SpaceX is the most expensive IPO. Ever.
At $2.5T and $18.4B 2025 revenue growing 33% YoY, that's 134x P/S 🤡
At $1T in 2030 revenue based on @elonmusk estimates... that's 2.5x 2023 sales 😘
$SPCX.
SpaceX ($SPCX) is currently trading roughly 30% above its IPO offer price of $135.
That puts it well ahead of Facebook and Saudi Aramco, and roughly in line with Alibaba’s two-day performance, but still behind Snowflake’s extraordinary post-IPO surge.
The Key Takeaway: @SpaceX is not the biggest two-day IPO winner, but intraday on day two, it is showing the strongest follow-through.
Shares are up roughly 10% today, extending the day-one pop while most comparable mega IPOs faded after their debut.
SpaceX ($SPCX) is currently trading roughly 30% above its IPO offer price of $135.
That puts it well ahead of Facebook and Saudi Aramco, and roughly in line with Alibaba’s two-day performance, but still behind Snowflake’s extraordinary post-IPO surge.
The Key Takeaway: @SpaceX is not the biggest two-day IPO winner, but intraday on day two, it is showing the strongest follow-through.
Shares are up roughly 10% today, extending the day-one pop while most comparable mega IPOs faded after their debut.
10/ For allocators: at 1 and 3 months you are mostly trading beta; the premium is clearest at 6 months. For teams: TVL anchors, revenue is increasingly rewarded over fees. Full update with data by @artemis: https://t.co/K9nqfI2Psh
$HOOD: from burning cash in 2022 to software-grade margins in 2025
Adjusted EBITDA margin went from -7% in 2022 to 29% in 2023, 48% in 2024, and 56% in 2025.
Costs are largely fixed, with technology, operations, and G&A together account for ~70% of the cost base.
Incremental revenue lands at >70% incremental margins.
SpaceX’s IPO could be one of the most consequential listings in public market history.
Across SpaceX, Starlink, and its AI ambitions, the company is pointing at a potential $28.5 trillion addressable market:
> $370 billion in Space
> $1.6 trillion in Connectivity: $870 billion in Starlink Broadband, $740 billion in Starlink Mobile, plus additional opportunities in enterprise and government
> $26.5 trillion in AI: $2.4 trillion in AI infrastructure, $760 billion in consumer subscriptions, $600 billion in digital advertising, and $22.7 trillion in enterprise applications
As Stratechery put it, the $26.5 trillion AI opportunity is more than 13 times larger than the space and connectivity opportunity combined.
prediction markets might be the most underrated part of the $HOOD story
event contracts went from 300M to 8.8B traded in one year (+2833.3% YoY growth)
kalshi and polymarket need to acquire retail users
while, robinhood already has the distribution (13.5 Million MAU)
SpaceX IPO is so large it breaks the chart.
$1.8T valuation at IPO.
For context, the previous largest US IPO valuation was Alibaba at ~$168B.
SpaceX is coming public at more than 10x that.
Meta IPO’d at ~$104B.
Uber at ~$82B.
Rivian at ~$67B.
GM at ~$63B.
SpaceX isn’t just bigger. it feels like a completely different asset class.
SpaceX’s IPO could be one of the most consequential listings in public market history.
Across SpaceX, Starlink, and its AI ambitions, the company is pointing at a potential $28.5 trillion addressable market:
> $370 billion in Space
> $1.6 trillion in Connectivity: $870 billion in Starlink Broadband, $740 billion in Starlink Mobile, plus additional opportunities in enterprise and government
> $26.5 trillion in AI: $2.4 trillion in AI infrastructure, $760 billion in consumer subscriptions, $600 billion in digital advertising, and $22.7 trillion in enterprise applications
As Stratechery put it, the $26.5 trillion AI opportunity is more than 13 times larger than the space and connectivity opportunity combined.