SPCX SpaceX S-1 Breakdown Biggest IPO Ever

Описание: SPCX SpaceX S-1 Breakdown Biggest IPO Ever

S-1 filed. Target $75B raise at $1.75T, 2.5x Aramco.

3 businesses (FY2025):
1) Starlink $11.39B (61%), 63% margin, only profit arm
2) Space $4.09B (22%), waiting on Starship
3) AI (xAI+X) $3.20B (17%), $6.36B op loss

Q1 2026:
1) Revenue $4.69B (+15%)
2) Net loss $4.28B (vs $528M)
3) Cash dropped $8.9B to $15.85B
4) Debt $29.1B, Capex $10.1B ($7.72B AI)

Key facts:
1) Musk holds 85% vote via Class B
2) Anthropic pays $1.25B/mo through 2029
3) Starlink 10.3M users, ARPU down 33%
4) 1M Mars colony triggers Musk 1B vest

Pre-IPO ETF: DXYZ XOVR NASA RONB ARKVX (implied Beta ~2.5-3x vs S&P 500)

Bull $2T+ / Base $0.9-1.2T / Bear $130-300B

Educational only, not investment advice.

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