SpaceX IPO Tops $2 Trillion Valuation Despite $5 Billion Annual Loss

Executive Briefing

• Launches at $150/share on NASDAQ, stabilizing near $170, minting Musk as paper trillionaire
• Reports nearly $5 billion in losses last year, raising questions about trillion-dollar valuation justification
• Absorbed xAI earlier this year, adding billions in AI spending to an already cash-burning operation
• Plans to launch one million orbital data center satellites, a logistically and financially unproven concept
• Sets stage for Anthropic and OpenAI IPOs, both of which filed confidential paperwork this month
• Signals AI bubble remains far from peak, with Wall Street appetite showing little sign of cooling