SpaceX IPO Prospectus Hides Share Dilution Risk

SpaceX's IPO prospectus reveals that 94.2% of the $135 share price is not backed by tangible assets, with a pro forma book value of only $7.85 per share after the offering. This extreme dilution exceeds Firefly Aerospace's 87% dilution from its August IPO, posing a significant risk to investors.