SpaceX IPO
About this lesson
SpaceX could go public at up to $1.75 trillion dollars. The company reported ~$19 billion in revenue and losses of nearly $5 billion last year, plus $4 billion in losses in just the first three months of this year. SpaceX could trade at more than 90x revenue. For context: the world's most valuable company, Nvidia, trades at ~20x price-to-sales. Amazon trades at just over 3x. SpaceX reports three segments (Space, Connectivity, and AI) with total 2025 revenue of $18.7 billion. Space accounts for $4 billion. And what they've accomplished is genuinely extraordinary: the majority of all orbital launches worldwide, with per-launch costs driven down massively through reusable rockets. SpaceX is responsible for over 80% of all mass sent to orbit globally. That's remarkable by any measure. Connectivity generated $11.4 billion, largely driven by Starlink, serving 10.3 million customers at a 63% EBITDA margin. This is the current cash flow engine of the business. Then there's AI, at $3.2 billion. This is where the S-1 gets wild. The filing estimates a total addressable market of $26.5 trillion for AI. Global GDP in 2024 was approximately $111 trillion. SpaceX is claiming an addressable market equal to roughly 25% of all global economic output, with this segment alone. The real story isn't the fundamentals. It's the narrative the market is telling itself. Space. AI. Elon Musk. There aren't many places to put that kind of enthusiasm, and SpaceX has been off-limits to most investors for over 20 years. For a lot of people, I don't think fundamentals will matter when this stock launches. But here's what makes it interesting: Tesla IPO'd at a $1.7 billion market cap in 2010. SpaceX is going public at over 1,000x that figure. The public investor no longer gets in early. That's the real shift with mega IPOs. #spacex #investing #stockmarket #ipo #finance
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