Why SpaceX Is Absent in China

In June 2026, SpaceX, the company owned by Elon Musk, went public on the U.S. stock market in what became the world's largest initial public offering, raising approximately $75 billion by selling only 5% of its shares. The share price was set at $135, initially soaring to over $160, which valued the company at more than two trillion dollars. Despite this, revenue reports show a loss of about $4.9 billion in 2025, with total revenues reaching $18.6 billion. The company's main sources of income are primarily from the satellite internet service "Starlink," whose revenues have surged since 2022 due to its use supporting the Russia-Ukraine war, reaching $11.4 billion in 2025. China, a key competitor in the same field, is considering launching around 50,000 satellites by 2030 and aims to develop advanced technological capabilities in space-based internet. Meanwhile, the U.S. market continues to embrace high valuations for tech companies, supported by enormous liquidity and an economic model that heavily funds unprofitable firms before they turn a profit—unlike China, which focuses on developing production capacity and infrastructure to achieve widespread and systematic technological maturity.

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