The SpaceX IPO Is a Bet That Retail Investors Love Elon Musk So Much They’ll Fund His Money-Losing Empire
Seeking to raise an unprecedented $75 billion at a staggering $2 trillion valuation, the SpaceX IPO is poised to become the largest initial public offering in market history. Mainstream commentators are predictably framing this as a pure-play bet on the commercial space economy:
Seeking to raise an unprecedented $75 billion at a staggering $2 trillion valuation, the SpaceX IPO is poised to become the largest initial public offering in market history.
Mainstream commentators are predictably framing this as a pure-play bet on the commercial space economy: reusable Falcon 9 rockets, the massive Starship development pipeline, and the highly profitable Starlink global satellite broadband network.
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However, investors need to look past the rocket smoke. The recently filed S-1 prospectus gave us the first deep look into this company. And as it turns out, it has several warts. Rather than spinning off Starlink cleanly as an isolated satellite telecom utility, management is presenting a “total SpaceX” conglomerate.
So instead of a solid company which arguably could fetch a $1 trillion valuation on its own, we get “space junk” with it.
