The three hard-tech moonshots fueling SpaceX’s unbelievable IPO
SpaceX is coming to market on Friday, and investors can barely contain their excitement. The $75 billion stock offering is reportedly deeply over-subscribed, with some institutional investors ponying up for $10 billion blocks of Elon Musk’s empire.
There are lots of reasons to be skeptical of the investment — big IPOs tend to sink, the company is losing money, and Musk’s erratic online behavior would be terrifying coming from any other tech CEO — but it doesn’t seem to be slowing anyone down. Tech investors have learned to never bet against Elon, whatever the business logic indicates.
But a dispassionate look at SpaceX’s financial plans can still tell us a lot about what they’re betting on: A business centered around orbital data centers that emerged in the last eighteen months as Musk sought a vision that would unite his conglomerate ahead of its IPO.
In true Musk style, it’s...
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