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Buried in the risk disclosures of what is shaping up to be the biggest initial public offering (IPO) in history sits a line no securities lawyer ever typed before. SpaceX tells prospective shareholders, in effect, that it exists so humanity can avoid the fate of the dinosaurs.
SpaceX is offering 555,555,555 shares at $135 apiece, valuing Elon Musk’s rocket company near $1.75 trillion… more than 90 times last year’s revenue. Morningstar ran its own numbers and landed nearly a trillion dollars short of that figure.
Steve Eisman, the money manager who famously shorted subprime, called the offering “a sci-fi story tailor-made for a sci-fi cult.” And Goldman Sachs, the lead underwriter, reportedly expects SpaceX’s AI revenue to grow a hundredfold within five years…
Even Musk hasn’t promised that.
