I doubt spacex is profitable. The ipo is so they raise cash. They probably burned it all up with the starship failures.

I’m sure on paper it will look profitable same as Tesla looks profitable from certain angles but is actually propped up by the ability to create more shares. He’ll do the same with spacex. Bleed it for his own gains.

I don’t think he actually cares about any of this tech. It’s the only explanation for how he keeps wasting first mover advantage.