Jun 3, 2026
Two weeks ago, SpaceX filed its S-1 with the SEC. I read all 308 pages.
Here are the big numbers: SpaceX is targeting a cheeky ~$1.77 trillion valuation. Last year, it generated $18 billion in revenue while spending nearly $23 billion. In the first quarter of 2026, this company spent more building AI than it earned in revenue across its entire business. In order to merge three companies (SpaceX, xAI, and X), SpaceXAI took on a $20 billion loan. To repay it, it’s filing to go public. Wednesday, the company revealed it plans to sell 555,555,555 shares at $135 each.
When the S-1 first dropped, Scott Galloway describes this IPO as, “a $600 billion company asking for $2 trillion,” while Michael Burry, of The Big Short fame, has said, according to Business Insider, “there’s nothing in SpaceX’s IPO filing to warrant a trillion-dollar valuation.”
Judging by the standards of a typical investment, they’re right. SpaceX IPOing at over ~111x times revenue is wildly illogical... But SpaceX isn’t a typical company.
the real chokepoint in the ai race is power, and elon is betting he can generate power in space faster than our glacial bureaucracy will allow down here on earth
everything we need to build the first base on mars
a newly incorporated city on texas' southern tip could become america's portal to space — but we'll never get there under current regulations