The underlying businesses generate billions in real revenue and profit, independent of share prices. Tesla posted GAAP operating income around $7 billion in 2024 on roughly $77 billion of automotive revenue, and has been operationally profitable for years. SpaceX is an entirely separate company: its 2025 revenue was reported around $18.7 billion, and Starlink alone generated an estimated ~$11 billion at a high margin. In June 2026 SpaceX pulled off the largest IPO in history, listing on Nasdaq at roughly a $1.75 trillion valuation — a public-market verdict that has nothing to do with Tesla's stock. It's fair to say Tesla's market valuation carries a large growth premium and that 2025 car margins compressed. But "only survives on a bubble" ignores that these companies sell real rockets, real cars and real internet to millions of paying customers.