David Rossiter

[David Rossiter @daver383]

@Ronmarkets 🍻

[David Rossiter @daver383]

@FinanceTiger Not long enough!

[David Rossiter @daver383]

@Xmusknewsx The destruction of the trilogy (separation of powers) by successive governments handing power over to the TBI.

[David Rossiter @daver383]

@HeroesOfBritain Remember it well. Rest in peace lads. We will remember 🫡🥃🙏

[David Rossiter @daver383]

@agbdrilling 🙏

[David Rossiter @daver383]

#Anthropics "Claude" is down again! ffs! Won't even load and nowhere to report it!

[David Rossiter @daver383]

I went long on this yesterday in my SB account. Got the timing wrong on this about a month or so back and got a slapped wrist. Hopefully, I have timed this better and we should have a decent result soon. (Think I should be buying the shares for a longer term investment to be fair. 🤷‍♂️)

[David Rossiter @daver383]

SpaceX S-1 — Assessment
This is a real, recently filed S-1 (May 20, 2026) for SpaceX's IPO on Nasdaq under the ticker SPCX. It's a weighty and fascinating document, but it also reveals significant complexity and risk.

What the Company Actually Is Now
One crucial detail upfront: this isn't just a rocket company. The prospectus covers a combined entity that includes:

SpaceX — rockets and launch services
Starlink — satellite broadband
xAI (Grok AI) — acquired February 2026
X/Twitter — acquired by xAI in March 2025, now rolled in

So buying shares means exposure to all four businesses.

Aims & Objectives
The stated mission is sweeping: making humanity multiplanetary, connecting the unconnected, and building AI infrastructure toward AGI. More concretely, their three strategic pillars are:

Space: Dominant, reusable launch capability; 80%+ of global mass to orbit in 2025; Starship development as the next platform
Connectivity: Starlink global broadband, now at 10.3 million subscribers across 164 countries
AI: Scaling xAI's Grok models and compute infrastructure, with a longer-term ambition to put AI compute in orbit

IPO proceeds are earmarked for expanding AI compute infrastructure, launch infrastructure, and satellite constellation scaling.

The Financial Picture
Metric202320242025Q1 2026Revenue$10.4B$14.0B$18.7B$4.7BNet income/(loss)-$4.6B+$791M-$4.9B-$4.3BOperating cash flow$4.5B$5.8B$6.8B$1.0BCapital expenditure$4.4B$11.2B$20.7B$10.1B
The good: Revenue is growing strongly (~33% annually). Operating cash flow is healthy and positive every year. Starlink in particular is a genuine profit engine — $4.4B in segment operating income in 2025 — and subscriber growth is rapid (2.3M → 4.4M → 8.9M → 10.3M).
The concerning: The company is spending far more than it earns. In Q1 2026 alone, capex hit $10.1B — more than double quarterly revenue. The accumulated deficit on the balance sheet stands at -$41.3 billion. Total debt is approximately $29 billion, including a $20B bridge loan. The AI segment lost $6.4B in 2025 and losses are accelerating.

Key Risks Worth Noting
Governance: Elon Musk holds Class B shares with 10 votes per share, giving him majority voting control. SpaceX will be listed as a "controlled company" under Nasdaq rules, meaning it can opt out of certain shareholder protections. This is a significant structural risk for ordinary Class A shareholders.
The xAI/X gamble: Integrating Twitter and xAI means investors are inherently betting on Musk's AI ambitions succeeding. The AI segment is currently a massive and worsening drag.
Starlink ARPU decline: Average revenue per user has fallen from $99/month (2023) to $66/month (Q1 2026) — subscriber growth is impressive, but pricing power is eroding.
Starship dependency: Much of the future strategy hinges on Starship becoming fully operational at scale. Any delays cascade across the whole growth plan.
No dividends: The company explicitly states it doesn't expect to pay dividends for the foreseeable future.

Objective Take
This is a genuinely unique IPO — there's nothing else like it on public markets. The launch dominance and Starlink profitability are real and impressive. But the valuation will almost certainly be very high relative to current earnings, the debt load is substantial, ordinary shareholders have minimal governance power, and the AI buildout is costing enormous sums with no near-term return visibility.
It's a high-risk, high-conviction bet — suitable for investors who believe in the long-term thesis and are comfortable with Musk's concentrated control and the company's aggressive spending. It's not a value investment by conventional metrics.
As always, this is an informational summary, not financial advice — for investment decisions on something this complex, it's worth speaking with a financial advisor.
Hope that helps.

[David Rossiter @daver383]

@MarkDampier Do you have a copy of the prospectus? I’ll ask Claude out of my own curiosity.

[David Rossiter @daver383]

@Ronmarkets “First time a living person will have that honour.” The note hasn’t been printed yet. There’s still time! (Okay, I’m just being mischievous, but …🤷‍♂️. Just a thought…)

[David Rossiter @daver383]

@Ronmarkets Absolutely, give him the Ratan Cane, and lock him up. Arrest and charge the family as well and remove their billionaire status for interfering with due process of law and enforcement.

[David Rossiter @daver383]

Such arrogance! You think Labour and the Tory’s are the only party’s capable? Both have been miserable failures to the party’s, to the people and to this country over the last few decades. Even your brother lost his seat for, in his own words, “failing to do Tory things”. Absolutely the Reform and Restore should run. It’s called democracy. Hopefully they will bring back the separation of powers and curb the political powers.

[David Rossiter @daver383]

@Ronmarkets 🤣 If only it were true! Bring back the ratan cain.

[David Rossiter @daver383]

@Ronmarkets 🤣

[David Rossiter @daver383]

@Ronmarkets Makes my blood boil! 🤬

[David Rossiter @daver383]

@Ronmarkets 🤣

[David Rossiter @daver383]

@Ronmarkets 😂

[David Rossiter @daver383]

@baroninvestment @baroninvestment really appreciate your update and thought process on #OMI. You articulate the situation far better than I could. I am one very happy bunny holder notwithstanding I am under water a present. Thank you 🙏.

[David Rossiter @daver383]

@mcturra2000 @CattardSlim Good thought process. Start with the Blair’s and its institute.

[David Rossiter @daver383]

@Ronmarkets It’s shameful how the NHS has become so unstable under successive governments over the years. Too many fingers in pies. Look after yourself Ronnie.