Summary

• We will look back on the SpaceX IPO as the "tipping point of visibility" for the space industry and recognize it as one of the most important investment events of the decade.
• In 2025, SpaceX posted $18.7 billion in revenue and a $2.6 billion loss. If it goes public at an expected valuation of $1.75 trillion, its price-to-sales ratio will be a nerve-racking 93.
• This IPO is going to take a niche industry and make it far more investible to Wall Street and mainstream in the minds of the public.

By Geoff Bysshe

The most valuable asset in the SpaceX IPO (SPCX) isn’t likely to be the stock. It certainly won’t be the valuation.

In fact, the financial metrics Wall Street will obsess

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