@FinanceYF5: The Biggest IPO in History – Rockets Don't Make Money SpaceX Files S-1, Targeting $1.75 Trillion Valuation, Raising $75 Billion, 2.6 Times Saudi Aramco's Record. After Reading the Prospectus, It Turns Out the Most Profitable Business Isn't Rockets.

🧵SpaceX’s Largest IPO in History

1/🚀 Largest IPO in history, but rockets don’t make money

SpaceX submits S-1, targeting a $1.75 trillion valuation and $750 billion in fundraising—2.6 times the Saudi Aramco record.

Only after flipping through the prospectus did I realize: the real moneymaker isn’t rockets at all. 👇 https://t.co/QGKUSTHPkS

2/ Starlink is the cash cow

In 2025, Starlink accounts for 61% of total revenue and contributes nearly all operating profit—$4.423 billion.

The rocket business still lost $657 million for the year—its only purpose is to deliver satellites and computing power.

3/ AI is a money pit, but with a flywheel

xAI burns $7.7 billion in CapEx per quarter—nearly three times that of rockets and satellites combined.

Musk isn’t worried: Anthropic signed a three-year, $45 billion compute order. Competitors’ money is feeding back into his own ecosystem.

4/ The calculation behind stuffing xAI inside

xAI alone is valued at $200 billion and loses $6 billion a year. Folded into SpaceX, its losses are offset by Starlink’s profits.

Rockets + Satellites + AI + Social Media = a four-in-one entity. The valuation narrative shifts from P/S multiple to “disruption premium.”

5/ The one who really can’t sleep is OpenAI

SpaceX’s target valuation is 3.5 times that of OpenAI—the crown of “most expensive AI company” changes hands.

Even more painful for Anthropic: a company founded by former OpenAI executives, yet willing to pay Musk.

6/ The endgame is to privatize “civilization”

Four layers: Earth infrastructure → Orbital compute → Lunar logistics → Mars city.

The closest historical parallel isn’t any modern company—it’s the 17th-century East India Company.

7/ The rocket is just a ticket to the game

Short-term profit: Starlink. Medium-term: wholesale AI compute. Long-term: “infrastructure rent.”

On June 12, when Nasdaq’s bell rings, SpaceX will no longer be a company—it will be history’s first “quasi-sovereign entity.”

Deep dive from WeChat official account [嘉妍Kea]

SpaceX’s most profitable business turns out to be this! What we see from SpaceX’s IPO https://mp.weixin.qq.com/s/TAYbxgnjVdsLR3FLyU5tkQ?scene=1&click_id=1…

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https://x.com/FinanceYF5/status/2057267473792323980…

That’s all.

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