New SpaceX Numbers Show Reliance on Starlink

A new set of numbers for Elon Musk’s SpaceX makes it clear that the success of its potential initial public offering will depend on investors embracing the growth of the company’s Starlink satellite internet business. The other two businesses inside SpaceX—rocket launches and AI—are burning cash and not generating the kind of growth that makes investors willing to pay the staggering valuation Musk is seeking, according to previously unreported financial figures viewed by The...