To The Moon

SpaceX has filed for an IPO on Nasdaq, with the ticker symbol $SPCX.

Lead Underwriters:

$Goldman Sachs(GS)$ , $Morgan Stanley(MS)$ , $Bank of America(BAC)$ , $Citigroup(C)$ , and $JPMorgan Chase(JPM)$

This filing provides the first comprehensive overview of the merged company, comprising SpaceX, Starlink, X, and xAI.

2025 Revenue: $18.67 billion, a 30% increase

2025 Net Loss: $4.94 billion, compared to a profit of $791 million in 2024

2025 Capital Expenditures: $20.7 billion, of which $12.7 billion is for Artificial Intelligence

• Q1 Revenue: $4.694 billion

• Q1 Operating Loss: $1.943 billion

• Q1 Revenue by Business Segment:

• Space: $619 million

• Connectivity: $3.257 billion

• Artificial Intelligence: $818 million

Disclosed Operating Metrics:

• Approximately 650 launches

• Over 85% of missions use reusable boosters

• Over 80% of global orbital mass in 2025

• Over 9,600 Starlink satellites

• Approximately 10.3 million Starlink users

• Coverage in 164 countries/regions

• Over 1GW of AI computing power

• Approximately 350 million daily posts

• Approximately 550 million monthly active users

Corporate Governance:

• Elon Musk holds 85.1% of the combined voting rights.

• Musk holds 12.3% of Class A shares and 93.6% of Class B shares.

• After the IPO, Musk will serve as CEO, CTO, and Chairman.

• SpaceX will be a “holding company,” meaning it does not require a majority of independent boards.

• Musk can control matters requiring shareholder approval and can elect, remove, or fill vacancies on Class B directors.

• SpaceX does not expect to pay dividends on Class A shares in the foreseeable future.

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Two pieces of information disclosed in the SpaceX prospectus:

• 1. The company explicitly discloses its holdings... 1. 18,712 BTC, with a cost basis of approximately $35,300 per BTC, and a fair value of approximately $1.293 billion as of March 31, 2026 (currently valued at approximately $1.45 billion at Bitcoin prices).

• 2. Anthrooic purchases company computing power for $1.25 billion per month. In May 2026, we entered into a cloud service agreement with Anthrooic PBC, under which the client agreed to pay us $1.25 billion per month until May 2029. Discounts will be applied as capacity gradually comes online in May-June 2026. The agreement can be terminated by either party with 90 days' notice. Clients will retain ownership of the intellectual property rights to the content, AI models, and related data.

ETFs holding SpaceX before its IPO + ETFs heavily invested in after its listing + related companies in the industry chain (US stocks )

I. ETFs directly holding SpaceX (indirect holdings possible before IPO)

1) $ERShares Private-Public Crossover ETF(XOVR)$ – ERShares Private-Public Crossover ETF

• Holding method: Directly holding SpaceX shares through an SPV

• Position: Approximately 7–10%

• Expense rate: 0.75%

2) $Destiny Tech100 Inc(DXYZ)$ – Destiny Tech100 (Closed-end fund)

• Position: ≈16.2% (one of the highest in the public market)

• Features: Primarily invests in late-stage unlisted technologies (SpaceX, OpenAI, etc.)

• Risks: High premium (≈92%), high management fees (≈4.53%)

3) $Tema Space Innovators ETF(NASA)$ – Tema Space Innovators ETF (New listing March 2026)

• Position: ≈10% (held by SPV)

• Positioning: Pure space-themed (rocket, satellite, aerospace infrastructure)

  

4) $Baron First Principles ETF(RONB)$ – Baron First Principles ETF

• Position: ≈8% (directly holds SpaceX Class A/C shares)

• Style: Growth stocks, Tesla is the largest holding, SpaceX is the second largest.

5) $ARK Space Exploration & Innovation ETF(ARKX)$ – ARK Space Exploration & Innovation ETF

• Position: Indirect primary market share (not direct holdings)

• Under the management of "Wood Sister" (a financial commentator), covering aerospace + satellite + robotics

II. Mainstream ETFs that will automatically be included/heavily invested in SpaceX after its listing

• (Vanguard All Markets ETF): Included within 5 trading days after IPO (CRSP rule)

• $Invesco QQQ(QQQ)$ / $Invesco NASDAQ 100 ETF(QQQM)$ : Nasdaq large-cap, likely to be included quickly.

• $iShares Core S&P 500 ETF(IVV)$ / $Vanguard S&P 500 ETF(VOO)$ : S&P 500, may not be included until 2027 (profitability + trading volume + listing time requirements).

• $First Trust US Equity Opportunities ETF(FPX)$ / IPO: US new stock/IPO-themed ETF, will significantly increase holdings in the early stages of listing.

III. US Stocks: Listed Companies Strongly Related to SpaceX (Cooperation/Equity/Sector)

• $Rocket Lab USA, Inc.(RKLB)$ : One of only two companies globally using high-frequency rocket launches, the strongest "alternative," supply chain sharing.

• $EchoStar(SATS)$ : Equity swap with SpaceX in 2025, holding shares will indirectly benefit from the original equity.

• $AST SpaceMobile, Inc.(ASTS)$ : Satellite communications partner, NASA's major holding (7.13%)