The SpaceX IPO Sells a Rocket. You're Buying a Dish.

The largest IPO in history debuts on Nasdaq today, and we've read the prospectus so you don't have to.

Coffee at the ready...

The SpaceX IPO is the biggest in history, priced like an AI company and earning like a broadband one.

Elon Musk raised $75bn at a fixed price of $135 per share, no haggling. Trading opens today on Nasdaq under SPCX at a $1.77tn valuation. A Nasdaq-100 fast track means your index fund buys this whether you do or not.

Watch the opening trade: Oppenheimer says $190; Morningstar says half the sticker.

The man once sold 20,000 flamethrowers as a side project. Selling Wall Street a rocket was never going to be hard.

Start with the S-1, the first public look at SpaceX's books.

Revenue hit $18.7bn in 2025; the net loss hit $4.9bn. Starlink supplied $11.4bn of the revenue, 61% of the total, and every dollar of operating profit.

Its margins are the kind most telecoms only see in pitch decks.

The other two divisions are furnaces.

Rockets earned $4.1bn and lost $657m, largely because $3bn was allocated to Starship R&D last year. The programme has burned over $15bn so far. The AI segment, xAI plus X, now badged SpaceXAI, earned $3.2bn and lost $6.35bn…

Building data centres and training Grok.

Here's the bit your brokerage app skips.

Musk merged xAI into SpaceX in February. Because he controlled both firms, accountants restated the books as if they'd always been one company. The clean rockets-only numbers no longer exist. Want the launch monopoly?

You take the AI lab stapled to it.

Then there's the price.

$1.75tn works out to be nearly 94 times last year's revenue. Morningstar pegs fair value around $780bn and calls the firm "significantly overvalued". Only about 3% of the company is actually for sale, so any day-one pop is half-engineered. Demand still topped $250bn, four times the shares on offer, and BlackRock alone ordered $5bn worth.

Senator Warren asked the SEC to delay the deal (it went ahead on schedule anyway).

Pro: SpaceX launched 83% of all mass sent to orbit in 2025, and Starlink doubled subscribers at almost no extra cost.

Con: Morningstar's fair value sits below half the offer because one profitable division subsidises two loss-makers.

Our read: You're pricing Musk's promise to keep three plates spinning, at a level assuming none drop.

[Report] SEC — Space Exploration Technologies Corp., Form S-1

Starlink delivered 61% of 2025 revenue and every dollar of operating profit; the AI segment lost $6.35bn.

Why it matters: It's the first audited look inside SpaceX after 24 years as a private company.

SpaceX's AI arm lost $6.35bn in 2025.

CNBC — OpenAI confidentially files for IPO — With SpaceX counted, the 2026 IPO pipeline now carries roughly $3.6tn in private valuations.

Fortune — Anthropic files its S-1 first — The race to be the first public AI lab is on. Today sets the temperature.

NBC News — Pros weigh the $135 sticker — Insiders reap the upside; the maths for everyone else gets harder.

SPCX opens today. You're:

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Enjoy your Friday, keep it caffeinated.

Your Friday, sorted.

Markets get a rocket; you get the receipts.

Have a cracking weekend.

Read yesterday’s newsletter about OpenAI’s IPO here.

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