SpaceX Just Filed to IPO — The Numbers Are Ugly
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For years, if you ran a media company, you obsessed about Google because Google could send a fire hose of traffic your way. But now things are changing fast.
So last year, I told all of our teams, you need to plan your businesses around there being no search. And if you don't have a plan for that, you may not have a business. I think it was very effective.
That's Roger Lynch, the CEO of Condé Nast, the home of fabled magazines like The New Yorker and Vogue. And if you want to hear how Lynch is thinking about Google and AI companies and who's going to replace his most famous editors, good news. You can hear all of that on Channels with Peter Kafka. That's out now everywhere.
Welcome to Profiteer Markets.
I'm Ed Elson. It is May 21st. Let's check in on yesterday's market vitals. The major indices all climbed more than 1% after President Trump said talks with Tehran are in the final stages. Brent crude declined, even though Trump also said, quote, we're going to do some things that are a little bit nasty if a deal wasn't made. Treasury yields also stumbled. Tech rallied ahead of Nvidia's earnings. More on that later. And finally, speculation swirled all day in anticipation of IPO filings from SpaceX and OpenAI, We will get into that right now. SpaceX has officially filed to go public. In a prospectus filed with the SEC yesterday, SpaceX said it will list on the NASDAQ under ticker SPCX. The company is looking to raise $80 billion or more, which would make it the largest IPO in history.
The prospectus offers the first peek into SpaceX's financials before the company goes public on June 12th. So, lots of numbers to discuss here. Today, we're speaking with Patrick Boyle, professor at King's College London, former hedge fund manager and host of one of the most popular finance YouTube channels. Patrick, thank you so much for joining us again on the show to discuss again SpaceX, the filing for which literally came out about 15 minutes ago, 20 minutes ago. So we've had that amount of time to get up to speed on it. But there are some interesting things here. I'll just start with some of the financial data that we learned. $4.7 billion in revenue in Q1 2026, $4.3 billion in net losses in Q1.
Revenue grew 15% from last year. But Plenty other things that we could talk about. Where would you like to start? What strikes you?
Yeah, I mean, you know, to be honest, it's a fairly interesting IPO document. I mean, I'm sure you saw the first 15 or 20 pages were photographs of rockets, which is a little bit unusual. Yeah. And somewhat reminiscent of the WeWork IPO document where there were lots of photos in there. Other things that were interesting, the company has lost $37 billion since inception. There's lots of stuff. There's some new business stuff in there. There's talk about point-to-point travel, where people will be able to travel from place to place on rockets rather than airplanes. There's talk of, I believe I saw in-orbit manufacturing, or at least manufacturing on the moon, but I've noted down in-orbit.
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