SpaceX IPO is in 2 days. I read the entire S-1 so you don't have to. Heres the good, the bad, and the absolutely insane.

On June 12, the largest ipo in the history of financial markets goes live( $135/share) at $1.77 trillion valuation and its a $75 billion raise which is more than triple saudi aramco's record from 2019 and bitpanda is listing SPCX from day one with fractional shares,i spent the last few days going through the S-1 filing and this is what actually matters.

THE NUMBERS THAT BREAK YOUR BRAIN

Spacex handles 82% of all US space launches and 45% of all commercial space contracts on the planet,starlink hit 10.3 million subscribers across 164 countries by end of Q1 2026 roughly double a year earlier and connectivity revenue hit $3.26 billion in q1 alone so about 69% of total company revenue. The total 2025 revenue came in at $18.7 billion across three segments Space, Starlink, and AI

THE PART NOBODY IS TALKING ABOUT

Spacex posted a $2.6 billion loss in 2025, its q1 2026 operating loss ballooned to $1.9 billion and over the past four quarters, spacex has burned through approximately $30 billion in cash meaning the entire $75 billion IPO raise disappears in roughly 2.5 years at the current burn rate.

The ai unit alone spent $12.7 billion in capital expenditure in 2025, and another $7.7 billion just in q1 2026.

At $1.77 trillion, this trades at nearly 95 times its 2025 revenue and even the most expensive mega cap tech companies rarely go above 30x sales.

THE ELON FACTOR

Musk owns Class B supervoting stock giving him approximately 85% of the voting power. The only person who can remove musk as ceo is Musk himself so you are buying a ticket to ride along with whatever Elon decides to do next.(although i like him but...)

SO WHAT IS SPCX ACTUALLY?

After the x ai merger in feb 2026, buying SPCX means you are buying starlink which is fastest growing internet service on the planet ,grok ai and the X platform and a balance sheet with $770M in Bitcoin

All controlled by one man with 85% of the votes, burning $30 billion a year, priced at 95x sales and going public in 48 hours.

I am not telling you to buy or avoid it,both cases are genuinely strong but what I will say is that whatever happens on June 12, it will not be boring.

Not financial advice. Do your own research before investing