21 Days To The Largest IPO In American History
The Saturday paper's B1 feature is the most useful piece of capital-markets reporting we've read all month: a play-by-play of what the next 21 days look like inside the SpaceX IPO process. Expected launch date: June 12. Expected total: $80 billion in shares allocated. Underwriting bank lineup: 23 firms, led by Goldman Sachs and Morgan Stanley.
Three Numbers From The Prospectus That Matter
1. Starlink is now 60%+ of revenue. The space-internet business pulled in $11 billion in 2025, up from less than half that the year before. It's also the only profitable segment of SpaceX. The "space company" framing the bankers will use is somewhat misleading — this is increasingly an internet-service provider that also explores space.
2. Net loss of $4.9 billion in 2025, accelerating. That's a big number. The launch business is essentially a trucking business that ships stuff into orbit; it makes about $4 billion in revenue. Starlink is what's funding the Mars ambition, the data centers in space, the cars on the moon. The Saturday paper highlights that without Starlink, SpaceX would be a bankruptcy waiting to happen.
3. $29 trillion total addressable market. This is the prospectus claim — ambitious, to put it politely. But it tells you how the bankers are framing the story to long-only buyers: this is not a satellite company. This is the infrastructure layer for the next 50 years of compute, communications, and aerospace.
Why We Can't Buy SpaceX — And What We Do Instead
You can't put SpaceX in a 401(k). You can't put it in an IRA. Pre-IPO secondary marketplaces are accredited-investor only and the spreads are punishing. The actual IPO allocation will be tightly controlled and almost certainly oversubscribed; retail investors will get fractions of what they ask for.
What you can do is own the public-market picks-and-shovels that benefit from the same capex cycle. Our AI infrastructure sleeve is built around it: Nvidia (NVDA), Advanced Micro Devices (AMD), Taiwan Semiconductor (TSM), Arm Holdings (ARM), GlobalFoundries (GFS), Vertiv (VRT), Bloom Energy (BE), Enphase (ENPH). And on the financials side, Goldman Sachs (GS) is the cleanest single-stock play on the IPO pipeline. GS closed at $999.50 Thursday for a reason.
The Mini-Boom Is About To Get Bigger
Three of the most valuable private companies in the country are all going public in the same window: SpaceX (June 12 target), OpenAI (filing confidentially within weeks — reports vary on timing), and Anthropic (filing later this year, Q2 revenue more than doubling to $10.9B). That's a once-in-a-decade IPO calendar.
The read-through for advisors and clients: the public-equity market just got a lot more interesting. If you've been sitting in cash waiting for "the right time," that time was 2023–2024 and you mostly missed it. The IPO calendar is the next entry point. Talk to us before you chase any IPO directly — we'll show you the cleaner public-market exposure.