00:00It's Benzinga, bringing Wall Street to Main Street.
00:02SpaceX is pursuing what could be a record-breaking IPO,
00:06though former hedge fund manager Patrick Boyle argues its financials resemble a science experiment
00:12rather than a viable business. A former hedge fund manager labeled SpaceX a money furnace
00:18shortly after the company filed its prospectus with the SEC ahead of a planned June 12th Nasdaq
00:24debut. The company reported a net loss of roughly $4.3 billion on $4.7 billion in revenue in the
00:31first quarter, bringing its total losses since inception to around $37 billion.
00:37Boyle argued that SpaceX carries the most extreme valuation of any company,
00:42far exceeding Nvidia's, despite lacking that company's profitability and margins.
00:46He believes SpaceX's IPO timing is deliberate, as OpenAI is reportedly moving to file as soon
00:53as Friday in a race to capture investor capital before rivals do.
00:56For all things money, visit Benzinga.com.
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