SpaceX: The Biggest Money Loser in IPO History

Summary by Krater

Financial analyst Patrick Boyle examines SpaceX's SEC IPO filing, detailing its financials, capital expenditures, AI pivot with Grok, and corporate governance structure.

From the video

Answers: What are the financial details and risks revealed in SpaceX's IPO prospectus?

• SpaceX IPO prospectus
• SpaceX financial analysis
• SpaceX corporate governance
• Elon Musk compensation package
• Starship and Starlink financials
• SpaceX AI pivot with Grok

What it concludes

• SpaceX's IPO prospectus allocates 93% of its total addressable market to AI, despite sixty percent of capital expenditure going toward AI infrastructure while only connectivity turns a profit.
• SpaceX is carrying 29 billion dollars in debt, including a 20 billion dollar bridge loan taken out eight weeks prior to the IPO.
• SpaceX purchased 650 million dollars in goods from Tesla in 2025 at full retail price, including 131 million dollars in Cybertrucks.
• SpaceX's dual-class share structure grants Elon Musk 85% of the voting power despite owning 41% of the company, and restricts shareholder lawsuits.
• SpaceX's 1 billion performance-based share reward for Elon Musk is categorized as improbable under accounting rules, allowing the company to book the cost at zero until achieved.