7d • General discussion
SpaceX just filed to go public at $1.75 trillion
Starlink is extraordinary. $11.4B in revenue, 39% operating margin, 10 million subscribers. If that were the whole company, this would be a straightforward conversation.
But in February, Elon merged xAI into SpaceX right before the IPO. SpaceX made $791M in profit in 2024. They lost $4.9B in 2025. Starlink's cash is now funding a GPU buildout competing with OpenAI and Anthropic.
And the governance: Musk holds 85% of the voting power. Public investors get one vote per share. He gets ten. There's also a billion shares granted to him that vest when there's a permanent Mars colony with a million people.
You're not buying a rocket company. You're buying a non-voting stake in whatever Elon decides to do next.
At 93x trailing revenue, the price assumes everything goes right. That's a tough entry.
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SpaceX just filed to go public at $1.75 trillion
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