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Posted on 05/20/2026 4:56:34 PM PDT by SmokingJoe
.@SpaceX $SPCX just filed their S-1.
I built a full dashboard covering everything!
The numbers are insane:
• $1.75T target valuation
• $18.7B revenue in 2025 (+33% YoY)
• 170 orbital launches - more than every other country combined
• Starlink: $7.2B EBITDA at 63% margins
• Anthropic pays them $1.25B/month for compute
• 93% of their $28.5T TAM is AI, not rockets
Link to dashboard in next tweet
(Excerpt) Read more at x.com ...
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GREAT!
Unfortunately, you’re gonna have to have bank in your account to even buy one share. It’ll be a little while before us normal people will be able to purchase stock, but I sure will.
I’m more interested in a successful Flight 12 tomorrow than the IPO.
Should be over by this time tomorrow, one way or another.
We hope to buy a few shares to keep for the grandkids. Hopefully, it will not be too expensive. The question is, do we buy immediately or wait a few days?
Most IPOs with this type of publicity skyrocket the first day and then fall back quite a bit. Of course, this is Elon Musk so it may take off to the moon without looking back even once.
Buy an etf that tracks SpaceX, Tesla, or space tech.
Never thought of that. I’m gonna see about that right now. I just got out of my Schwab account. I’m going back in lol. Thank you.
DXYZ
Same here.
Yes, according to SpaceX’s recent S-1 IPO filing, the company reported a consolidated operating loss (loss from operations) of $2.6 billion in 2025 on $18.7 billion in revenue.
Key Details from the Filing and Reports
Revenue: $18.7 billion (driven largely by Starlink/Connectivity at ~$11.4 billion, with strong growth; the rest from launches/space division and AI-related segments post-xAI integration).
Operating loss: $2.6 billion — largely attributed to heavy R&D and capital spending, especially ~$3 billion on the Starship program.
Net/GAAP loss: Closer to $4.9–5 billion (per earlier reports and some filing references), influenced by additional factors like depreciation (~$6.6B on assets like chips, rockets, and satellites), stock-based compensation, interest, and costs from the xAI acquisition/integration.
Context: Starlink’s core business showed strong profitability (e.g., segment operating income of ~$4.4 billion), but company-wide results reflect aggressive investments in growth areas like Starship, satellite deployment, and AI infrastructure. SpaceX also highlighted adjusted EBITDA of $6.6 billion, a non-GAAP measure that adds back non-cash and other items to show underlying cash generation potential.
This aligns with earlier 2025 reports of strong core performance (sometimes cited as ~$8B EBITDA/profit pre-xAI effects) shifting to larger reported losses after consolidation and heavy spending.
These figures come directly from the S-1 and related coverage as of May 2026. IPO filings provide the most authoritative public view, though final audited details and interpretations can vary. This is not investment advice—SpaceX remains a high-growth, high-investment company with significant execution risks and opportunities.
You can buy mutual funds that hold SpaceX stock.
Any financial expert FReepers with advice on the best way to buy in (including for Accredited investors)?
Here is the actual S-1. https://www.sec.gov/Archives/edgar/data/1181412/000162828026036936/spaceexplorationtechnologi.htm
$92bn of total assets at 12/31/25.
$89.5bn of liabilities, including about $23bn of borrowed money indebtedness.
For FYE 2025, SpaceX lost five billion dollars on revenue of $18.7bn.
Operating cash flow of $6.7bn didn’t cover capex of $20.7bn.
Basically, SpaceX is losing money - and produced net losses in two of the past 3 years - but is staying alive by borrowing and issuing stock.
I make no reps or warranties. I am not a financial advisor nor do I play one on TV.
I bought some XOVR ETF stock last month. About 20% of its assets is SpaceX stock. It is a nice backdoor way to own some SpaceX before the IPO.
https://www.google.com/finance/beta/quote/XOVR:NASDAQ
Echostar (SATS) owns a good amount of SPCX. It is pretty fairly valued at its current price, assuming that SOCX is worth $1.75 trillion. Ask Grok or another AI to do the calculation for you so that you’re sure of that. This is likely the closest you’ll get to buying at anywhere near the IPO price. Just my opinion.
The company is building 10 more Starships this year, hundreds next year and probably several thousand in the next 5 years. The amount of orbital compute up there in 5 years will likely generate $hundreds of billions/year, and the margins will be nearly 100% once the satellites are launched. That doesn’t include Starlink, which is growing by leaps and bounds, and which will accelerate its growth when Starship starts putting the V3 satellites in orbit. Nor does it include the rocket business, which will have plenty of customers including the government.
$1.25 billion/month from Anthropic - $15 billion/year for 300 MW of power from an already built data center that was largely unused. And XAI is in discussions with Google for data center compute. No pun intended, but the sky’s the limit.
DXYZ became popular because it was seeking exposure to private tech companies like SpaceX, and OpenAI-related issues like Stripe Epic Games, but the structure is unusual, premiums/discounts can get extreme, plus it’s very volatile and highly speculative.
Not really a traditional ETF.
Wow. Thank you for that too. I appreciate that.
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