<p>作者：包怡龙，华尔街洞察</p>
<p>SpaceX 已正式向美国证券交易委员会提交了招股说明书，这将是历史上最大的首次公开募股，可能使创始人埃隆·马斯克成为全球首位净资产超过一万亿美元的个人。</p>
<p>招股说明书日期为 5 月 20 日，显示 <strong>SpaceX 在 2025 年的全年收入达到 187 亿美元，同比增长 33%，但净亏损为 49 亿美元。在 2026 年第一季度，收入约为 47 亿美元，净亏损为 43 亿美元。</strong></p>
<p>招股说明书未披露计划融资规模；定价区间等细节将在后续补充文件中公布。公司的 IPO 收益将主要用于偿还 200 亿美元的过渡性桥梁贷款，以及扩展其人工智能计算基础设施、升级发射平台和扩展卫星星座。正如华尔街洞察所提到的，这次 IPO 的关键亮点在于 SpaceX 的太空发射、Starlink 卫星宽带和收购 xAI 后整合的人工智能业务。招股说明书显示，尽管连接业务已实现大规模盈利，但人工智能板块仍处于重大亏损和投资期，资本支出远超其他两个板块的总和。公司的自由现金流在资本支出的重压下挣扎。同时，马斯克在 IPO 后将持有约 85.1% 的投票权。根据彭博社的数据，马斯克目前的净资产约为 6670 亿美元。如果 SpaceX 最终以 2 万亿美元的估值上市，加上他在特斯拉的持股，他的个人财富预计将首次超过 1 万亿美元。Starlink 构成了收入的核心，而人工智能投资则拖累了盈利能力。SpaceX 将其业务分为三个主要板块：太空、连接和人工智能，导致财务表现显著分化。以 Starlink 卫星互联网服务为中心的连接板块，目前是公司唯一盈利的业务。今年第一季度，Starlink 实现收入 32.6 亿美元，占公司总收入的 69%，运营利润为 11.9 亿美元。截至招股说明书发布时，Starlink 在全球拥有 1030 万用户，比一年前的 500 万用户翻了一番。然而，公司也指出，随着北美以外用户比例的增加和低价套餐的推广，用户的平均收入正在下降。Starlink 的用户增长正在放缓。太空板块在第一季度报告了 6.19 亿美元的运营亏损。根据招股说明书，SpaceX 在其重型火箭 Starship 上投资超过 150 亿美元，仅 2025 年就计划投入约 30 亿美元。Starship 的第 12 次测试飞行预计将在本周进行。人工智能板块在第一季度的运营亏损为 25 亿美元，成为公司整体盈利能力的最大拖累。今年第一季度，人工智能相关的资本支出达到 77 亿美元，占公司总资本支出 101 亿美元的 75% 以上。预计 2025 年全年的人工智能资本支出将达到约 127 亿美元，几乎是去年的两倍。地面数据中心仍然是主要战场；太空计算能力仍然是蓝图。当马斯克在今年 2 月将 xAI 并入 SpaceX 时，他提到太阳能供电的轨道数据中心是核心概念之一，表示在三年内，太空中计算能力的运营成本将低于地面。然而，招股说明书透露，xAI 仍在大规模扩展其天然气涡轮发电的地面设施，包括一项价值约 20 亿美元的交易。招股说明书明确指出，SpaceX 扩展其数据中心基础设施的能力取决于涡轮供应、天然气接入和监管批准。尽管如此，SpaceX 在招股说明书中仍将其轨道人工智能计算卫星定位为下一个主要增长引擎，并计划最早在 2028 年开始部署。公司在招股说明书中表示：&#34;轨道人工智能计算是一个极具挑战性的技术问题，我们相信我们是唯一一家拥有可商业化路径的公司，可以大规模构建轨道人工智能计算能力。&#34; 招股说明书指出，实现这一目标的关键在于 Starship 火箭满足既定的性能目标，以实现经济可行的在轨部署。SpaceX 已向美国联邦通信委员会申请许可，计划发射多达 100 万个卫星，这些卫星将配备 GPU 并由太阳能供电，形成一个基于太空的数据中心网络，以服务于人工智能项目。公司估计潜在市场规模为 28.5 万亿美元，其中人工智能机会约占 26.5 万亿美元，涵盖基于太空的数据中心、消费者订阅、数字广告和企业应用。SpaceX 在今年 2 月完成了与马斯克的人工智能初创公司 xAI 的合并，合并后的估值为 1.25 万亿美元。招股说明书在风险因素部分指出，Grok 正面临来自多个监管和执法机构关于色情深度伪造内容的&#34;调查和询问&#34;。这些调查可能导致法律责任、负面舆论或其他制裁。据报道，八个执法和监管机构已确认调查仍在进行中。马斯克本人也承认，xAI 的技术&#34;从一开始就没有构建好&#34;，需要&#34;从头开始重建&#34;。关于其人工智能商业化战略，SpaceX 本月与 Anthropic 签署了一项价值 400 亿美元的计算能力合作协议。Anthropic 将以每月 12.5 亿美元的价格租赁 SpaceX 位于田纳西州孟菲斯的 Colossus 1 数据中心的所有计算能力，租期至 2029 年 5 月。然而，该协议附带一个不寻常的条款。双方在提前 90 天通知后可以单方面取消合同。这种安排在如此规模的计算能力协议中极为罕见，使得投资者难以将其纳入估值模型作为稳定的收入来源。此外，SpaceX 计划以 600 亿美元的股票收购代码编辑工具初创公司 Cursor，该交易预计在 IPO 后进行。如果收购未能实现，Cursor 将获得 15 亿美元的终止费和 85 亿美元的递延服务费。招股说明书首次披露了 SpaceX 与马斯克旗下其他公司之间相关方交易规模的具体数字。2025 年，SpaceX 将以建议零售价购买价值 1.31 亿美元的 Cybertrucks，同时还将购买价值 5.06 亿美元的特斯拉 Megapack 储能产品。从 2024 年初到 2026 年 2 月，xAI 共向特斯拉支付约 7.31 亿美元。两家公司之间的合作不仅限于采购。SpaceX 和特斯拉正在共同推进一个名为&#34;Terafab&#34;的大规模芯片工厂项目和一个名为&#34;Macrohard&#34;的人工智能合作项目。招股说明书中提到特斯拉 87 次，并表示他们&#34;计划在未来探索与特斯拉更多的战略合作领域。&#34; 马斯克牢牢掌控投票权；薪酬与火星殖民相关。招股说明书首次全面披露了 SpaceX 的股权结构和治理结构。马斯克持有 8.495 亿股 A 类股份和 55.7 亿股 B 类股份（每股 10 票），使他总共拥有 85% 的投票权，确保他在 IPO 后对公司的绝对控制。除了马斯克外，没有个人或机构持有超过 5% 的股份。私募股权公司 Valor Entities 持有 7.3% 的普通股，成为第二大股东。马斯克在 SpaceX 的最新薪酬方案包括两项没有时间限制的天文数字股票期权交易，直接与火星和人工智能基础设施挂钩：火星殖民计划包括 10 亿股 B 类股份（约 5830 亿美元）。解锁条件为：SpaceX 的市值达到 7.5 万亿美元，并在火星上建立至少 100 万人的永久殖民地。轨道数据中心计划包括 3.02 亿股 B 类股份（约 1540 亿美元）。解锁条件为：公司的市值达到 6.6 万亿美元，并在太空中运营的轨道数据中心每年提供超过 100 瓦（TW）的计算能力。除了他的基本工资 54,000 美元外，如果未能实现上述技术和市值里程碑，马斯克将不会获得任何报酬。公司的董事会成员也首次公开宣布。除了马斯克担任董事长外，总裁兼首席运营官 Gwynne Shotwell、首席财务官 Bret Johnsen 以及几位风险投资家和私募股权高管也加入了董事会。谷歌高管 Donald Harrison 也在其中。SpaceX 的财务状况在计划上市的巨头科技公司中尤为独特。预计 2025 年，公司将产生约 187 亿美元的收入，但将遭受 49 亿美元的净亏损。相比之下，估值相似的 Meta 去年的收入是 SpaceX 的 11 倍多，净利润为 600 亿美元。如果 IPO 估值最终超过 1.5 万亿美元，SpaceX 的市销率将达到约 80，而美国市值前 15 家公司整体市销率仅约为 7。这种定价逻辑与马斯克旗下的另一家公司特斯拉非常相似。由于在人工智能、人形机器人和 Robotaxi 上的巨额投资，特斯拉在 2025 年的利润极为微薄，但其市盈率仍接近 400。分析师认为，押注 SpaceX 或特斯拉的投资者本质上相信马斯克能够将他当前的巨额投资转化为未来巨大的价值。</p>

美国航天国防股指数 ETF - iShares

太空 ETF - Procure

标普 Kensho 最终前沿 ETF - SPDR

ARKX

<p>SpaceX 已提交其 IPO 招股说明书，显示亏损 49 亿美元，并且埃隆·马斯克在 IPO 后将控制 85% 的投票权。该公司预计 2025 年的收入将达到 187 亿美元，主要得益于其目前盈利的 Starlink 服务。然而，AI 部门报告了重大亏损，资本支出对现金流产生了重大影响。SpaceX 计划利用 IPO 收益偿还 200 亿美元的贷款，并扩展其 AI 基础设施和卫星星座</p>

<p>Author: Bao Yilong, Wall Street Insights</p>
<div class="lb-trans"><p>作者：包怡龙，华尔街洞察</p>
</div><p>SpaceX has officially submitted its prospectus to the U.S. Securities and Exchange Commission, which will be the largest IPO in history and could potentially make founder Elon Musk the world's first individual with a net worth exceeding one trillion dollars.</p>
<div class="lb-trans"><p>SpaceX 已正式向美国证券交易委员会提交了招股说明书，这将是历史上最大的首次公开募股，可能使创始人埃隆·马斯克成为全球首位净资产超过一万亿美元的个人。</p>
</div><p>The prospectus, dated May 20, shows that <strong>SpaceX's revenue for the full year of 2025 reached $18.7 billion, a year-on-year increase of 33%, but with a net loss of $4.9 billion. In the first quarter of 2026, revenue was approximately $4.7 billion, with a net loss of $4.3 billion.</strong></p>
<div class="lb-trans"><p>招股说明书日期为 5 月 20 日，显示 <strong>SpaceX 在 2025 年的全年收入达到 187 亿美元，同比增长 33%，但净亏损为 49 亿美元。在 2026 年第一季度，收入约为 47 亿美元，净亏损为 43 亿美元。</strong></p>
</div><p>The prospectus did not disclose the planned financing scale; details such as the pricing range will be announced in subsequent supplementary documents. The company's IPO proceeds will primarily be used to repay a $20 billion transitional bridge loan and to expand its AI computing infrastructure, upgrade its launch platform, and expand its satellite constellation. As mentioned by Wall Street Insights, the key highlights of this IPO lie in SpaceX's space launches, Starlink satellite broadband, and the AI ​​business integrated after the acquisition of xAI. The prospectus shows that while the connectivity business has achieved large-scale profitability, the AI ​​segment is still in a period of significant losses and investment, with capital expenditures far exceeding the combined total of the other two segments. The company's free cash flow is struggling under the heavy pressure of capital expenditures. Meanwhile, Musk will hold approximately 85.1% of the voting rights after the IPO. According to Bloomberg data, Musk's current net worth is approximately $667 billion. If SpaceX ultimately goes public with a valuation of $2 trillion, coupled with his Tesla holdings, his personal wealth is expected to surpass the $1 trillion threshold for the first time. Starlink forms the core of revenue, while AI investment drags down profitability. SpaceX divides its business into three major segments: space, connectivity, and AI, resulting in significantly divergent financial performance. The connectivity segment, centered on Starlink satellite internet service, is currently the company's only profitable business. In the first quarter of this year, Starlink achieved revenue of $3.26 billion, accounting for 69% of the company's total revenue, with an operating profit of $1.19 billion. As of the time of its prospectus, Starlink has 10.3 million users worldwide, more than double the 5 million a year ago. However, the company also pointed out that with the increasing proportion of users outside North America and the promotion of low-priced packages, the average revenue per user is declining. Starlink's user growth is slowing down. (Starlink's user growth is slowing down.) The space segment reported an operating loss of $619 million in the first quarter. According to the prospectus, SpaceX has invested over $15 billion in its Starship heavy-lift rocket, with approximately $3 billion earmarked for 2025 alone. The 12th test flight of Starship is expected this week. The AI ​​segment incurred an operating loss of $2.5 billion in the first quarter, becoming the biggest drag on the company's overall profitability. In the first quarter of this year, AI-related capital expenditures reached $7.7 billion, accounting for over 75% of the company's total capital expenditures of $10.1 billion. AI capital expenditures for the full year of 2025 are projected to reach approximately $12.7 billion, nearly doubling year-on-year. Ground-based data centers remain the main battleground; space computing power is still a blueprint. When Musk merged xAI into SpaceX in February of this year, he cited solar-powered orbital data centers as one of the core concepts, stating that within three years, the cost of operating computing power in space would be lower than on the ground. However, the prospectus reveals that xAI is still massively expanding its natural gas turbine-powered ground facilities, including a deal worth approximately $2 billion. The prospectus explicitly states that SpaceX's ability to expand its data center infrastructure depends on turbine supply, natural gas access, and regulatory approvals. Nevertheless, SpaceX still positions its orbital AI computing satellites as its next major growth engine in the prospectus, and plans to begin deployment as early as 2028. The company states in its prospectus: &#34;Orbital AI computing is an extremely challenging technical problem, and we believe we are the only company with a commercially viable path to build orbital AI computing capabilities at scale.&#34; The prospectus indicates that achieving this goal hinges on the Starship rocket fulfilling its established performance objectives to achieve economically feasible on-orbit deployment. SpaceX has applied to the U.S. Federal Communications Commission for permission to launch up to 1 million satellites, which will be equipped with GPUs and powered by solar energy, forming a network of space-based data centers to serve AI projects. The company estimates the potential market size at $28.5 trillion, with AI opportunities accounting for approximately $26.5 trillion, encompassing space-based data centers, consumer subscriptions, digital advertising, and enterprise applications. SpaceX completed its merger with Elon Musk's AI startup xAI in February of this year, with a post-merger valuation of $1.25 trillion. The prospectus states in its risk factors section that Grok is facing &#34;investigations and inquiries&#34; from multiple regulatory and law enforcement agencies regarding pornographic deepfake content. These investigations could lead to legal liability, negative public opinion, or other sanctions. Reportedly, eight law enforcement and regulatory agencies have confirmed that investigations are still ongoing. Musk himself has also acknowledged that xAI's technology &#34;was never built right from the start&#34; and needs to be &#34;rebuilt from the ground up.&#34; Regarding its AI commercialization strategy, SpaceX signed a $40 billion computing power cooperation agreement with Anthropic this month. Anthropic will lease all the computing power of SpaceX's Colossus 1 data center in Memphis, Tennessee, for $1.25 billion per month until May 2029. However, this agreement comes with an unusual clause. Both parties can unilaterally cancel the contract after giving 90 days' notice. This arrangement is extremely rare for a computing power agreement of this scale, making it difficult for investors to include it in their valuation models as a stable source of revenue. Furthermore, SpaceX plans to acquire Cursor, a code editing tool startup, for $60 billion in stock, a deal expected to proceed after the IPO. If the acquisition fails to materialize, Cursor will receive a $1.5 billion termination fee and $8.5 billion in deferred service fees. The prospectus disclosed, for the first time, specific figures on the scale of related-party transactions between SpaceX and other companies under Musk's umbrella. In 2025, SpaceX will purchase $131 million worth of Cybertrucks from Tesla at the suggested retail price, and at the same time also purchase Tesla Megapack energy storage products worth $506 million. From the beginning of 2024 to February 2026, xAI has paid Tesla a total of approximately $731 million. The collaboration between the companies goes beyond procurement. SpaceX and Tesla are jointly advancing a large-scale chip factory project called &#34;Terafab&#34; and an artificial intelligence collaboration project called &#34;Macrohard.&#34; Tesla is mentioned 87 times in the prospectus, which also states that they &#34;plan to explore more areas of strategic cooperation with Tesla in the future.&#34; Musk firmly controls voting rights; compensation is linked to Mars colonization. The prospectus fully discloses SpaceX's equity structure and governance structure for the first time. Musk holds 849.5 million Class A shares and 5.57 billion Class B shares (10 votes per share), giving him a total of 85% of the company's voting rights, ensuring his absolute control over the company even after the IPO. Apart from Musk, no individual or institution holds more than 5% of the shares. Valor Entities, a private equity firm, holds 7.3% of the common stock, making it the second-largest shareholder. Musk's latest compensation package at SpaceX consists of two astronomical stock option deals with no time limit, directly linked to Mars and AI infrastructure: The Mars colonization plan includes 1 billion Class B shares (approximately $583 billion). The unlocking conditions are: SpaceX's market capitalization reaches $7.5 trillion and a permanent colony of at least 1 million inhabitants is established on Mars. The Orbital Data Center Plan includes 302 million Class B shares (approximately $154 billion). The unlocking conditions are: the company's market capitalization reaches $6.6 trillion and an orbital data center operating in space providing over 100 watts (TW) of computing power annually. Aside from his base salary of $54,000, Musk will receive nothing if the aforementioned technological and market capitalization milestones are not achieved. The company's board members were also publicly announced for the first time. In addition to Elon Musk serving as chairman, President and Chief Operating Officer Gwynne Shotwell, Chief Financial Officer Bret Johnsen, and several venture capitalists and private equity executives have joined the board. Google executive Donald Harrison is also among them. SpaceX's financial situation is particularly unique among mega-cap tech companies planning to go public. In 2025, the company is projected to generate approximately $18.7 billion in revenue, but will suffer a net loss of $4.9 billion. In contrast, Meta, with a similar valuation, had revenue more than 11 times that of SpaceX last year and a net profit of $60 billion. If the IPO valuation ultimately falls above $1.5 trillion, SpaceX's price-to-sales ratio will reach approximately 80, while the overall price-to-sales ratio of the top 15 companies by market capitalization in the United States is only about 7. This pricing logic is quite similar to that of Tesla, another company under Musk's umbrella. Tesla's profits in 2025 are extremely thin due to its massive investments in AI, humanoid robots, and Robotaxi, yet it still trades at a trailing P/E ratio of nearly 400. Analysts believe that investors betting on SpaceX or Tesla are essentially convinced that Musk can convert his current massive investments into enormous value in the distant future.</p>
<div class="lb-trans"><p>招股说明书未披露计划融资规模；定价区间等细节将在后续补充文件中公布。公司的 IPO 收益将主要用于偿还 200 亿美元的过渡性桥梁贷款，以及扩展其人工智能计算基础设施、升级发射平台和扩展卫星星座。正如华尔街洞察所提到的，这次 IPO 的关键亮点在于 SpaceX 的太空发射、Starlink 卫星宽带和收购 xAI 后整合的人工智能业务。招股说明书显示，尽管连接业务已实现大规模盈利，但人工智能板块仍处于重大亏损和投资期，资本支出远超其他两个板块的总和。公司的自由现金流在资本支出的重压下挣扎。同时，马斯克在 IPO 后将持有约 85.1% 的投票权。根据彭博社的数据，马斯克目前的净资产约为 6670 亿美元。如果 SpaceX 最终以 2 万亿美元的估值上市，加上他在特斯拉的持股，他的个人财富预计将首次超过 1 万亿美元。Starlink 构成了收入的核心，而人工智能投资则拖累了盈利能力。SpaceX 将其业务分为三个主要板块：太空、连接和人工智能，导致财务表现显著分化。以 Starlink 卫星互联网服务为中心的连接板块，目前是公司唯一盈利的业务。今年第一季度，Starlink 实现收入 32.6 亿美元，占公司总收入的 69%，运营利润为 11.9 亿美元。截至招股说明书发布时，Starlink 在全球拥有 1030 万用户，比一年前的 500 万用户翻了一番。然而，公司也指出，随着北美以外用户比例的增加和低价套餐的推广，用户的平均收入正在下降。Starlink 的用户增长正在放缓。太空板块在第一季度报告了 6.19 亿美元的运营亏损。根据招股说明书，SpaceX 在其重型火箭 Starship 上投资超过 150 亿美元，仅 2025 年就计划投入约 30 亿美元。Starship 的第 12 次测试飞行预计将在本周进行。人工智能板块在第一季度的运营亏损为 25 亿美元，成为公司整体盈利能力的最大拖累。今年第一季度，人工智能相关的资本支出达到 77 亿美元，占公司总资本支出 101 亿美元的 75% 以上。预计 2025 年全年的人工智能资本支出将达到约 127 亿美元，几乎是去年的两倍。地面数据中心仍然是主要战场；太空计算能力仍然是蓝图。当马斯克在今年 2 月将 xAI 并入 SpaceX 时，他提到太阳能供电的轨道数据中心是核心概念之一，表示在三年内，太空中计算能力的运营成本将低于地面。然而，招股说明书透露，xAI 仍在大规模扩展其天然气涡轮发电的地面设施，包括一项价值约 20 亿美元的交易。招股说明书明确指出，SpaceX 扩展其数据中心基础设施的能力取决于涡轮供应、天然气接入和监管批准。尽管如此，SpaceX 在招股说明书中仍将其轨道人工智能计算卫星定位为下一个主要增长引擎，并计划最早在 2028 年开始部署。公司在招股说明书中表示：&#34;轨道人工智能计算是一个极具挑战性的技术问题，我们相信我们是唯一一家拥有可商业化路径的公司，可以大规模构建轨道人工智能计算能力。&#34; 招股说明书指出，实现这一目标的关键在于 Starship 火箭满足既定的性能目标，以实现经济可行的在轨部署。SpaceX 已向美国联邦通信委员会申请许可，计划发射多达 100 万个卫星，这些卫星将配备 GPU 并由太阳能供电，形成一个基于太空的数据中心网络，以服务于人工智能项目。公司估计潜在市场规模为 28.5 万亿美元，其中人工智能机会约占 26.5 万亿美元，涵盖基于太空的数据中心、消费者订阅、数字广告和企业应用。SpaceX 在今年 2 月完成了与马斯克的人工智能初创公司 xAI 的合并，合并后的估值为 1.25 万亿美元。招股说明书在风险因素部分指出，Grok 正面临来自多个监管和执法机构关于色情深度伪造内容的&#34;调查和询问&#34;。这些调查可能导致法律责任、负面舆论或其他制裁。据报道，八个执法和监管机构已确认调查仍在进行中。马斯克本人也承认，xAI 的技术&#34;从一开始就没有构建好&#34;，需要&#34;从头开始重建&#34;。关于其人工智能商业化战略，SpaceX 本月与 Anthropic 签署了一项价值 400 亿美元的计算能力合作协议。Anthropic 将以每月 12.5 亿美元的价格租赁 SpaceX 位于田纳西州孟菲斯的 Colossus 1 数据中心的所有计算能力，租期至 2029 年 5 月。然而，该协议附带一个不寻常的条款。双方在提前 90 天通知后可以单方面取消合同。这种安排在如此规模的计算能力协议中极为罕见，使得投资者难以将其纳入估值模型作为稳定的收入来源。此外，SpaceX 计划以 600 亿美元的股票收购代码编辑工具初创公司 Cursor，该交易预计在 IPO 后进行。如果收购未能实现，Cursor 将获得 15 亿美元的终止费和 85 亿美元的递延服务费。招股说明书首次披露了 SpaceX 与马斯克旗下其他公司之间相关方交易规模的具体数字。2025 年，SpaceX 将以建议零售价购买价值 1.31 亿美元的 Cybertrucks，同时还将购买价值 5.06 亿美元的特斯拉 Megapack 储能产品。从 2024 年初到 2026 年 2 月，xAI 共向特斯拉支付约 7.31 亿美元。两家公司之间的合作不仅限于采购。SpaceX 和特斯拉正在共同推进一个名为&#34;Terafab&#34;的大规模芯片工厂项目和一个名为&#34;Macrohard&#34;的人工智能合作项目。招股说明书中提到特斯拉 87 次，并表示他们&#34;计划在未来探索与特斯拉更多的战略合作领域。&#34; 马斯克牢牢掌控投票权；薪酬与火星殖民相关。招股说明书首次全面披露了 SpaceX 的股权结构和治理结构。马斯克持有 8.495 亿股 A 类股份和 55.7 亿股 B 类股份（每股 10 票），使他总共拥有 85% 的投票权，确保他在 IPO 后对公司的绝对控制。除了马斯克外，没有个人或机构持有超过 5% 的股份。私募股权公司 Valor Entities 持有 7.3% 的普通股，成为第二大股东。马斯克在 SpaceX 的最新薪酬方案包括两项没有时间限制的天文数字股票期权交易，直接与火星和人工智能基础设施挂钩：火星殖民计划包括 10 亿股 B 类股份（约 5830 亿美元）。解锁条件为：SpaceX 的市值达到 7.5 万亿美元，并在火星上建立至少 100 万人的永久殖民地。轨道数据中心计划包括 3.02 亿股 B 类股份（约 1540 亿美元）。解锁条件为：公司的市值达到 6.6 万亿美元，并在太空中运营的轨道数据中心每年提供超过 100 瓦（TW）的计算能力。除了他的基本工资 54,000 美元外，如果未能实现上述技术和市值里程碑，马斯克将不会获得任何报酬。公司的董事会成员也首次公开宣布。除了马斯克担任董事长外，总裁兼首席运营官 Gwynne Shotwell、首席财务官 Bret Johnsen 以及几位风险投资家和私募股权高管也加入了董事会。谷歌高管 Donald Harrison 也在其中。SpaceX 的财务状况在计划上市的巨头科技公司中尤为独特。预计 2025 年，公司将产生约 187 亿美元的收入，但将遭受 49 亿美元的净亏损。相比之下，估值相似的 Meta 去年的收入是 SpaceX 的 11 倍多，净利润为 600 亿美元。如果 IPO 估值最终超过 1.5 万亿美元，SpaceX 的市销率将达到约 80，而美国市值前 15 家公司整体市销率仅约为 7。这种定价逻辑与马斯克旗下的另一家公司特斯拉非常相似。由于在人工智能、人形机器人和 Robotaxi 上的巨额投资，特斯拉在 2025 年的利润极为微薄，但其市盈率仍接近 400。分析师认为，押注 SpaceX 或特斯拉的投资者本质上相信马斯克能够将他当前的巨额投资转化为未来巨大的价值。</p>
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SpaceX 的 IPO 招股说明书显示：公司亏损达 49 亿美元，马斯克掌握 85% 的投票权