#SpaceXRoadshowHighlightsAsteroidMining

SpaceX Just Told Institutional Investors It Plans to Mine Asteroids — and Somehow That's Not Even the Most Controversial Part of This Roadshow
The 17-minute SpaceX IPO roadshow video dropped this week and I've gone through every minute of it carefully. The headline writers focused on the valuation number. I want to talk about what CFO Bret Johnsen actually said because the details matter far more than the price tag.
For the first time in any official SpaceX communication, asteroid mining was named as a future business category. Not in a podcast. Not in a tweet. In a formal SEC roadshow presentation designed to convince the world's largest institutional investors to commit billions of dollars. That is a deliberate choice. SpaceX is explicitly telling Wall Street that its total addressable market includes resources that have never been commercially extracted in human history.
The financial targets laid out alongside that vision are equally aggressive. Gross margin expanding from 49% today to approximately 70%. Net margin flipping from negative 26% all the way to positive 45%. That transformation requires Starlink hitting tens of millions of subscribers, Starship achieving commercial scale, orbital data centers becoming operational revenue contributors and point-to-point space transport attracting genuine enterprise customers. Every single business line needs to execute simultaneously and flawlessly.
Here's the honest trader's assessment. At $1.78 trillion and $135 per share SpaceX is priced for a future that doesn't exist yet. The current business — $18.7 billion in 2025 revenue against a nearly $5 billion net loss — does not justify this valuation on traditional metrics. The entire premium is narrative. Asteroid mining, orbital AI infrastructure, Mars colonization. You are not buying a company. You are buying Elon Musk's vision of the next century.
That might be the greatest investment of a generation. Or it might be the most expensive speculative premium ever attached to an IPO. Pricing June 11. Trading June 12. Five days to decide which one it is.
After a roadshow that includes asteroid mining as a business line — are you buying SPCX at $135 on day one with full conviction, waiting for post-IPO price discovery, or watching from the sidelines entirely?
‍#SpaceXRoadshowHighlightsAsteroidMining #GateSquare #SPCX