--- title: "SpaceX 的里程碑式首次公開募股申請之路" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/287245228.md" description: "SpaceX 的 IPO 申請顯示計劃籌集 750 億美元，估值接近 2 萬億美元，可能成為有史以來最大的 IPO。申請文件強調了對公司估值的挑戰，首席執行官埃隆·馬斯克保留了 85.1% 的投票權。SpaceX 盈利的 Starlink 服務與其高成本的人工智能項目形成對比。該公司旨在開展小行星採礦和月球能源生產等雄心勃勃的項目。如果成功，IPO 可能重塑華爾街的科技格局，並影響其他發行的市場流動性" datetime: "2026-05-21T15:14:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/287245228.md) - [en](https://longbridge.com/en/news/287245228.md) - [zh-HK](https://longbridge.com/zh-HK/news/287245228.md) --- # SpaceX 的里程碑式首次公開募股申請之路 May 21 (Reuters) - SpaceX's IPO filing finally revealed the finances behind a company aiming to dominate industries ranging from rockets and satellites to AI and data centers. Led by billionaire CEO Elon Musk, the world's most valuable private company is aiming to raise $75 billion at a valuation nearing $2 trillion - potentially the largest IPO ever. The filing, released late Wednesday, also confirmed a series of recent Reuters reports on the offering. Following are some key themes investors are most likely to focus on: THE VALUATION PUZZLE \*\* The IPO has exposed the difficulty of placing a price tag on SpaceX, whose mix of profitable satellite operations and costly futuristic ventures has few parallels in public markets. \*\* Investors buying into SpaceX's IPO are making a high-stakes wager that CEO Musk can turn a fast-growing satellite business into something far bigger, using an unproven rocket to fuel an ambitious expansion into AI. CONCENTRATION OF CONTROL WITH MUSK \*\* The disclosures provide Wall Street with one of its clearest views yet into the so-called "Muskonomy" - the billionaire's tightly linked corporate empire spanning cars, AI, social media and space. \*\* SpaceX has adopted corporate governance policies that will erode typical shareholder protections. Musk will retain 85.1% of the combined voting power of the company, the filing showed. It will use a dual-class share structure that gives Class B shareholders 10 votes each, concentrating control with Musk and a handful of other insiders, while Class A shares sold to public investors will carry one vote each, the prospectus showed. FROM SATELLITES AND ROCKETS TO AI \*\* SpaceX dominates the market for low-Earth orbit satellites used to deliver internet and communications through its Starlink service. The filing comes in a critical week for the rocket maker, which is preparing for a test flight of its next-generation Starship rocket on Thursday. \*\* Of SpaceX's three divisions, only the connectivity segment powered by Starlink was profitable in the first three months of the year. \*\* The acquisition of xAI transformed SpaceX into a far more AI-focused company, but also intensified its spending, with the business accounting for 76% of the company's $10.1 billion in capital expenditure during the first quarter. FUTURISTIC BETS SpaceX outlined ambitions stretching beyond rockets and satellites, naming asteroid mining, space-based manufacturing and lunar and Martian energy production as possible future markets. SpaceX said in the prospectus that its mission is "to build the systems and technologies necessary to make life multiplanetary." MARKET IMPACT: IPO AND BEYOND If SpaceX reaches its targeted valuation, it would instantly force a rethink of Wall Street's coveted "Magnificent Seven" club of trillion-dollar tech giants. On Wall Street, banks leading the IPO stand to collect a windfall in underwriting fees if the offering is completed at its targeted size. The deal is also a coup for Nasdaq, where SpaceX plans to list. For the IPO market, bankers and industry experts warn the deal could absorb an outsized share of investor attention and market liquidity, potentially squeezing out other hopefuls. Some other reports from Reuters' coverage of the IPO: \*\* How SpaceX stacks up against some of the biggest US IPOs \*\* From Saudi Aramco to Alibaba: World's biggest IPOs \*\* Mega IPOs loom on Wall St as Elon Musk's SpaceX reveals paperwork \*\* The road to SpaceX's juggernaut IPO \*\* From filing to first trade: Inside the US IPO process (Reporting by Reuters bureaus, Compiled by Manya Saini; Editing by Sweta Singh and Saumyadeb Chakrabarty) ### 相關股票 - [ARKX.US](https://longbridge.com/zh-HK/quote/ARKX.US.md) - [ITA.US](https://longbridge.com/zh-HK/quote/ITA.US.md) - [ROKT.US](https://longbridge.com/zh-HK/quote/ROKT.US.md) - [UFO.US](https://longbridge.com/zh-HK/quote/UFO.US.md) - [BABA.US](https://longbridge.com/zh-HK/quote/BABA.US.md) - [09988.HK](https://longbridge.com/zh-HK/quote/09988.HK.md) - [89988.HK](https://longbridge.com/zh-HK/quote/89988.HK.md) - [HBBD.SG](https://longbridge.com/zh-HK/quote/HBBD.SG.md) ## 相關資訊與研究 - [SpaceX 上市自揭 首季狂蝕 333 億](https://longbridge.com/zh-HK/news/287260654.md) - [美股 IPO 丨 SpaceX:火星殖民如逾百萬 馬斯克將獲股份獎勵](https://longbridge.com/zh-HK/news/287126882.md) - [科幻願景 小行星採礦送人往火星](https://longbridge.com/zh-HK/news/287260624.md) - [【SpaceX IPO】上市文件揭公司蝕錢、馬斯克掌 85% 投票權](https://longbridge.com/zh-HK/news/287162913.md) - [從拒絕上市到史上最大 IPO：SpaceX 的兆賭局](https://longbridge.com/zh-HK/news/287230651.md)