SpaceX IPO Preview: Placing It In Context

SpaceX is set to IPO at $135 per share, implying a $1.75 trillion valuation and a 94x price-to-revenue multiple. The company reported $18.67 billion in 2025 revenue but posted a $4.94 billion GAAP net loss and burned $13.8 billion in free cash flow. The AI division drives 17% of revenue but lost $6.36 billion, consuming 61% of group capex.