00:00SpaceX's IPO filing tells you three things immediately.
00:03Elon Musk is staying firmly in control, the company is burning a lot of cash, and everything
00:08depends on Starship.
00:10The filing shows Musk controls 85.1% of SpaceX's voting power through super voting shares.
00:17It also explicitly says the company is highly dependent on Musk's leadership and vision.
00:22Financially, SpaceX reported $18.7 billion of revenue in 2025, but it lost almost $5
00:28billion.
00:29And in just the first three months of this year, it generated $4.7 billion of revenues
00:33and lost another $4.28 billion.
00:36A huge reason, Starship.
00:38SpaceX says it's now spent more than $15 billion developing the rocket, and the filing makes
00:43clear, Starship is central to the strategy because future Starlink satellites, direct-to-cell
00:49services and orbital AI infrastructure all require the rocket's scale and payload capacity.
00:55That is the bigger pitch here.
00:57SpaceX says its total addressable market is $28.5 trillion, including $26.5 trillion tied
01:04just to AI.
01:06The vision is no longer just rockets.
01:08It's space, connectivity, and AI infrastructure.
01:12This is expected to be the biggest IPO of all time.
01:15Goldman Sachs and Morgan Stanley are leading the IPO alongside Bank of America, Citi, and JP Morgan.
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