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 a separate, privately held company: its 2025 revenue was reported around $18.7 billion (up ~33%), and Starlink alone generated an estimated ~$11 billion at a high margin. By 2026 SpaceX was reportedly preparing one of the largest IPOs in history, driven by its launch and Starlink businesses — 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.