SpaceX went public yesterday. SPCX opened at 150, compared to the issuance price of 150, and 135, the IPO price, was up 11%. The first-day closing valuation was $2.1 trillion— the largest IPO in human history, just like that.

Here are some cold, hard numbers: 2025 revenue of $18.7 billion, net loss of $4.94 billion. A company losing $21k a year, with a market value equivalent to two TSMCs. The market's current valuation logic for SpaceX isn't "how much money they make," but "how many orbits they can control in the future."

But honestly, I’m more curious about one thing—this IPO raised $75 billion. Where did this money come from? Most likely, institutional investors and retail investors sold other holdings to subscribe. In the coming weeks, will this "bloodletting effect" make the market uncomfortable for a while? It’s worth watching.

But on the other hand, when Google went public in 2004, some people also said it was expensive. Some prices are only understood as cheap or outrageous in hindsight.#

#SpaceX #SPCX #IPO #NASDAQ