SpaceX Files for $75B IPO, Targeting Record Raise
The Spin
Left narrative
SpaceX's IPO filing is a financial disaster dressed up as a credible pitch, with losses ballooning 700% and revenue growth decelerating fast. Pricing the stock at 107 times sales — nearly double Palantir's multiple — while losing more money than it makes is straight-up delusional. The xAI acquisition is a $250 billion distraction that turns a rocket company into a money furnace, and retail investors are being set up as exit liquidity.
Right narrative
Morningstar and skeptics are wildly undervaluing SpaceX by ignoring xAI's $15 billion annual GPU rental revenue and the Colossus data center buildout that already represents 20% of all global AI data centers built in the last two years. Starship reuse is slashing launch costs toward $100-200 per kilogram, and Terafab's 3,100-acre campus signals a manufacturing scale no competitor can touch. The upside here isn't priced in — it's barely even being modeled.
