This is false.

> Depending on how you price internal transactions for manufacturing and launching Starlink satellites you can fudge the hell out of the term "cash flow positive.”

This is nonsense. In accrual accounting, yes, there is room for fuckery. In cash accounting, you can shift cash around within the system, but the system is cash constrained.

SpaceX is cash-flow positive.

> SpaceX continued to take outside investments in 2025

Sure. It raised in its Series J. It has bought back more than that total round, secondary included, in stock.

It will probably raise massive amounts in 2026. It’s making large capital investments.

But for a few years, it didn’t. It was largely coasting. And in those years, up to now, it’s been cash-flow positive. It could have paid a dividend if it wanted.