The SpaceX IPO: How a Banker Reads the Largest Offering in History

Last week, SpaceX priced the largest IPO in stock market history — $135 per share, a $75 billion raise, a $1.75 trillion valuation, trading on Nasdaq as SPCX. Most coverage is a space story. This episode is a capital markets story. Keith Koo, Founder and Host of Silicon Valley Insider® and Vice President at U.S. Capital, an international investment bank, opens the prospectus the way a banker would. First, the real economics: a Starlink subscription business generating $11.4 billion in revenue and $4.4 billion in operating profit, carrying a launch segment and an AI segment that together lose billions. Then the structure: a dual-class share system giving Elon Musk roughly 80% voting control on 42% of the equity, a fixed-price offering with no bookbuild, a staggered lockup waterfall, and a retail allocation three times the Wall Street norm. Finally, what it means in practice for executives whose companies depend on Starlink, for investors weighing the stock, and for founders watching the biggest cap-table lesson ever taught in public. Not investment advice — a masterclass in reading the deal. Start the conversation at keithkoo.com or reach Keith at [email protected]. Subscribe wherever you get your podcasts.