#SpaceXRoadshowHighlightsAsteroidMining

🚀 SpaceX Just Dropped Its IPO Roadshow and Mentioned Asteroid Mining — This Changes the Valuation Conversation Completely
Okay the SpaceX roadshow video landed this week and I've watched all 17 minutes of it twice now because there are details in there that the headline writers are completely glossing over.
Everyone is focused on the $1.78 trillion valuation and the $75 billion raise. Fine. Those numbers are historic and they deserve attention. But the moment that actually stopped me cold was CFO Bret Johnsen casually dropping asteroid mining into the business model discussion for the first time publicly. Not as a joke. Not as a footnote. As a stated future revenue category in an official SEC roadshow presentation.
Think about what that means from a valuation perspective. SpaceX is not pricing itself as a rocket company or even a satellite internet company. It is explicitly telling institutional investors that its total addressable market includes resources extracted from space rocks. That is either the most ambitious corporate vision in history or the most expensive speculative premium ever baked into an IPO price. Possibly both.
The financial targets in the video are genuinely aggressive too. Gross margin expanding from 49% today to approximately 70%. Net margin flipping from negative 26% all the way to positive 45%. That's a complete business transformation embedded in the forward guidance. Starlink scaling, Starship commercialization and orbital data centers all need to execute perfectly and simultaneously for those numbers to work.
Here's my honest trader take. The $1.78 trillion valuation prices in flawless execution across every single business line including ones that don't exist yet. Asteroid mining is not a 2027 revenue item. It might not be a 2037 revenue item. But the market is being asked to pay for it today at $135 per share.
Pricing happens June 11. Trading begins June 12. Six days away. The roadshow video was designed to justify a number that already stretches conventional valuation frameworks. Whether it succeeds tells us everything about where risk appetite actually sits right now.
After watching SpaceX sell asteroid mining as a future revenue stream in an official IPO roadshow — are you buying SPCX at $135 on day one, waiting for post-IPO price discovery, or staying out entirely?
‍#SpaceXRoadshowHighlightsAsteroidMining #GateSquare #SPCX