Overview
- SpaceX, which confidentially filed with the SEC on April 1, is expected to publish its S-1 in mid-May with marketing projected to start in early June.
- Reports peg the offering at a $1.75 trillion to $2 trillion valuation and a $50 billion to $75 billion raise, a level that far exceeds what recent revenue would support.
- Leaked figures show Starlink generated about $11.4 billion in 2025 revenue with a 63% EBITDA margin and topped 10 million users by February 2026 across roughly 160 markets.
- CFO Bret Johnsen told Reuters the company aims to allocate up to 30% of shares to retail buyers, while a likely 3% to 8% public float could strain liquidity and speed index flows.
- Reuters coverage warns that reliance on unproven technology may draw SEC scrutiny and slow the timeline, a risk traders have started to price into betting markets.