Brandon Goss

[Merlijn The Trader @MerlijnTrader]

THE SPACEX IPO IS BEING SOLD AS 4,000 NEW MILLIONAIRES AND A $1.8 TRILLION VALUATION.

THE RISK IS IN ITS OWN FILING.

🇺🇸 The hype is real: stock options that paid below-market salaries for years are about to pay out big.

But read what SpaceX told investors. Roughly one-fifth of its 2025 revenue came from government contracts.

The filing warns that business is "subject to changes in policies, priorities, regulations, mandates, and funding levels."

Translation:

A meaningful slice of revenue depends on who's in power and how they feel about Elon.

In June 2025, during the Musk-Trump feud, the President publicly threatened to cut Musk's contracts.

That's not a footnote. That's the risk.