Becky Peterson

The company said they're going to sell 555 million shares, which means they could raise $75 billion.

And at that share price, the implied valuation for SpaceX is $1.75 trillion.

That makes it one of the most valuable companies in the world.

But more interesting to prospective investors is that it doesn't have the same revenue as other companies at that level.

The SpaceX valuation is almost 94 times its revenue for 2025.

Because the company brought in less than $19 billion.

If you compare that to the S&P 500, the aggregate company in that index had a multiple closer to 3.4.

It's losing a lot of money.

The company lost almost $5 billion last year, and that's on $19 billion in revenue.

Its Starlink satellite internet business is doing pretty well.

Starlink was more than $11 billion of its revenue.

It also has this space rocket launch business that's about $4 billion.

And then it has the AI arm, which it acquired when it merged with XAI this year.

And XAI is bringing in $3 billion, but it's also coming with a lot of losses.

Inside the S1, there's this very Muskian language about having what it sees as the largest actionable total addressable market in human history.

That means basically that SpaceX thinks it has the most opportunity ever to acquire customers, to sell its products to people.

So it says that its TAM is $28.5 trillion.

That's hundreds of billions of dollars from space-enabled solutions, trillion dollars in satellite internet services, and then $26.5 trillion in potential AI business.

It's really hoping that investors see upside on their investment, even though its financials today don't quite justify its valuation.

He has these class B super voting shares, which will give him control of 85% of the vote at SpaceX.