SpaceX IPO
SpaceX just filed their S-1 for their IPO on June 12, and the details are just as wild as expected. Under the ticker SPXC, the company is planning to raise between $75BN and $80BN at a target valuation above $1.75TN.
The total list of book-runners in order: GS (Lead Left), MS, BoFA, Citi, JPM, Barclays, DB, RBC, UBS (!), WF, BTG Pactural, ING, Macquarie, Mirae Asset Management, Mizuho, Santander, Allen & Co., Cantor, Needham & Co., Raymond James, Societe Generale, Stifel, and William Blair. 21 total banks on this deal.
We also get a first look at SpaceX's financials. This year till March 31, SPCX had $11.4BN in revenue and $1.12BN EBITDA. In 2025, SPCX had $4.7BN in revenue and $6.6BN EBITDA. The company has $29.1BN Long-Term Debt, $15.9BN Cash, and spent $7.7BN in AI Capital Expenditures in Q1 alone.
SpaceX claims that the IPO proceeds will go to developing space-based solar energy to cater to growing energy demands for AI infrastructure and datacenters, as well as commoditizing the moon and eventually Mars. Their claim their TAM is $28.5TN.
Curious to hear your thoughts?
This one is interesting because I think a lot of people will bite and invest. Long term there could be challenges financially because messing with space is very delicate. It’s protected by countries and treaties, and we don’t know how renewable the items mined are. This could cause a lot of issues for SPCX in the future. They hide behind the AI data center thing, making it sound renewable in order to gloss over the fact they want to literally harvest a planet.
Harvest a planet? Wut? The whole data center in space thing is still a concept but the idea is they use solar power. At you talking about mars?
No, and a quick google search would show you that he is literally planning to extract moon materials and the moon is his main focus right now, planetary wise, since he needs it for mars. SPCX wants oxygen and other materials from lunar soil to set up camps, polar to sustain the base and support spacecrafts, and metal. In my opinion this is a up in the air long term investment, and I’m sure other people have that opinion too. I have my own beliefs on the future of this company based on science, politics and different outcome scenarios. I believe this is a very risky long term investment. Don’t forget, Elon’s never been afraid of authority. The same control and monopoly can happen to the moon, that’s when the issues really begin. I hypothesize there will be large valuation changes coming in the next several days and weeks.
UBS top 21 confirmed!
Congrats on UBS
$28.5T TAM seems low. Should be at least $29.5T smh
As an outsider please tell me how do they come up with these numbers?
seems like when one does not have an answer to revenue source they just slap enterprise, b2b2 to it
bump
No mention of tiny float and Nasdaq changing rules to allow companies into the index wayyy early. Concerns over S&P500 doing the same. Like this to me just seems like an incredible way to shaft passive investors. You have a very decent and profitable satellite company (though some competition is rising from the likes of Amazon) mixed with a money incinerating AI company going for IPO at something stupid like 90x revenue all so that after 15 days it gets added to a passive index and these institutional flows just gobble it up based on nothing more than their strategy. The fundamentals aren't there but it's hard to see how this IPO doesn't go incredibly well. I guess the one advantage of Grok is that Elon will probably be the only geezer who allows massive amounts of porn to be made with it.
ASTS is also a competitor, tho they seem to be more of a meme stock
$2T meme stock... what a time to be alive.
So fucking overvalued. Will tank after lunch on go day
Does order after GS matter
No
Maybe just insofar that MS / Citi / BofA / JPM as active bookrunners, and then Barc / DB / RBC / UBS / WF passive?
Yes
Elon has done it before- why can’t he do it again?
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