Summary

• SpaceX launches the largest IPO ever. Investors are not buying a company; they are buying a vision.
• In my opinion, that vision is challenged by SPCX's sheer ambition and its overall lack of feasibility.
• Starlink is highly profitable, but xAI’s $6.4B operating loss and $20B bridge loan drag down overall financials; Space remains loss-making.
• A $1.75T valuation and 93.7x revenue multiple do not reflect the challenges of launching data centres into space; I will wait for more realistic entry points before buying this vision.
• Musk’s 85.1% voting control, related-party Tesla transactions, and lack of board independence create massive governance red flags.

Today, SpaceX (SPCX) launches in what is the largest IPO in the history of financial markets. This IPO is three times the size of Saudi Aramco’s record-setter in 2019. Demand is unprecedented, narrative is

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