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The world just paid $2 trillion for a rocket company that lost $4.9 billion last year. And the missiles aren't the reason it lost the money. They are the only part that makes any. SpaceX went public on Friday, the largest IPO in history. Up 19%, a valuation of $2 trillion, Elon Musk is the first trillionaire. Then open the tray. There are three companies there. Starlink, the satellites, brought in $11.4 billion, 61% of all revenue, and $4.4 billion in profits. It's the only piece that makes a dollar. The rockets landing themselves incur a small loss that is reinvested into Starship. And the AI ​​division Grok plus the app once called Twitter, which shut down in February, lost $6.4 billion on spending of $12.7 billion in a single year. Read that again. The satellites pay for everything. The AI ​​loses more than the satellites make. And AI is the part that the market has fallen in love with. It's getting bolder. The prospectus assumes a total market of $28.5 trillion, the largest ever filed by a company. Larger than the GDP of the United States. That's the number that guarantees a price of $2 trillion, based on a department that loses $6 billion annually. Now the structure. About 4% of the company trades. This shard determines the price of everything. Musk is banned for 366 days and holds about 80% of the vote. The public bought a company they can't control and priced it at the segment that lost the most. That's the whole year in one ticker. The gain is satellites. The story is AI. The market bought the story. The rockets were never the risk. The risk is a $2 trillion price tag based on the one bet that hasn't made a dime yet. $NVDAB $BNB