Five billion dollars in annual losses, two trillion dollars in valuation
According toPublicCoverage2025SpaceX received $18.5 billion, with a net loss of nearly $5 billion。
The same yearCompanyTHE IPO APPLICATION WAS SUBMITTED TO THE SEC, AND THE TARGET VALUATION WAS REVISED IN MONTHS FROM $1.25 TRILLION TO $2 TRILLION, THE BIGGEST LISTING IN HISTORY。
At the same time, it had 8,285 bitcoins lying on its balance sheet at a market value of about $600 billion, the fourth largest firm in the world。
As one of the hottest technology companies today, SpaceXYesEvery moveIt's also a source of interest for the money community。
One, "The Lost Giant."
Let's see firstSpaceX OperationsandIncomeStructure。
SpaceX has three sources of income today: satellite Internet business Starlink, commercial rocket launch, and the XAI that was incorporated this year。
Undisclosed financial data obtained from The Information, 2025SpaceXOf this total, Starlink contributed $11.4 billion, rocket launch operations about $4.1 billion and XAI about $3.2 billion。
It's not hardYeahI don't knowStarlink is the pillar that really supports the whole company。
In 2025, after the Starlink adjustment, the EBITDA profit margin reached 63 per cent, the only one in the three businesses that really made money. It's..OperationsThe logic is not complicated: a mass of satellites is placed in orbit with reusable rockets, and broadband subscriptions are charged to users worldwide. The marginal cost per additional user is almost zero, and there is room for further increases in profitability as scale expands。
In addition to basic broadband operations, Starlink has much more imagination than that. In 2025, SpaceX spent $17 billion on the acquisition of EchoStar ' s spectrum licence, which is a ticket to the mobile phone direct satellite operation. Once the technology is scaled down, the potential user base of Starlink will expand from the millions of subscribers today to more than 6 billion mobile subscribers worldwide. It is also seen as one of the important underpinnings of Starlink valuations。
The rocket launch operation is another moat. Falcon 9 of SpaceX is the most used commercial launch vehicle worldwide, with reusable technology making its launch far less costly than its competitors. SpaceX completed more than 160 launches in 2025, and NASA, the United States military and a large number of commercial satellite customers rely on this launch channel in depth and are virtually irreplaceable in the short term。
The source of the loss is a specific decision: M&As xAI。
xAI, an AI company founded by Mask in 2023, is a large language model, Grok. In February 2026, SpaceX completed a full stock acquisition for xAI, but the financial position of xAI was difficult LookI don't knowBurning about $1 billion a month and spending about $14 billion a year on cash。In the meantimeI don't knowxAI has experienced a severe brain drain, with several core co-founders leaving each other, and the team continues to be volatileI don't know。
SpaceX was dramatically reversed from about $8 billion in 2024TwoCC BY-NC-ND 2.0Two5YearYesNearly $5 billion in lossesI don't knowMuch of this is a direct result of the absorption of the merger。
The current SpaceX target is valued at $2 trillion and, if successfully marketed, its market value will exceed that of all companies in the 500 component shares, except British Weeda, Apple, Alphabet, Microsoft and Amazon. The corresponding sales rate is between 80 and 95 times, and even the peak of the AI tide is between 40 and 45 times, SpaceXHereIt's the price that's been set in historyAlmostThere are no precedents。
The market is willing to give this numberI don't knowSimpleTell meYes:
- (b) Largely lower global launch costs following commercialization of Starship
- DEPLOYMENT OF AI DATA CENTRES IN ORBIT
- And far beyond the moon base and deep space exploration。
IfTo sum up in one sentence the situation of SpaceXI don't knowYeahYes:It is trading current losses for a larger market map in the future, and the market is willing to price the story in advance。
But..I don't knowHigh valuation is associated with high riskI don't know。Professor of Finance and IPO Specialist, Georgetown UniversityOrganisationI don't knowEVEN A HIGH-QUALITY COMPANY WITH AN EXCELLENT BASE AND A LARGE NUMBER OF INVESTORS ' CONCERNS COULD FAIL IF MARKETS WERE TURNED OR VOLATILE。
Why are you staring at it
Hold bitcoin
It's about SpaceX and the money ringandTeslaSameBothHold on to bitcoin。
In terms of the size of the Bitcoin hold, SpaceX is currently known as the fourth largest business holder, after Strategy, Marathon Digital and Riot Platforms(Different ranking of different statistical calibres)I don't know。
But..SpaceXandCurrent globalKiloThere are different logics for companies that are ahead of scale。
Strategy was the founder of the BTC Reserve Narrative, which was much larger than all other businesses, and the purchase of bitcoin was its core strategy and its main business。
Marathon Digital and Riot Platforms are mining, bitcoin is dug out of production stocks, nowMiningIt's crowdedSellBTC• Converting mining revenues into cash flow support operations。
Tesla and SpaceX are different. The main business of both companies was completely unrelated to encryption, one electric vehicle and one rocket, but both had put Bitcoin in the balance sheet。
CurrentTesla holds approximately 11,509 BTCs, the 12th largest holder of known listed companies. SpaceX held 8,285 BTCs as private companies, with a market value of about $600 million, and was also ranked high among known business warehouses. The two companies are in holdIt also reflectsOutMaskandTeamBitcoin is recognized as an asset and willing to be included in the company ' s treasury configuration。
And..It's worth it- YeahYesYesI don't knowSpaceXListingFrontYesFinancial dataNo needTHE HOLDING OF BITCOIN NATURALLY FALLS OUTSIDE THE SCOPE OF ANY REGULATORY DISCLOSURE. BUT IPO CHANGED THAT PREMISE. ACCORDING TO THE NEW FASB ACCOUNTING STANDARDS, WHICH CAME INTO EFFECT AT THE END OF 2025, THE DIGITAL ASSETS HELD BY LISTED COMPANIES MUST BE MEASURED AT FAIR VALUE, RECORDED AT THE END OF EACH REPORTING PERIOD AT THE MARKET PRICE AT THAT TIME, AND PRICE FLUCTUATIONS ENTERED DIRECTLY INTO THE INCOME STATEMENT。
In other words, when SpaceX is on the market, every time bitcoin prices fluctuate, the company's net profit figures will fluctuateI don't knowWell..Share priceIt's inevitableYesReceivedEncryptionMarketVolatilityYesImpactI don't know。The reverseSay itI don't knowSpaceXYeahBitcoinYesIncreaseorLessYeahIT AFFECTS BTCPriceYesVolatilityI don't know。
The money chain has built a door
In April 2026, SpaceX submitted a confidential IPO application to the SEC, and the market discussion of the company rose rapidly。
According to the current disclosure schedule, the end-of-May book calls were made public, analysts met with management on 7 June, the global road show was officially launched in the week of 8 June, and a special investor event will be held on 11 June for approximately 1,500 people in the diaspora。
This IPO program allocates up to 30% of its distribution share to the diaspora, well above the normal industry 5% to 10%. At the same time, the Saudi Sovereign Fund PIF is reportedly in the process of consulting SpaceX on capital investments of approximately $5 billion, and endorsements at the institutional level are being followed up。
SpaceX's equity is never something that ordinary people can touch. Top-risk investment agencies, private equity funds and a small number of high net worth individuals invited to participate form the list of shareholders in SpaceX。For example:I don't knowKevin Warsh, nominated by the Chairman of the Federal Reserve, indicated in the latest financial disclosure that his personal assets included early investments in SpaceX。
THE OLD EMPLOYEES WHO FOUGHT WITH MASK FOR YEARS SAVED A LOT OF OPTIONS, BUT THE MOBILITY OF THE PRIVATE MARKET WAS ALWAYS LIMITED, AND IPO WAS THE BEST ROUTE TO THE REALIZATION OF THE SHARES。
HoweverI don't knowThis pattern was relaxed in 2026YesFrom the encryption exchange。
Bitget launched the IPO Prime platform within days of SpaceX submitting the IPO application, first productShitIt is preSPAX token, working with the compliance monetization platform Republic, open to global bulk subscriptions with a minimum participation threshold of $100。
FourMonthOneCC BY-NC-ND 2.0DayI don't knowBinance Wallet is on the Markets panel quietly in the Pre-IPO section, behind which is the PreStocks platform on Solana, which supports the transaction of tokenized assets of star private corporations such as SpaceX, Openai and Anthropic。
Kate, tooAlreadyOn-line digitalization of Pre-IPOs participationOpenYeahMake an appointment for the entrance。
SpaceX was chosen as the firstBatchThe chain-up Pre-IPO mark is not complicated by the logic behind it. It is the largest technology company in the current private market, with a target estimate of $2 trillion and an IPO fund-raising potential of over $75 billion, and these numbers alone are enough to create sufficient market attention。
However, it's recentThere's more to the community, Pre- WhatI..POProduct bottom structureProblemI don't know。
There are currently two main models in the market:
One is the SPV map, which actually holds shares in the company by a special purpose carrier, token 1:1, which is used by PreStocks, which is accessed by Binance WalletI don't know。
The other is synthetic mirrors, i.e. the issuance of synthetic tokens for tracking reference indices, which do not directly correspond to real equity, which is the type of preSPAX in Bitget。
Two modelsYesCommonThe point is..I don't knowBuying such products will not make you a shareholder in any sense of SpaceX, without voting rights or the right to share in red; SpaceXYeahNo form of authorization, endorsement or endorsementI don't know。
IN ADDITION, THESE PRODUCTS ARE TRADED IN OTC MARKETS, LIQUIDITY AND PRICE TRANSPARENCY DEGREESIt's hardandEquitiesExchangeComparableI don't know。
So..I don't knowBatteryParticipationSuchPre- WhatI..POYesOpportunities are real, but..ParticipationBeforeYesRiceIt's clear what level of risk you're taking。
Concluding remarks
YeahRingTell meI don't knowWhateverMonetization Pre-IPOStillIt's a monetized stockPresentToday is still very early。
Product structures are being explored, regulatory frameworks are being followed and markets are far from mature. Even if SpaceX had successfully completed its listing in 2026, the emergence of a corresponding monetized stock product along the chain was almost inevitable, but it would not have grown into a truly quantitative market in the short term。
And let's be direct, Bitget and Binance put out these products with a realistic motive behind them. Over thereOne- WhatTwoYear after year, the attention of encryption market users continued to be drawn by the Technology Unit and AI narrative. ChatGPT, Inverda, Big Model Arms Races, these topics occupy much of the discussion space that originally belonged to the currency ring。EncryptionExchangeGuysWe need to find a way to get the eyes of these people back and put the hottest Pre-IPO in the technology circle on the chainTaste itNopeOneThe most direct solutionWhat
SpaceX's story is both the true story of a hard-tech firm hitting the largest IPO in history, and the world's attempts to encrypt itself to focus attention on traditional finance。
