SpaceX *Official* (NASDAQ: SPCX)

[Shion]

SpaceX generated about $10 billion in profit last year ahead of IPO, sources say​

https://www.straitstimes.com/busine...last-year-ahead-of-ipo-sources-say?ref=latest

 

[mooseolly]

Buying google stock will mean some exposure to spacex.

 

[yslvlys]

Buying google stock will mean some exposure to spacex.

This is as close as we can get to the real thing.

 

[doogyhatts]

 

[tazzycorner]

sucking more money from investors

 

[Krabs.]

internal memo says xai

https://www.bloomberg.com/news/arti...ex-said-to-combine-with-xai-ahead-of-mega-ipo

confirmation 50 minutes later

https://www.spacex.com/updates#xai-joins-spacex

 

[doogyhatts]

 

[doogyhatts]

SpaceX Shifts to Build Self-Sustaining Moon City in Under a Decade
https://x.com/i/trending/2020619516913606751

Musk announced on February 8 that SpaceX is prioritizing the Moon over Mars due to easier logistics—launches every 10 days and two-day trips allow faster progress toward self-sufficiency using local water ice for fuel and oxygen. This hedges against Earth disasters cutting off supplies, while Mars plans continue in parallel starting in five to seven years. The shift supports NASA Artemis contracts, with Starship eyed for crewed landings by late 2026, and Musk envisions open access for anyone to visit.

 

[doogyhatts]

 

[Shion]

SpaceX weighing dual-class IPO shares to empower Musk — Bloomberg​

https://www.theedgesingapore.com/ne...dual-class-ipo-shares-empower-musk--bloomberg

(Feb 14): SpaceX is considering a dual-class share structure in its planned initial public offering (IPO) this year, according to people familiar with the matter, mirroring a strategy its billionaire founder Elon Musk floated for Tesla Inc.

A two-tier structure would give select shareholders stock with extra voting power that would allow them to dominate decision-making. The move would allow insiders such as Musk to maintain control of the company even with a minority stake.

The US rocket and satellite maker is also in the process of adding members to its board of directors, the people said, to help steer the IPO and drive Musk’s space ambitions beyond its core rocket and satellite business.

SpaceX is seeking to hold an IPO later this year, in a deal that could raise as much as US$50 billion ($63.18 billion) to fund AI data centres in space and a factory on the moon. SpaceX recently acquired Musk’s xAI, moving the company beyond its core businesses into artificial intelligence (AI).

Deliberations are ongoing and details of the IPO could change, the people said, asking not to be identified as the information isn’t public.

A SpaceX representative didn’t immediately respond to a request for comment.

Dual class shares are common among US technology firms including Meta Platforms Inc and Google parent Alphabet Inc, and tend to be pitched as a way to enable founders to focus on a longer-term vision. The structure typically gives founders and insiders 10 or even 20 votes for each of their shares compared with only one vote for ordinary shares, which critics say makes them less accountable.

Under a dual-class structure that gives Musk super-voting shares, the billionaire would establish a bulwark against activist shareholders exerting changes at the company against his wishes.

Musk has praised the tiered structure and proposed the creation of a dual class of Tesla shares to have at least 25% voting control in the company, threatening to build his AI and robotics products elsewhere if he can’t achieve that level of influence.

“That’s not so much that I could control the company, even if I go bonkers,” he said in 2024. Though he currently has about 11% of the shares, his new US$1 trillion compensation package could expand his stake to 25% or more over the next decade.

SpaceX has discussed the feasibility of a tie-up between SpaceX and Tesla, an idea that some investors are pushing, Bloomberg News has reported.

 

[Shion]

SpaceX US$1.75 tril valuation is ‘justifiable’, says PitchBook​

https://www.theedgesingapore.com/news/ipo/spacex-us175-tril-valuation-justifiable-says-pitchbook

(March 3): A US$1.75 trillion valuation for billionaire Elon Musk’s SpaceX in an initial public offering (IPO) would be “justifiable”, according to a PitchBook analyst.

The IPO value could be achieved if investors take a three- to five-year investment horizon and are tolerant of what Franco Granda, a senior analyst at PitchBook, called “Musk-amplified volatility”. The prospect of raising as much as US$50 billion in the listing would give the company a war chest to fund the scale-up of its Starship rocket, expansion of Starlink, and build out its direct-to-cell offering.

At that valuation, investors would be willing to ascribe SpaceX a price-to-sales ratio of more than 100-times on a trailing basis, the analyst estimated. That compares to Palantir Technologies Inc’s lofty price-to-sales ratio of roughly 77 times, by far the highest in the S&P 500 Index, data compiled by Bloomberg show.

Using growth-adjusted multiples of the highest-valued public peers for Starlink and SpaceX’s launch business, Granda’s sum-of-the-parts framework supports a US$1.75 trillion valuation Bloomberg News reported the company is seeking. That lofty valuation does not account for SpaceX’s acquisition of xAI, he said in a phone interview.

The debate around valuation will come down to the willingness of investors to assign a “platform premium” to SpaceX, the analyst said. “The combination of Starlink’s subscriber growth, launch dominance, and the direct-to-cell buildout is a profile that doesn’t exist anywhere else in public markets.”

For Granda and other SpaceX bulls, investors need to look further out to justify the targeted valuation. PitchBook estimates SpaceX could bring in US$150 billion of revenue in 2040, a roughly tenfold jump from last year’s nearly US$16 billion. If investors agree with Granda’s expectation, the valuation multiple on a sales basis could collapse to roughly 12 times from closer to 110 times.

While that makes it more palatable for investors who can buy into Musk’s vision and see rampant growth for Starlink and the company’s rocket initiatives, said Granda, “people will scrutinise the fact that people are looking at 2035, 2040 numbers”.

If the Starbase, Texas-based company succeeds in hitting its valuation target, SpaceX would be bigger than Meta Platforms Inc as well as Musk’s own Tesla Inc — larger than all but five of the S&P 500’s companies.

In a December memo, SpaceX said it’s preparing for a possible IPO in 2026 that would be aimed at funding an “insane flight rate” for its developmental Starship rocket, artificial intelligence data centers in space and a base on the moon.

PitchBook’s bullish view tallies the prospects of data centres in space and a moon base as call options and say they account for zero revenue in the firm’s model.

Still, investors who are looking to hold SpaceX should be prepared for volatility that is “like Tesla on steroids”. Given the lower proportion of shares available for trading after a listing, SpaceX shareholders should be primed for the stock to move 20% to 30% on any milestone delays, according to Granda.

SpaceX’s near-term catalysts include a test of Starship, its heavy lift rocket, anticipated this month before the company is expected to demonstrate cryogenic fuel transfer between two Starship vehicles in orbit later this year. The latter is a “binary risk for the entire moon/Mars thesis,” he said.

The analyst also noted that SpaceX is grappling with a regulatory bottleneck that could hold up its planned cycle.

“The FAA has expanded SpaceX’s licence to include 25 launches per year, but the environmental review process for each vehicle modification remains slower than SpaceX’s iteration cycle,” Granda said. “We view regulatory drag as the single highest risk to 2026 launch cadence and the most likely source of timeline slippage that public market investors will need to price.”

 

[Krabs.]

watchout for articles like these .... all cheerleader talk and avoid the talk about xai 's capex to build data centres for training AI , which is duplicate with AI competitors no unique advantage

I been following this daily from 2011 to 2024 ... these talk about space data centre and factory on the moon .... it's noise ... don't make financial decisions based on these stories

 

[Krabs.]

it's coming ? according to news or rumors

 

[Shion]

SpaceX has held talks with Saudi fund for possible $5 billion investment in IPO, sources say​

https://www.straitstimes.com/busine...lion-investment-in-ipo-sources-say?ref=latest

NEW YORK - Billionaire Elon Musk’s SpaceX has had discussions with Saudi Arabia’s Public Investment Fund about PIF potentially taking an anchor stake of around US$5 billion (S$6.4 billion) in the space company’s IPO, according to two people familiar with the matter.

The investment would partly prevent dilution of PIF’s existing stake of just under 1 per cent in SpaceX, the sources said.

The rocket maker has been lining up anchor investors well ahead of its stock market debut, three other sources said. The company aims to raise a record-breaking US$75 billion, which would dwarf previous mega-IPOs such as Saudi Aramco in 2019 and Alibaba in 2014.

SpaceX is trying to gauge investor interest for a deal of this unprecedented scale, the sources said, requesting anonymity because the talks are confidential. No final decision has been made, and any investment remains subject to change, the sources cautioned.

SpaceX did not respond to a request for comment. PIF declined to comment.

Anchor investors are institutional buyers who typically commit to a fixed stake ahead of an IPO roadshow, signalling confidence and helping underpin demand for the offering.

While SpaceX courts big-ticket anchor investors, a significant portion of the allocation is expected to go to wealthy investors served by the underwriting banks, Reuters reported previously.

PIF deepened its ties with Mr Musk’s business empire in November 2025, when its AI firm HUMAIN and xAI announced a collaboration to deploy 500 megawatts of data centre capacity in Saudi Arabia. PIF then invested US$3 billion via HUMAIN ahead of xAI’s merger with the social media platform X in March 2025.

SpaceX, based in Starbase, Texas, submitted confidential IPO paperwork with the SEC recently and is targeting a market launch later this year. REUTERS

 

[Can Or Not]

Listed already or not

 

[Krabs.]

Listed already or not

use echostar as a guide
it's a broken business , others only buy the stock due to it holding spaceX private stock
it's entirely emotional or speculative , to goes up when the ipo is nearer , goes down when ipo is further ....

 

[Shion]

Analysis: SpaceX IPO gives Musk sweeping power and curbs shareholder rights​

https://www.channelnewsasia.com/bus...ng-power-and-curbs-shareholder-rights-6104071

NEW YORK, May 6 : SpaceX has adopted corporate governance policies that will erode typical shareholder protections in unprecedented ways, giving founder Elon Musk virtually unchecked executive authority when the rocket maker goes public later this year.

Excerpts of SpaceX's IPO registration statement reviewed by Reuters show the company is combining supervoting shares, mandatory arbitration, stricter rules on shareholder proposals and Texas corporate law to give Musk and other insiders broad control. At the same time, it sharply limits investors' ability to challenge management, sue in court and force votes on governance issues.

And the only person who can fire Musk is Musk, who will retain majority control through supervoting shares.

“It closes the voting door, the courthouse door and the proposal door simultaneously. It’s unprecedented in terms of creating a total lack of accountability,” said Bruce Herbert, CEO of Seattle-based sustainability-focused wealth management firm Newground Social Investment, which challenged Musk at his electric-vehicle company, Tesla, with a shareholder proposal that won 49 per cent of the vote in November.

For all of Musk's controversies, many investors see him as a visionary able to achieve impossible things. At Tesla, the board recently awarded him a 10-year pay package worth close to $1 trillion, saying the company would lose significant value "without Elon." At SpaceX, much of his pay is tied to launching massive data centers in space and colonizing Mars.

SpaceX did not respond to a request for comment.

PRICE OF ENTRY

The restrictions may not stop investors from piling in.

Some investors see relinquishing some of their rights as the cost to buy in to what is expected to be the biggest initial public offering in history as SpaceX eyes up to $75 billion in proceeds and a $1.75 trillion valuation. Many investors fear missing out, especially if the billionaire entrepreneur can generate returns similar to those of Tesla. The EV maker's shares have risen to about $389 compared with their 2012 debut at $17.

"SpaceX is going to be such a huge part of the market that for most portfolio managers it's very difficult not to buy, because it's going to be driving the price of everything," said Ann Lipton, a professor of law at the University of Colorado Law School. "And if SpaceX soars, and you don't have a piece of it, then you're going to look like you're underperforming the market by comparison."

Musk is structuring SpaceX to protect the company from the kind of shareholder criticism aimed at Tesla, according to corporate governance experts. The EV maker's investors have challenged Musk on issues ranging from his pay package to the acquisition of his solar energy company, SolarCity.

There is a risk for investors, the experts added, that Musk sets a precedent for other high-profile, founder-led IPOs expected to come to market later this year or next, including artificial-intelligence companies Anthropic and OpenAI.

"They are all complicated, potentially controversial figures that are also creating history in real time," Dishmi Capital co-founder Shang Chou said of Musk, OpenAI founder Sam Altman and other founders. "You focus less on valuation and more on the fact that you've been offered a seat on a rocket ship."

MUSK CONSOLIDATES POWER

Musk will stay on as CEO, chief technical officer and chairman of SpaceX’s nine-member board of directors after the company's stock starts trading later this year. He has a firm grip with 42.5 per cent of the company's equity and 83.8 per cent of the voting control, according to a May 4 filing with federal regulators.

SpaceX plans to use a dual-class equity structure that gives Class B shareholders 10 votes for every Class A share available to everyday investors, concentrating power with Musk and a handful of other insiders with supervoting shares. Musk's Class B stock, which will not be available to the public, will allow him to retain more than 50 per cent of the voting power in the company after it goes public, handing him and other insiders the power to pick a majority of the board of directors.

That will also give Musk the power to "elect, remove or fill any vacancy" among those directors, the company said. It also hands to him the power to control other issues requiring shareholder approval, including M&A transactions, potentially making it easier to merge with Tesla later if he wants.

The supervoting shares will be immediately converted to Class A shares if the stock is sold, further consolidating power among the remaining Class B holders. Although the company can issue more Class B shares, only Musk, his family and "certain entities" will be eligible to receive them, the filing shows.

'CONTROLLED COMPANY'

Musk's voting power will make SpaceX a "controlled company" under securities rules, the filing shows. It is not uncommon for founder-led companies in media and tech to hand control to their charismatic CEOs, as happened with Mark Zuckerberg at Meta Platforms and at News Corp with former CEO Rupert Murdoch. That designation allows them to bypass certain corporate-governance requirements so they can make big, bold moves fast.

While most publicly traded companies are required to have independent directors make up a majority of their nominating and compensation committees, controlled companies do not have to and SpaceX said it does not plan to.

"You will not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements," the company warned in a list of potential risk factors for investors.

FORCED ARBITRATION

The company significantly limits shareholders' rights to sue. SpaceX's bylaws will make it clear that anyone who owns shares "irrevocably and unconditionally" waives all rights to pursue a jury trial. Shareholders will also be prohibited from bringing class actions against the company, its directors, officers, controlling shareholders or bankers tied to the IPO, according to the filing.

Instead, shareholders will be subject to mandatory arbitration, which had long been illegal in the U.S. The Securities and Exchange Commission reversed its position in September, allowing companies to adopt mandatory arbitration policies, which are private proceedings overseen by arbitrators.

TEXAS VERSUS DELAWARE

SpaceX is taking full advantage of its decision to move its incorporation in 2024 from Delaware to business-friendly Texas and the largely untested new governance laws there. The Lone Star State adopted a series of amendments to the Texas Business Organizations Code last year that significantly curtail investor protections. Musk abandoned Delaware after a judge there ruled to strip him of a 2018 Tesla pay package worth $56 billion - a ruling that was recently reversed.

The Texas incorporation gives the company extra protection from activist investors and hostile takeovers. The state's securities laws also make it harder for challengers to make an unsolicited tender offer, run a proxy contest or remove officers, directors and management.

Shareholders will also have a harder time getting their proposals to a vote. They will need to own at least $1 million in stock, or 3 per cent of the company, to force a vote under a new Texas rule.

"It’s definitely one of the most restrictive IPOs. He (Musk) is taking advantage of this ownership structure and the Texas provisions,” University of Pennsylvania law professor Jill Fisch said.

Joel Shulman, founder and chief investment officer of ERShares, which manages the $993 million Private/Public Crossover ETF, said he has no issues with the restrictions as a SpaceX investor.

"I would rather have him making these decisions and be in control," he said. "He may be controversial and polarizing and he does some crazy, bizarre things sometimes, but he’s a brilliant guy when it comes to building something completely new and building wealth” for himself and shareholders.

 

[doogyhatts]

SpaceX Folds xAI into SpaceXAI After $250 Billion Acquisition
https://x.com/i/trending/2052198954167836811

In February, SpaceX acquired xAI for $250 billion, the largest M&A deal ever, valuing the combined entity at $1.25 trillion. Now, xAI dissolves as a separate company, rebranding its AI work—including the Grok chatbot—as SpaceXAI under SpaceX operations. This follows a new partnership giving Anthropic full access to Colossus 1, a Memphis supercomputer with over 220,000 Nvidia GPUs, while discussions explore gigawatt-scale orbital AI compute using SpaceX rockets. The consolidation streamlines synergies for space-based data centers, with no layoffs mentioned, positioning SpaceXAI to tackle AI's growing compute demands.

 

[Hyruga]

Got SpaceX AI makes it more valuable!

 

[Shion]

How SpaceX stacks up against some of the biggest US IPOs​

https://www.channelnewsasia.com/business/how-spacex-stacks-up-against-some-biggest-us-ipos-6123776