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SpaceX: The Biggest Money Loser in IPO History

Patrick Boyle

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This week, SpaceX filed the prospectus for what is expected to be the largest IPO in history. The document is extraordinary — part financial disclosure, part science fiction, and part governance structure that a corporate law professor has described as offering shareholders "no votes, no sales, and no suits." We look at the numbers, the products that don't yet exist, the AI business that SpaceX's own engineers won't use, the related-party transactions, the compensation package tied to a Mars colony the company admits is "improbable," and the one rocket that everything depends on. Everything I am about to tell you comes directly from the filing.

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20 Comments

@PBoyle Creator 4 months ago Pinned

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@jbc5099 4 months ago

" 'spreading the light of consciousness to the stars' appears ten times in the document, which suggests it wasn't a typo" savage

@chloratum 4 months ago

NASDAQ supporting this scam is a scandal. The US has turned into a joke.

@Hügelwilli 4 months ago

I think Kellogg's is seriously undervalued. They might build a LA to San Francisco or a New York to DC Froot Loop.

@TimThat 3 months ago

The dry, analytical approach to such an insane proceeding works really well - and is hilarious. Great vid.

@offthegrident 4 months ago

Elon in interviews: um.. uh.. basically, uh.. well..

Investors: Heres 1 trillion dollars u genius

@Simian_Raticus 4 months ago

In space no one can hear you scam

@kurwicha 4 months ago (edited)

2:42 - The word "profit" appears somewhat less frequently than either of those.
Man, i love you.

@drexelmildraff7580 3 months ago

The fundamental value of hype is zero. Only a space cadet would pay outerspace valuations for an company losing money.

@justpassingbynow 4 months ago

I‘m old enough to remember a time when investors actually preferred companies that turned a profit. Seems like a foreign concept today.

@tobythesecond1713 4 months ago

This IPO has only one purpose: Providing exit liquidity for early investors while dumping on retail.

@eckroattheeckroat4246 4 months ago

Well, this seems an awfully compelling reason to reduce or limit my exposure to the Nasdaq index.

@jon3340 3 months ago

It's all a big Ponzi scheme

@thermalerosion4556 4 months ago

“Grok generate me an S1 prospectus, make no mistakes”

@Sojourner-Life 4 months ago

Your deadpan delivery of the sheer absurdity in this document had me violently chuckling to myself.

@crankycascadian 4 months ago

As many others have noted, after a major meteorite strike on earth in the immediate aftermath of an all-out nuclear war, earth would be vastly more livable than Mars or any other body in the solar system.