The short answer
A share of SpaceX is mostly a share of Starlink, a satellite broadband business with about twelve million subscribers that produced more than half of the company's revenue and all of its operating profit in the latest reported quarter. Attached to it is the world's dominant launch business, which flies more often than every other provider combined and mostly launches Starlink, and Starship, a rocket that does not yet earn money and absorbs a great deal of it.
The market values that combination at roughly two trillion dollars against revenue that annualises to a few tens of billions. That gap is the whole conversation about this stock: the price is a bet on the businesses SpaceX is expected to have, not the ones it has. Whether that bet is a good one depends on judgements about Starship, Starlink's growth ceiling and capital spending that this page lays out but does not make for you.
What a share is a claim on
Starlink. Consumer, business, aviation, maritime and government broadband delivered from a constellation of more than nine thousand satellites. It is a subscription business with the economics of a telecom and the capital costs of a space programme, and unlike Amazon's Leo constellation, which belongs to Amazon rather than Blue Origin, Starlink is inside SpaceX — SPCX is the only way to own it.
Launch. Falcon 9 and Falcon Heavy fly commercial satellites, NASA cargo and crew, national-security payloads and — most of the manifest — Starlink batches. External launch revenue is the older, smaller business; its strategic value is that it makes Starlink deployment cheap and denies rivals the same advantage. Our tracks every flight.