SpaceX (SPAX.PVT), OpenAI (OPAI.PVT), and Anthropic (ANTH.PVT) have scale and tech appeal. IPO history says those help — but profits are still the cleaner test.
That matters as ****** eX pitches investors on a record $75 billion public offering. The company has rockets, satellites, Starlink, defense demand, and one of the biggest private-market stories on the planet. What it may not have is the one thing Wall Street eventually asks every growth story to show: that the business can make money.
SpaceX's filing shows the scale, but also the gap. The company generated nearly $19 billion in revenue in 2025 but posted a net loss of nearly $5 billion, according to its IPO paperwork. That gives investors plenty of business to ****** yze — but not a profitable one yet.
A great company can still be a rough trade on IPO day. After the opening rush, the question shifts from who wants access to what the business can already prove.
That is where the data gets uncomfortable.
That matters as ****** eX pitches investors on a record $75 billion public offering. The company has rockets, satellites, Starlink, defense demand, and one of the biggest private-market stories on the planet. What it may not have is the one thing Wall Street eventually asks every growth story to show: that the business can make money.
SpaceX's filing shows the scale, but also the gap. The company generated nearly $19 billion in revenue in 2025 but posted a net loss of nearly $5 billion, according to its IPO paperwork. That gives investors plenty of business to ****** yze — but not a profitable one yet.
A great company can still be a rough trade on IPO day. After the opening rush, the question shifts from who wants access to what the business can already prove.
That is where the data gets uncomfortable.
4 hours ago
