SpaceX might be profitable today. It might be very profitable tomorrow. But because of the classified nature of the industry that can change in a heartbeat. Fall out of favour with certain government agencies and suddenly that constant stream of background checks slows, deadlines get missed, and profits become loss. There are many fingers on many kill switches.
Maybe the company is or will be a great success, but that success comes only with permission. Investors beware: Balance sheets are only half the story. The other half is not open for inspection.