1/ SpaceX just filed for IPO. Ticker: SPCX.

Elon retains 85.1%.

200 million performance-linked B-class shares on top of that.

This is unlike any IPO structure you've seen.

2/ The filing shows over 70% of capital expenditure allocated to AI infrastructure.

SpaceX is no longer a rocket company with a side project.

It's an AI compute + satellite + launch platform. The Starlink-Anthropic compute framing makes much more sense now.

3/ Governance math:

85.1% equity + B-class performance shares = Elon controls every major decision post-listing.

Public shareholders get upside exposure. They don't get a meaningful vote.

Sound familiar? 🤔

4/ Concept stock reads:

RKLB down 8% AH after announcing a USD 3 billion equity raise.

Timing is not coincidental. They're building capacity ahead of SPCX going public.

5/ What I'm tracking: initial valuation ask vs secondary market pricing.

SpaceX was pegged around USD 350 billion in private trades.

If they price above that, the question becomes whether the AI infrastructure thesis justifies a premium to pure-play space comps.

Goldman reportedly the lead underwriter. 👀