The SpaceX IPO is great for Elon Musk and terrible for you
The article criticizes the potential SpaceX IPO, comparing it unfavorably to the WeWork public offering. The author argues that the company's massive valuation and projected total addressable market are unrealistic given its recent financial losses, suggesting that retail investors may be at risk.
Why it matters
It highlights the skepticism surrounding high-profile tech IPOs and the potential risks for individual investors when companies with significant losses seek public market valuations.
Number go up? | Image: Cath Virginia / The Verge, Getty Images I haven't seen anything as stupid as the WeWork IPO document in a very long time - that is, until Elon Musk filed to take SpaceX public. WeWork was a joke. SpaceX is a threat. And if Musk and his bankers have their way, you are going to be their bagholder. Lots of the top-line details leaked long before the S-1 filing itself became public. There's the rumored valuation of more than $1 trillion. That's despite the nearly $5 billion in losses last year . The total addressable market (TAM) for SpaceX - the amount of revenue SpaceX thinks it could make if won over what it thinks is its entire customer base - was listed as $28.5 trillion. By way … Read the full story at The Verge.
The article uses highly critical and emotive language ('stupid', 'joke', 'threat', 'bagholder') to characterize Elon Musk and SpaceX, indicating a clear negative editorial stance rather than a neutral reporting of financial facts.
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