Three businesses, three different quality profiles, one price. Starlink is genuinely profitable at 39% operating margins. The rocket business is pre-revenue on Starship. The AI segment lost $6.4B in 2025.

Traditional fundamental scoring breaks down entirely on a bundle like this. You can't run a quality screen on a company where 93% of the TAM didn't exist 12 months ago.

The passive ownership point is the most important practical takeaway. Whether you have an opinion on SpaceX or not, your Nasdaq index fund is about to form one for you.