It had nothing to do with profit and everything to do with the tens of billions in debt that was coming due. The merger then ipo was just to dump that bill on the public.

It's even questionable to me if some of the space x investors will be able to get out above water... Some of those shares were sold at insanely high values then diluted. Fuck them all of course, but seems likely all this ipo achieves is another year or so of runway for the ponzi