How on Earth is Elon Musk’s SpaceX facing bankruptcy?

It happens when you venture in un-economical fields which solely exist as vehicles of hope kept afloat by the government (either as a client or with the use of artificial economics)

Musk has a deep passion for those fields, he wants to be a techno-utopian cult figure so of course he chooses the areas which are most suited for it.

Nobody becomes hysterical for some SaaS cloud billing company.

Everybody becomes hysterical and cries for a rocket landing on its butt, but people don't ask themselves who pays for it and what tangible utility it brings to their lives.

Entertainment companies go under all the times.

Take a look at the history of developing powerful thrust engines for Boeing's 747?