#SpaceXRoadshowHighlightsAsteroidMining

Let me cut through the hype for you. SpaceX just released a 17-minute IPO roadshow video on June 4, and CFO Bret Johnsen just said something that should make every investor pay attention. For the first time ever, he explicitly highlighted "asteroid mining" as part of SpaceX's long-term vision, even calling it an unproven business model. That is not a throwaway line. That is a signal that SpaceX is selling you a 30-year story, not a 2026 earnings story.

The IPO is priced at $135 per share. It will raise up to $75 billion. The valuation is $1.78 trillion. That makes it the largest IPO in history, bigger than Saudi Aramco's $29 billion debut in 2019. It also makes SpaceX the seventh-biggest company in America, larger than Tesla, Meta, and almost every company you have ever heard of. This is not a stock. This is a nation-state disguised as a ticker symbol.

Here is what you need to understand before you even think about buying this on day one. SpaceX is running three completely different businesses under one roof, and they want you to value all of them at the same time. The first business is rockets and launches. That brought in $4.1 billion in 2025, up only 8 percent year over year. That is mature. That is slowing. The second business is Starlink, the satellite internet service. That did $11.4 billion in 2025, up 50 percent. That is growing fast and has 10.3 million subscribers today. The third business is AI and compute, which includes the Colossus supercomputer and a $1.25 billion per month cloud deal with Anthropic through 2029. That is the growth engine they are selling you, and it is currently burning $2.5 billion per quarter.

Now here is the math that should scare you. SpaceX did $18.7 billion in revenue for all of 2025. At a $1.78 trillion valuation, you are paying 95 times sales. For context, Tesla trades at 8 times sales. Nvidia trades at 35 times sales. Amazon at its peak dot-com bubble traded at 25 times sales. You are not buying a company. You are buying a vision of what the company might become in 2035. The roadshow video talks about orbital data centers, point-to-point space transport, lunar factories, and yes, asteroid mining. None of these generate revenue today. Some of them may never generate revenue. But you are paying for all of them at full price right now.

The financial targets they laid out are aggressive. They want to raise gross margin from 49 percent to 70 percent. They want to flip from a net loss of 26 percent to a net profit of 45 percent. In Q1 2026 alone, they lost $4.3 billion on $4.7 billion in revenue. For the full year 2025, they lost $4.9 billion. Turning that ship around to 45 percent net margins is not a forecast. That is a fantasy unless they achieve perfect execution on AI, Starlink, and Starship simultaneously. The market is pricing in perfection, and perfection rarely happens.

Jamie Dimon, the CEO of JPMorgan, is personally pitching this IPO to his ultra-rich clients. That tells you something. When the most powerful banker in America is selling a space stock to retail investors, the demand is going to be insane. They have allocated 30 percent of the offering to retail, which is unprecedented for an IPO this size. Goldman Sachs and Morgan Stanley are leading the deal. Twenty-three banks are involved. Underwriting fees alone will be $500 million. This is the biggest Wall Street payday of the decade, and they need you to buy in for it to work.

Here is the technical setup you need to know. Pricing is June 11. Trading starts June 12 on Nasdaq under ticker SPCX. Elon Musk is locked up for 366 days. His voting power is 82.4 percent through Class B shares with 10 votes each. He controls this company completely. Insider lockups are staggered into 2027, meaning the real supply of shares hitting the market does not start until late 2026 or early 2027. Until then, float is extremely limited, which means volatility will be extreme. The stock could double on day one. It could also crash 40 percent in the first month. There is no history to guide you. This is the first $1.7 trillion company to go public.

Now let me give you the trading plan. I am going to be direct with you. Buying this IPO on day one is gambling, not investing. The valuation is full. The narrative is saturated. The retail allocation is massive. Every historical precedent says IPOs this hyped trade down 20 to 40 percent within six months. But SpaceX is not a normal company, and this is not a normal market. So here is how you play it without losing your shirt.

Trade Plan A — The IPO Pop Fade (For Aggressive Traders)

This is the contrarian play. Everyone wants in. You sell to them.

Entry Zone: $135 to $155. If you somehow get allocation at the IPO price of $135, take it. If it opens at $150 to $155 on day one, that is your short entry zone for a quick fade. Do not chase above $160. The risk-reward falls apart.

Stop Loss: $175. If SPCX breaks $175 with volume in the first week, the momentum is stronger than expected and you are wrong. Cut the position immediately.

Take Profit 1: $115. Close 50 percent of the position here. From a $150 entry, that is roughly a 23 percent gain. Lock it in fast.

Take Profit 2: $95. Close another 30 percent. This is the first major support zone where institutional buyers might step in.

Take Profit 3: $75. Let the final 20 percent ride for a potential 50 percent gain from entry. This is the capitulation level where the IPO hype fully deflates.

Trade Plan B — The Post-Lockup Accumulation (For Patient Investors)

This is the smart money play. Wait for the supply to hit.

Entry Zone: $75 to $95. This is where SPCX likely trades after the initial hype fades and before the first major lockup expirations in late 2026. Build your position slowly across three to five purchases. Keep 30 percent dry powder for a potential $60 to $70 tag if the market turns risk-off.

Stop Loss: $55. If SpaceX breaks below $55, the thesis is broken. Something fundamental has gone wrong with the business or the market has crashed. Your risk is about 27 percent from an $85 average entry.

Take Profit 1: $135. Close 40 percent when it returns to the IPO price. From an $85 entry, that is a 59 percent gain.

Take Profit 2: $175. Close 30 percent at the first major resistance. That is a 106 percent gain.

Take Profit 3: $250. Let 30 percent ride for a potential 194 percent gain if SpaceX executes on its AI and Starship promises. This is the multi-year hold.

Trade Plan C — The Long-Term Visionary (For True Believers)

This is for people who think SpaceX will be the first $10 trillion company.

Entry Zone: $135 to $150. Buy and hold. Do not look at the price for five years. This is not a trade. This is a bet on Elon Musk colonizing Mars and mining asteroids.

Stop Loss: None. You are not trading. You are owning a piece of history.

Take Profit: $500+. Sell when SpaceX is bigger than Apple, Microsoft, and Nvidia combined. That is the asteroid mining payoff.

Here are your key levels to watch. Immediate resistance is $150 to $160, which is the likely day-one opening range. Above that, $175 is the first major psychological barrier. If SPCX clears $175 in month one, the path to $200 to $250 opens fast. On the support side, $115 is the first line in the sand. Below that, $95 is where value buyers start getting interested. $75 is the post-hype capitulation zone. $55 is the bear market floor. If it breaks $55, the IPO failed and you should exit.

One critical detail from the roadshow. SpaceX is using a fixed price of $135, not a price range. That is highly unusual. It means they are not letting market demand set the price. They are telling you what they think the company is worth, and you can take it or leave it. A banker at one of the 23 underwriters told PitchBook that "conventional price discovery could have pushed the stock well above $135." Translation: they left money on the table to guarantee the deal gets done. That is bullish for the deal getting done. It is bearish for anyone buying above $135 on day one.

The asteroid mining mention is not a joke. It is a narrative anchor. SpaceX wants you to think about 2040, not 2026. They want you to price in lunar factories, orbital data centers, and space-based AI compute. Those are real projects. They are also 10 to 15 years away from revenue. You are paying today for cash flows that might exist in 2040. That is fine if you are a sovereign wealth fund with a 50-year horizon. It is dangerous if you are a retail investor looking for returns this year.

My final take. This IPO will be a circus. The demand will be insane. The first-day pop could be 20 to 50 percent. The first-month crash could be 30 to 50 percent. The only way to win is to have a plan before the bell rings. If you must play the IPO, take profits fast and keep your position small. If you want to own SpaceX for the long term, wait for the lockup cascade in late 2026 and early 2027. That is when the real supply hits and the real price discovery happens. Until then, you are trading hype, not fundamentals. Trade accordingly.