SpaceX's $2 Trillion Debut: All Story, No Earnings Yet

SpaceX raised $85.7 billion in June 2026's Nasdaq listing but posted no profit. Its $2.1 trillion market value rests on future promise, not current earnings. The gap explains wild swings: 67% gain, then 35% drop in three weeks. When index funds were forced to buy it in July, the stock shed $600 billion before recovering 2.4% the same day. For passive investors, this volatility is structural—baked in.