socialize the losses? | Image: Cath Virginia / The Verge, Getty Images" data-portal-copyright="Image: Cath Virginia / The Verge, Getty Images" data-has-syndication-rights="1" src="https://platform.theverge.com/wp-content/uploads/sites/2/2026/06/STKE012_SPACEX_IPO_2026_B.jpg?quality=90&#038;strip=all&#038;crop=0,0,100,100" /> <figcaption> Privatize the profit, socialize the losses? | Image: Cath Virginia / The Verge, Getty Images </figcaption> </figure> <p class="wp-block-paragraph">Once, <a href="https://www.theverge.com/tech/887899/spacex-ipo-risks-ai">I had some questions</a> about why SpaceX, Elon Musk's healthiest company, <a href="https://www.theverge.com/tech/872619/elon-musk-merges-spacex-with-xai-and-x">acquired xAI</a>, his sickliest one. Now I have some questions about why we're calling the whole thing SpaceX.</p> <p class="wp-block-paragraph">Look, what we have here, by revenue, is primarily a telecom company and a company that rents compute, according to SpaceX's <a href="https://www.theverge.com/science/975335/spacex-made-more-money-as-a-neocloud">first quarterly earnings statement as a public company</a>. The space sector of the business didn't break a billion dollars this quarter and contributed only a touch over 10 percent of the company's revenue. SpaceX remains its own biggest customer. There just aren't enough other people who want its rockets. And, I dunno, maybe if the rockets …</p> <p><a href="https://www.theverge.com/science/975545/spacex-x-earnings-ai-data-centers-compute-space">Read the full story at The Verge.</a></p>