🚨YOU ARE THE EXIT LIQUIDITY
You are about to be offered the most expensive IPO in modern history.
SpaceX's S-1 just dropped. The headline numbers:
- 2025 revenue: $18.7 billion
- 2025 net loss: $4.9 billion
- Q1 2026: still losing money
- Reported IPO valuation target: roughly 90 times sales
For context, the previous record IPO, Saudi Aramco, listed at 6 times sales. SpaceX is asking for fifteen times that multiple. With a net loss attached.
Four things in this S-1 that should make you pause.
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