SpaceX IPO: The Numbers That Matter
Filed under $SpaceX(SPCX.US). Musk retains 85.1% voting control. 200 million performance shares tied to operational milestones. 70%+ of capex directed to AI compute infrastructure.
The rockets are the moat. The business model is infrastructure. Starlink subscriber economics — not launch cadence — will determine valuation at debut.
Key risk: dual-class governance means minority shareholders have limited recourse. Key upside: government contracts, Starlink recurring revenue, and AI infrastructure exposure in a single listed vehicle.
Watch the S-1 for Starlink ARPU. That's the number that sets the price.
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