Analysis of the SpaceX Initial Public Offering and Its Market Impact

SpaceX 首次公開發行 (IPO) 分析及其對市場的影響

Jun 4, 2026, 21:59
AsiaFinance

Introduction

Space Exploration Technologies Corp. (SpaceX) has started the process of becoming a public company on the Nasdaq exchange, aiming for a record-breaking valuation and a massive raise of capital.

Space Exploration Technologies Corp. (SpaceX) 已開始在納斯達克 (Nasdaq) 交易所申請上市，旨在追求創紀錄的估值並籌集巨額資金。

Main Body

The proposed initial public offering (IPO) aims to raise about $75 billion, which could increase to $86 billion if the banks managing the sale use extra share options. The company has set a price of $135 per share, meaning the total market value would be around $1.77 trillion. This high value is based on a potential market of $28.5 trillion, including satellite internet, rocket launches, and AI infrastructure. However, financial data shows a gap between this value and actual performance; the company reported a net loss of $4.94 billion in 2025, despite earning $18.67 billion in revenue. While the Starlink division is profitable and drives most of the income, the AI section—which includes xAI and the platform X—has lost a lot of money.

擬議的首次公開發行 (IPO) 目標是籌集約 750 億美元，如果負責承銷的銀行行使額外股份選項，金額可能會增加到 860 億美元。公司定價為每股 135 美元，這意味著總市值將約為 1.77 兆美元。這一高估值是基於 28.5 兆美元的潛在市場，包括衛星網路、火箭發射和 AI 基礎設施。然而，財務數據顯示該價值與實際表現之間存在差距；儘管公司 2025 年營收為 186.7 億美元，但淨虧損達 49.4 億美元。雖然 Starlink 部門獲利且是主要收入來源，但 AI 部門——包括 xAI 和平台 X——則虧損嚴重。

Investors are also concerned about how the company is managed. Because of a special share structure, Elon Musk will keep about 82.4% of the voting power, giving him total control over strategic decisions. Furthermore, the agreement requires shareholders to use private arbitration for disputes, which means they cannot easily start class-action lawsuits. Analysts have also pointed out that new Nasdaq rules might allow SpaceX to join the Nasdaq-100 index after only 15 trading days. Consequently, this could force passive index funds to buy shares regardless of whether the price is fair.

投資者也擔心公司的管理方式。由於特殊的股份結構，Elon Musk 將保留約 82.4% 的投票權，使其能完全掌控策略決定。此外，協議要求股東在發生爭議時使用私人仲裁，這意味著他們無法輕易發起集體訴訟。分析師也指出，納斯達克的新規定可能允許 SpaceX 在僅交易 15 個交易日後即可加入納斯達克 100 指數。因此，這可能會迫使被動指數基金不論價格是否合理地買入股份。

There is a clear split between optimistic investors and skeptical analysts. For example, JPMorgan is actively selling the IPO to wealthy clients, whereas analysts from Morningstar claim the company is overvalued and suggest a value closer to $780 billion. Additionally, other AI companies like Anthropic and OpenAI are also planning to go public. This creates a huge demand for money that may lead investors to sell other technology stocks, such as semiconductor companies in South Korea, to fund these new investments.

樂觀的投資者與懷疑的分析師之間存在明顯分歧。例如，摩根大通 (JPMorgan) 正積極向富裕客戶推銷此次 IPO，而 Morningstar 的分析師則聲稱公司被高估，建議其價值更接近 7,800 億美元。此外，其他 AI 公司如 Anthropic 和 OpenAI 也計劃上市。這創造了巨大的資金需求，可能會導致投資者賣出其他科技股（例如韓國的半導體公司）以資助這些新投資。

Conclusion

SpaceX is expected to start trading on June 12. This will be a major test to see if investors are still willing to put money into companies with high valuations that are losing money but promise long-term success.

SpaceX 預計將於 6 月 12 日開始交易。這將是一個重大測試，以觀察投資者是否仍願意將資金投入到那些估值高、目前虧損但承諾長期成功的公司。

Vocabulary Learning

🚀 Moving Beyond 'But' and 'And'

An A2 student usually says: "SpaceX is rich, but they lose money." To reach B2, you need to connect complex ideas using Contrast and Consequence connectors. These words act like bridges, making your speaking and writing flow naturally instead of sounding like a list of simple sentences.

⚡ The 'Sophisticated Contrast' Shift

Look at how the article moves away from simple words to more professional transitions:

  • Instead of 'But' →\rightarrow Despite

    • A2 style: SpaceX earns a lot of money, but they have a net loss.
    • B2 style: Despite earning $18.67 billion in revenue, the company reported a net loss.
    • Coach's Tip: Use "Despite + [Verb-ing]" to show two opposing facts in one elegant sentence.

  • Instead of 'But' →\rightarrow Whereas

    • A2 style: JPMorgan likes the IPO, but Morningstar does not.
    • B2 style: JPMorgan is selling the IPO, whereas analysts from Morningstar claim the company is overvalued.
    • Coach's Tip: Use "whereas" when you are comparing two different people or groups side-by-side.

📉 The 'Logical Result' Chain

B2 speakers don't just say what happened; they explain the result of a situation using specific triggers:

Consequently →\rightarrow This could force passive index funds to buy shares...

When you use "Consequently," you are telling the listener: "Because of everything I just mentioned, this specific result is inevitable." It is much more powerful than saying "So..."

🛠️ Quick Upgrade Table

A2 WordB2 Bridge WordWhen to use it
AndAdditionallyTo add a new, important point.
SoConsequentlyTo show a formal cause-and-effect.
ButDespiteTo show a surprising contrast.
ButWhereasTo compare two opposing views.

Vocabulary Learning

valuation (n.)
the estimated monetary worth of something
Example:The company's valuation was set at $1.77 trillion.
capital (n.)
money or assets used to fund a business
Example:SpaceX aims to raise a massive amount of capital through its IPO.
potential (adj.)
having the possibility to develop into something
Example:The company has a potential market of $28.5 trillion.
gap (n.)
a difference or space between two things
Example:There is a gap between the projected value and actual performance.
net loss (n.)
the amount by which expenses exceed revenues
Example:SpaceX reported a net loss of $4.94 billion in 2025.
revenue (n.)
money earned from business activities
Example:The company earned $18.67 billion in revenue last year.
profitable (adj.)
generating more income than expenses
Example:The Starlink division is profitable and drives most of the income.
share options (n.)
rights to buy shares at a set price
Example:The banks could increase the IPO amount if they use extra share options.
strategic decisions (n.)
important choices that shape a company's direction
Example:Elon Musk will keep control over strategic decisions.
private arbitration (n.)
a confidential method of resolving disputes without court
Example:Shareholders must use private arbitration for disputes.
class-action lawsuits (n.)
legal actions where many people sue together
Example:The agreement prevents shareholders from easily filing class-action lawsuits.
index (n.)
a list of stocks that represents a market segment
Example:SpaceX could join the Nasdaq-100 index after 15 trading days.
trading days (n.)
days when markets are open for buying and selling
Example:The company will start trading on June 12, after 15 trading days.
optimistic (adj.)
having a hopeful or positive outlook
Example:Optimistic investors expect the IPO to succeed.
skeptical (adj.)
doubtful or questioning about something
Example:Skeptical analysts argue the company is overvalued.
overvalued (adj.)
priced higher than its true worth
Example:Analysts claim the company is overvalued at $780 billion.
demand (n.)
the desire or need for something
Example:The IPO creates a huge demand for money among investors.
semiconductor (n.)
a material used in electronic components
Example:Investors may sell semiconductor stocks to fund new investments.
high valuations (n.)
very large estimates of a company's worth
Example:Investors are wary of investing in companies with high valuations.
long-term success (n.)
sustained achievement over an extended period
Example:The company promises long-term success despite current losses.
Practice B2 words in a crossword→