SpaceX Drops S Filing Ahead of IPO

Ajouté : 2026-05-21

[00:00:01]Well, I guess that we're going to have two live streams in one day because as I woke up from a nap, uh, I saw that SpaceX has released the S1 filing ahead of their IPO. So, I started to try and make a video about this. It is much longer um than I anticipated. So, I think that I'm going to need a little bit of time to really go through it. But I wanted to just read to you some of the breaking news that we're seeing on X, what people are starting to say and also have a discussion going with you guys uh in the chat. Again, I am like not super financially savvy, but I can read words and at least show you guys that this is available because this is something that we've been waiting on for a while. We weren't sure exactly when they were going to release it, although it said that it would be sometime today. So, I'm going to put the link in the comments here and just talk a little bit about this because this is pretty historical.

[00:01:02]I mean, considering the fact that, you know, for a long time Elon Musk was very reluctant to IPO with SpaceX. IPO, in case you guys don't know, stands for initial public offering. I made a video about it recently and some people were asking me in the comments, well, tell us what IPO means. So, IPO, initial public offering. It's going to be listed on the NASDAQ with the ticker SPCX.

[00:01:27]Pretty perfect for SpaceX. Um, and basically it's really long. I'll show you what I mean. So that you can see like up here in the corner, it just kind of Yeah, it's really long. Um, so this I started to record a video and I was like, you know what, this is not going to do it justice um to really go through the details in 10 minutes. that's just I don't I'm not able to do that. Um but we can at least show you kind of what it looks like and what this means. You know, we're hearing that the actual IPO, so when this will be available, you know, for you guys to obviously buy shares if that's something you want to do or not do, uh is going to be probably as soon as June 4th, I think is the latest that I heard. So, you know, pretty crazy timing with we are going to finally have another Starship launch and then SpaceX finally deciding to do this.

[00:02:28]So, let's see here. Um, sorry, I'm trying to read the comments and also show you what this looks like.

[00:02:37]So, let's just start going through it.

[00:02:39]Okay, so this says SpaceX uh class A common stock. This is the initial public offering of shares of class A common stock par value 0.001 per share of space exploration technologies corporation now a Texas corporation used to be California. We are offering and then it's blanked out shares of our class A common stock.

[00:03:09]Currently no public market exists for our class A common stock. We expect the initial public offering price to be between blank and blank per share. Not very helpful. Uh we have applied to list our class A common stock on the NASDAQ stock market LLC um under that ticker or symbol as I mentioned SPCX for SpaceX.

[00:03:33]Following the completion of this offering, we will have two classes of common stock issued and outstanding.

[00:03:41]Class A common stock and class B common stock. Each share of class A common stock will entitle its holder to vote one per share. Each share of class B common stock will entitle its holder to 10 votes per share. Class A shareholders I'm trying to make this bigger. This is really small writing. Class A shareholders and class B shareholders will vote together as a single class on all matters to be voted on by shareholders except class B share shareholders will be entitled to elect a majority of our board of directors in addition to having certain other class votes as described under the description of capital stock assuming an offering size as set forth above and an initial offering price of and again It's blanked out per share. And then it says, "The midpoint of the estimated price range set forth above, Elon Musk, our founder, chief executive officer, chief technical officer, and chairman of our board, will hold approximately, and then it's also blanked out, percent of the voting power of our common stock." Now, I want to pause for a second because I did see what looked to be, let's see, I actually just interviewed Jack last week and it looked like he made a post saying here that Elon Musk has 85% voting power in SpaceX. So, that previous document that I was reading kind of was like redacted or didn't show it. And then if you scroll way down, you start to see more numbers. So again, this is like hot off the press. There's a lot of stuff to read, but it sounds like he has 85% voting power in SpaceX, which pretty crazy. [snorts] Um, and so let's get back into reading cuz I may not understand it all, but I can read it to you. [laughter] Um, okay.

[00:05:42]So, so we go back to saying he has approximately blank percent of the voting power, possibly 85% of our common stock. Um, and there's this is like kind of complicated to read. As a result, Mr. Musk will be able to control the outcome of matters requiring shareholder approval. This includes the election of a majority of our board through his ownership class B shares for so long as he holds a majority of the voting power of the class B common stock and the remainder of our board for so long as he holds a majority of the combined voting power of the class A and class B common stock.

[00:06:32]As a result, we will be a controlled company majority of the combined Oh, sorry. As a result, we will be a controlled company under the corporate governance rules of NASDAQ following the completion of this offering. And as a result, we intend to rely on exemptions from certain corporate governance requirements. Please refer to management controlled company exemption.

[00:06:57]And so as we go deeper into the filing, they talk about risks. Um later on they obviously tout their achievements over the past you know over two decades now.

[00:07:12]Um and so here it says investing in our class A common stock involves risks as does any investing for the record.

[00:07:23]Please refer to risk factors beginning on page 26 of this perspectus.

[00:07:29]All right. So that's not too far away.

[00:07:32]Um, and we have obviously a lot of names listed here with I believe Goldman Sachs will be leading it all, but um, there are a lot of these joint book running managers or banks that are involved in this pretty historic IPO that is coming very soon. Now, so here they're listing all of their firsts. Uh SpaceX was of course founded in 2002. They were the first uh in 2008 to have a liquid fuel rocket to reach orbit by a private company that was actually um wow that's crazy. 2008 uh and then in 2012 they were the first private company to successfully dock a spacecraft with the International Space Station. In 2015, they were the first company to propulsively land an orbital class booster. And in 2017, they were the first company to refly an orbital class booster. So, [clears throat] to date, they've had roughly 650 launches uh with over 85% of those missions flown with one or more reused boosters. They've had over 80% of the 2025 global mass to orbit. and they've flown almost 80 crew members, 78 crew members. These highlights are as of March 31st, 2026, so fairly recently.

[00:09:05]Then they go on to talk about their Starlink achievements. They were the first in 2019 to begin deploying a large scale low Earth orbit broadband satellite constellation in 2022.

[00:09:18]the first company to have a low latency low earth orbit network available globally. Also in 2022 they were the first to manufacture consumergrade phased array user terminals at scale and in 2025 the first to deploy a largecale low earth orbit satellite to mobile constellation.

[00:09:42]So let me just check in here. I feel like I'm just reading. So, um, and I'm hoping that we can get someone in here to join me to talk about this, but we'll see if that works. Um, so highlights, they have over 9600 Starlink broadband and mobile satellites, uh, and over roughly 75% of active maneuverable satellites.

[00:10:11]There's over 10 million Starlink subscribers in counting and Starlink is of course available globally in 164 countries.

[00:10:23]Then they go into talking about their AI segment.

[00:10:28]um in 2026.

[00:10:31]They they say first. I kind of wish they worded this a little bit differently, but it sounds like they're the first company to have a gigawatt scale AI training cluster. And also in 2026, they made the announcement for the gigawatt scale mega pack battery installation.

[00:10:49]So um monthly active users around 550 million major model versions for name plate compute draw over one gawatt. This stuff I'm I'm really not as uh familiar or feeling confident in. And then around 350 million daily posts. Wow.

[00:11:17]The internet is saturated. Um, and then they have uh some some renders here and some pictures. Our mission to build the systems and technologies necessary to make life multilanetary to understand the true nature of the universe and to extend the light of consciousness to the stars. Okay, so now we have some real pictures uh incredible pictures I will add. Um, wow.

[00:11:46]And that looks like it's at must be from the Fram 2 mission. That's pretty cool.

[00:11:53]So pictures pictures showing off.

[00:11:57]They're cool technologies here. That's a really cool one actually. Um and let's see what people are saying here in the comments and also here on X.

[00:12:14]So, let's change things a little bit and share a different screen. Why is this not like trending right now? I feel like this should be easily Hold on.

[00:12:29]Let's see. So, I'mma share this tab. Did we switch over here? Yes, we did. All right. So, I was able to see this because just about an hour ago, Sawyer Merritt, who's like the go-to guy for any Elon Musk related news, shared that yes, this IPO perspectus or S1 filing is officially public. You can read the full document here. So, again, this is going to take a while. Here's me just trying to get something on the internet, my stream. Uh according to this figure perhaps Elon Musk has 85.1% of voting power in SpaceX. Um we already knew this a few days ago actually that the official ticker would be SPCX.

[00:13:19]Um let's see what SE Robinson Jr. has to say.

[00:13:23]Uh as I mentioned SpaceX was founded in 2002 by Elon Musk. The IPO structure as I was reading earlier is an initial public offering of a class A common stock and this will be a dual class. So class A one vote per share, class B 10 votes per share. Um no share count or price range disclosed yet. I'm not sure why that is. Um underwriters as I mentioned there are many use of proceeds. The whole point The whole point because that's kind of important.

[00:14:01]Why are they doing this is to fund growth in AI compute infrastructure, launch vehicles infrastructure and satellite constellations.

[00:14:11]So their business segments um of course for space they have the good old reliable Falcon 9, Falcon Heavy, Starship development which we are you know awaiting a launch hopefully tomorrow. Sounds like that also is a little bit rocky, but we can get into that a little bit later. And they have over 80% of global mass to orbit since 2023.

[00:14:38]Over 99% Falcon mission success rate.

[00:14:42]Pretty incredible when when you think about that. Uh reusable boosters with booster catch technology.

[00:14:49]If you've been lucky enough to see a a booster caught in the tower in person by those chopsticks, it is kind of incredible. I went over the Starlink stuff. Um, I did not say that they are serving about 7.4 million devices. No, it's even more than that. Oh, wait.

[00:15:06]Separate mobile constellation.

[00:15:08]Okay. Um, so XAI was acquired in February 2026 and as well as X Holdings, they operate Colossus, which is that gigawatt scale AI training cluster in Memphis, Tennessee, as well as South Haven.

[00:15:29]Is that Mississippi?

[00:15:31]Is MS Mississippi or Missouri? It is because MO is Missouri. [laughter] Um all right they're just spreading out everywhere. Uh they have Grock frontier models with truth seeking focus integration with the Xplatform and then plans for orbital AI compute satellites from 2028.

[00:15:55]Uh he writes this is again SE Robinson Jr's post the financial basis the statements recast to include XAI and X holdings acquisitions common control and five for one stock split as of May 4th.

[00:16:11]So we heard about that you know pretty recently.

[00:16:15]A this is a nonacelerated filer and a no dividends policy is stated which to me sounds like a big deal but uh I wish that my husband was home because he's really savvy with this stuff and [laughter] I could ask him what that means. Um so governance this will be as I mentioned earlier controlled company controlled by the company post IPO. It will rely on NASDAQ exemptions and as we said Elon Musk controls the board majority via classB shares. The offering is as soon as practiceable after effectiveness. The shares are ready for delivery around 2026, but we're hearing like it's going to happen next month.

[00:17:01]So, we'll see if that happens. Uh, forward-looking significant risks disclosed. See full risk factor section.

[00:17:11]And again, no price, share count, or exact financial financial figures available.

[00:17:20]Why is that? I'm not sure. Isn't that the whole point of this? Um, Sawyer just posted about 24 minutes ago. Wow.

[00:17:28]Anthropic has agreed to pay SpaceX $1.25 billion per month. Per month. $1.25 billion through May 2029 for AI compute capacity with capacity ramping in May and June 2026 at a reduced fee. This is a huge deal. Well, that's certainly a huge amount of money. Um, all right. So, more highlights from Sawyer. He posted just a minute ago. SpaceX says they have 117 million monthly active Grock users.

[00:18:07]Quote, "Our integrated AI platforms across Grock and X have over 1.3 billion supported accounts active in the last 12 months ending on March 31st, 2026. Um, that's just the most recent that they ran those numbers for this filing, including approximately 550 million MAUs and generating approximately 350 million daily posts.

[00:18:34]That's insane. Of our MAUs, we had approximately 117 million MAUs that used Grock's AI features as of March 31st, 2026.

[00:18:48]Okay, so just in Elon Musk's SpaceX discloses he's holding over 18,000 Bitcoin worth over $1.4 billion.

[00:19:00]Okay, interesting. We just read this about Anthropic is going to pay SpaceX monthly until May 2029.

[00:19:10]And let's see if we have any more interesting details just from exposts right now because I think a lot of people are in the same boat as I am which is this is a lot to read so might as well read some of this information live. Sawyer also I want [snorts] to say tweeted posted posted now it's X uh 19 minutes ago quote uh for the three months ending in March 31st 2026 our connectivity segment generated revenue of $3.25 25 billion income from operations of $1.18 billion and segment adjusted EBITDA of $2.08 billion. A our connectivity segment of course primarily driven by Starlink generated revenue. Okay, we're getting some real numbers of 11.38 billion income from operations of $4.42 42 billion and segment adjusted. There's got to is this just pronounced like ebita of 7.6 I'm sorry 7.16 billion in 2025 representing yearover-year growth of 49.8% 120.4% and 86.2%.

[00:20:37]respectively benefiting from subscriber growth, increasing enterprise adoption and continued improvement in network efficiency.

[00:20:48]Okay.

[00:20:50]So here we have um an estimated TAM by segment that is total addressable market. I Okay, Eida. It's pronounced Eida. Okay, thank you. Sorry I, as you can tell, I haven't done this much, but at least I'm trying. So here we go.

[00:21:11]SpaceX estimates its total addressable market is $28.5 trillion.

[00:21:19]Um so for launch in space they project or estimate $370 billion for space enabled solutions. for Starlink, $740 billion for Starlink mobile DTC government enterprise and $870 billion for Starlink broadband.

[00:21:42]Now, of course, AI is also part of this.

[00:21:44]Now, so 600 billion for AI digital advertising, 760 billion for consumer AI subs, 2.4 4 trillion for AI infrastructure and 22.7 trillion for AI enterprise applications.

[00:22:05]It's a lot of numbers. [snorts] All right, a lot of people have actually been curious to see these specific numbers.

[00:22:14]So, let's read them. We want to know what the Starship R&D research and development expense in 2025 was just a little over 3 billion. It looks like 3.004 billion.

[00:22:32]And in Q1 of 2026, so just the first three months of this year, $930 million.

[00:22:39]Let's talk about Starlink revenue. I did just read that, but again, Starlink revenue in 2025 was 11 3 billion. That's growth of 49.5%.

[00:22:52]And in Q1 of 2026, $3.2 billion.

[00:22:58]Billion dollars. Okay.

[00:23:01]Um, so it looks like that's kind of most of the these are just a lot of numbers, y'all. There's just a lot of numbers.

[00:23:13]So, SpaceX's Q1 revenue uh came in at $4.7 billion, up 15% year-over-year.

[00:23:24]Okay, just reading numbers.

[00:23:28]Just reading numbers.

[00:23:32]All right, so trying to see if there's anything new. Uh 9 minutes ago, Sawyer shared that SpaceX says asteroid mining is a potential future market for the company.

[00:23:48]Quote, "In addition, a portion of our anticipated market opportunities is associated with industries described above under future markets. Certain of these industries such as space tourism and cargo transport to the moon are still emerging.

[00:24:07]Others including inorbit manufacturing, passenger transport to the moon, passenger and cargo transport to Mars, energy production on the moon and Mars, manufacturing capabilities on the moon and Mars, and asteroid mining do not exist today. While we believe these industries will develop over time, the manner in which they emerge, including the timing of commercialization, the scale and pace of adoption, and the applicable competitive, technical, regulatory, geopolitical, and economic frameworks may differ materially from our current expectations. So, future markets could be point-to-point terrestrial travel, uh, space tourism, in orbit manufacturing, passenger and cargo transport to the moon and Mars, energy production on the moon and Mars, manufacturing capabilities on the moon and Mars, and well, maybe asteroid mining.

[00:25:00]All right, so let's see.

[00:25:06]I'm gonna go back here so you can see why uh this is long. This is like almost 300 pages.

[00:25:17]Almost 300 pages. Let's go to the risk factors. Risk factors.

[00:25:23]Investing in our class A common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below together with all other information contained in this perspectus. including our consolidated financial statements and the related notes thereto before making a decision to invest in our class A common stock. Stop it. Sorry, my cat is driving me nuts.

[00:25:51]Uh let's see what people are saying. By the way, you should not take a nap and then try and read uh documents [laughter] live. I am like so feel like I'm [gasps] doing my best here but it's pretty exhausting reading all these numbers. Uh IA stands for earnings before interest taxes and amortization.

[00:26:20]Thank you.

[00:26:22]Yeah, I need to find someone who knows what the heck, you know, just who's more savvy in this. I'm not going to pretend that I'm someone that I'm not and I'm not, you know, I mean, I invest, but that doesn't make me an expert. So, um, hopefully I can find someone to demystify some of the stuff for us.

[00:26:42]But basically, that's kind of the the the biggest part of this is that, you know, this was released today. There's a lot that you can go through. this gives, you know, us time to to read through this if you're so curious um and would like to invest. That of course is up to you. But, you know, this is pretty historic what's happening. Pretty big deal. And, uh, let's see if we have any new updates. By the way, as far as a Starship update, um, as I mentioned earlier in my live stream with Joe, you know, it's targeted for no earlier than tomorrow, May 21st.

[00:27:23]Um, and let's see.

[00:27:29]So they were h they were able to seemingly complete a second wet dress rehearsal today. Um earlier it looked like the prop load was temporarily stopped. Um but then it looks like they were able to complete it. So hopefully they are able to launch tomorrow. But if they're not able to launch by Friday, they're going to have to wait until Tuesday because of the holiday. So, that's kind of kind of an update there for you.

[00:28:05]Um, but yeah, I think that I will try to interview some people. I was hoping that we would get I don't know more uh concrete numbers here. I'm not sure why some of this stuff isn't like publicly listed and why there's so many blanks in the filing, but I will do my research and figure out why that is. So, I'm going to end the stream and hopefully make a video that is a little bit more coherent. But again, it's out there if you want to see it. And um I know that I'll be reading that for the next uh at least day, if not few days.