SpaceX S-1
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SpaceX S-1
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Re: SpaceX S-1
#2Their stated TAM is bonkers. A total of $28.5 trillion: $370B Space, $1.6T Connectivity, $26.5T in AI. With AI becoming more and more commoditized, the AI number is insane.
Re: SpaceX S-1
#3Crazy this company will IPO for >1B with such bad financials! That said, Starlink seems to be a real cash machine, not as good as ads but enough to support AI bets.
2025:
- Revenue: $18.7B, up from $14.0B in 2024
- Operating loss: -$2.6B
- Net loss: -$4.9B
- Adjusted EBITDA: $6.6B
- Operating cash flow: $6.8B
- Capex: $20.7B
Segment breakdown:
- Starlink / Connectivity: $11.4B revenue, $4.4B operating income, $7.2B adj. EBITDA
- Space / launch: $4.1B revenue, -$657M operating loss
- AI / xAI / X: $3.2B revenue, -$6.4B operating loss
Starlink metrics:
- Subscribers: 8.9M at end-2025, 10.3M by Mar 31 2026
- ARPU: $99/month in 2023, $81 in 2025, $66 in Q1 2026
Balance sheet as of Mar 31 2026:
- Cash: $15.9B
- Marketable securities: $7.8B
- Total assets: $102.1B
- Total liabilities: $60.5B
- Debt / finance leases: about $30.3B
Re: SpaceX S-1
#4Finally ! Can we end the debate about how mind blowingly profitable this company is ?
Mind you, those numbers don't take into account YET the Twitter debt / xAI merger burden - which will run into tens of billions per year.
I just can't, can't wait until this whole Musk fugazzi finally blows up.
Re: SpaceX S-1
#5Crazy this company will IPO for >1B with such bad financials! That said, Starlink seems to be a real cash machine, not as good as ads but enough to support AI bets. 2025: - Revenue: $18.7B, up from $14.0B in 2024 - Operating loss: -$2.6B - Net loss: -$4.9B - Adjusted EBITDA: $6.6B - Operating cash flow: $6.8B - Capex: $20.7B Segment breakdown: - Starlink / Connectivity: $11.4B revenue, $4.4B operating income, $7.2B a…
The numbers overall are worse than I expected. I can't believe Serious People are talking about putting this in the market at a trilly.
> Starlink seems to be a real cash machine
It has been said more than once that Starlink financials cannot be analyzed apart from SpaceX financials. Very easy to move the launch costs from one entity to the other depending on whether it is more beneficial to show more revenue for SpaceX or more profit for Starlink.
Re: SpaceX S-1
#6Finally ! Can we end the debate about how mind blowingly profitable this company is ? Mind you, those numbers don't take into account YET the Twitter debt / xAI merger burden - which will run into tens of billions per year. I just can't, can't wait until this whole Musk fugazzi finally blows up.
> I just can't, can't wait until this whole Musk fugazzi finally blows up.
Be careful what you wish for. The collateral damage would be mind boggling.
Re: SpaceX S-1
#7Crazy this company will IPO for >1B with such bad financials! That said, Starlink seems to be a real cash machine, not as good as ads but enough to support AI bets. 2025: - Revenue: $18.7B, up from $14.0B in 2024 - Operating loss: -$2.6B - Net loss: -$4.9B - Adjusted EBITDA: $6.6B - Operating cash flow: $6.8B - Capex: $20.7B Segment breakdown: - Starlink / Connectivity: $11.4B revenue, $4.4B operating income, $7.2B a…
The numbers overall are worse than I expected. I can't believe Serious People are talking about putting this in the market at a trilly. > Starlink seems to be a real cash machine It has been said more than once that Starlink financials cannot be analyzed apart from SpaceX financials. Very easy to move the launch costs from one entity to the other depending on whether it is more beneficial to show more revenue for Spa…
As if any of the marketcaps actualy reflect a company's true value.
It's never just about financials.
Re: SpaceX S-1
#8Finally ! Can we end the debate about how mind blowingly profitable this company is ? Mind you, those numbers don't take into account YET the Twitter debt / xAI merger burden - which will run into tens of billions per year. I just can't, can't wait until this whole Musk fugazzi finally blows up.
> I just can't, can't wait until this whole Musk fugazzi finally blows up. Be careful what you wish for. The collateral damage would be mind boggling.
So be it. What's the alternative ? Continue a bubble ? Ride on the 'FSD by the end of the year' or 'thousands of Optimus next year' for the next 10 years ?
The guys is openly lying and clearly a drug addict at this point and people think he's not cooking the books ?
Musk empire will end up being a much bigger scandal than Enron ever was. It's just a matter of time until it unfolds.
Re: SpaceX S-1
#9Their stated TAM is bonkers. A total of $28.5 trillion: $370B Space, $1.6T Connectivity, $26.5T in AI. With AI becoming more and more commoditized, the AI number is insane.
well if they talking future when US gov print money at unbelievable rate then this is very plausible (especially if they can work on space mining)
Re: SpaceX S-1
#10So, a significant amount of self-dealing, and Elon Musk has an 85.1% voting share in the company. That sounds like a really great thing. There is no sarcasm in that previous statement. None at all.