SpaceX just filed for what could be the biggest IPO ever
SpaceX just filed for what could be the biggest IPO ever
SpaceX 刚刚提交了可能是有史以来规模最大的 IPO 申请
We can finally look under the hood at Elon Musk’s rocket, space internet, and AI juggernaut. 我们终于可以一窥埃隆·马斯克（Elon Musk）旗下火箭、太空互联网和人工智能巨头的内部运作了。
Elon Musk’s final frontier is officially open for business now that SpaceX has formally filed its S-1 prospectus with the SEC. That kicks off what could be the largest initial public offering ever when it lists on the Nasdaq stock exchange with the ticker SPCX. 随着 SpaceX 正式向美国证券交易委员会（SEC）提交 S-1 招股说明书，埃隆·马斯克的“终极疆域”正式向公众开放。这将开启一场可能是有史以来规模最大的首次公开募股（IPO），公司将在纳斯达克证券交易所上市，股票代码为 SPCX。
SpaceX generated $18.67 billion in revenue in 2025, driven largely by its Starlink satellite internet service, which brought in more than $11 billion, as reported by The Wall Street Journal. The company lost over $4.9 billion last year, with capital expenditures soaring to $20.7 billion last year, a leap from $11.2 billion in 2024, as reported by The New York Times. xAI, which recently merged with SpaceX, lost billions last year, while growing revenue by 22 percent, according to TechCrunch. 据《华尔街日报》报道，SpaceX 在 2025 年创造了 186.7 亿美元的收入，主要得益于其星链（Starlink）卫星互联网服务，该业务贡献了超过 110 亿美元。据《纽约时报》报道，该公司去年亏损超过 49 亿美元，资本支出从 2024 年的 112 亿美元飙升至去年的 207 亿美元。据 TechCrunch 报道，最近与 SpaceX 合并的 xAI 去年亏损数十亿美元，但收入增长了 22%。
For months, rumors have swirled that SpaceX was preparing a historic market debut, with whispers of a $1.75 trillion valuation and a record-shattering $75 billion raise. Now that the paperwork is public, we finally have our first real look at the financials behind the company that normalized reusable rockets, built a space internet monopoly, and absorbed Musk’s xAI and the dredges of Twitter into its orbit. 几个月来，关于 SpaceX 正在筹备历史性上市的传闻不断，坊间流传其估值将达到 1.75 万亿美元，并计划筹集创纪录的 750 亿美元。随着相关文件公开，我们终于首次真实地看到了这家公司的财务状况——正是这家公司让可重复使用火箭成为常态，建立了太空互联网垄断地位，并将马斯克的 xAI 以及 Twitter 的残余资产纳入了其轨道。
The S-1 filing contains a long list of risk factors, as is standard for these documents, including this one: Several of our anticipated market opportunities, including certain AI, orbital, lunar, and interplanetary transportation and industrial activities, are still emerging and evolving or do not currently exist, and such markets may not develop as we expect, or at all. S-1 文件中包含了一长串风险因素，这在此类文件中是标准做法，其中包括：我们预期的多个市场机会，包括某些人工智能、轨道、月球和行星际运输及工业活动，目前仍处于萌芽和演变阶段，或者尚不存在；这些市场可能不会按我们预期的那样发展，甚至可能根本不会发展。
It also says its “substantial level of indebtedness could materially adversely affect our financial condition.” 文件中还提到，其“高额的债务水平可能会对我们的财务状况产生重大不利影响”。
According to the WSJ, Musk’s supervoting shares will give him 85 percent control over the company. In addition to Musk, SpaceX president Gwynne Shotwell, and CFO Bret Johnson, the SEC filing lists several other members of SpaceX’s board of directors, including Google executive Donald Harrison, Tesla board member Ira Ehrenpreis, as well as investors Randy Glein, Antonio Gracias, Steve Jurvetson, and Luke Nosek. 据《华尔街日报》报道，马斯克的超级投票权股份将使他拥有公司 85% 的控制权。除了马斯克、SpaceX 总裁格温·肖特韦尔（Gwynne Shotwell）和首席财务官布雷特·约翰逊（Bret Johnson）外，SEC 文件还列出了 SpaceX 董事会的其他几名成员，包括谷歌高管唐纳德·哈里森（Donald Harrison）、特斯拉董事会成员艾拉·埃伦普里斯（Ira Ehrenpreis），以及投资者兰迪·格莱恩（Randy Glein）、安东尼奥·格拉西亚斯（Antonio Gracias）、史蒂夫·尤尔韦特松（Steve Jurvetson）和卢克·诺塞克（Luke Nosek）。
SpaceX describes its mission to investors as: Our mission is to build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars. To do this, we have formed the most ambitious, vertically integrated innovation engine on (and off) Earth with unmatched capabilities to rapidly manufacture and launch space-based communications that connect the world, to harness the Sun to power a truth-seeking artificial intelligence that advances scientific discovery, and ultimately to build a base on the Moon and cities on other planets. SpaceX 向投资者描述其使命为：我们的使命是构建实现多行星生存所需的系统和技术，理解宇宙的本质，并将意识之光延伸至星辰大海。为此，我们打造了地球上（及地球外）最雄心勃勃的垂直整合创新引擎，具备无与伦比的能力，能够快速制造和发射连接世界的太空通信系统，利用太阳能为推动科学发现的“求真”人工智能供电，并最终在月球建立基地，在其他行星上建设城市。
SpaceX currently leads the industry in commercial space launches, with its massive Starship V3 rocket scheduled for flight on Thursday following a delay. The document repeatedly brings up establishing “orbital AI compute” by putting servers in space as a massive opportunity for revenue and one that it is uniquely positioned to deliver. In January, SpaceX asked the Federal Communications Commission for permission to launch one million data center satellites into space to support a growing AI buildout. SpaceX 目前在商业航天发射领域处于行业领先地位，其巨大的星舰 V3（Starship V3）火箭在推迟后定于周四进行飞行。该文件反复提到通过在太空中部署服务器来建立“轨道人工智能计算”，认为这是一个巨大的收入机会，且 SpaceX 在此方面具有独特的交付优势。今年 1 月，SpaceX 向联邦通信委员会（FCC）申请许可，计划向太空发射 100 万颗数据中心卫星，以支持日益增长的人工智能基础设施建设。
It’s telling investors that SpaceX believes it has “identified the largest actionable total addressable market (TAM) in human history,” potentially worth $28.5 trillion, with $370 billion from space, $1.6 trillion in connectivity with Starlink Broadband and Starlink Mobile, and $26.5 trillion in AI, which includes AI infrastructure, subscriptions, advertising, and $22.7 trillion in enterprise applications. SpaceX 告诉投资者，公司认为已经“确定了人类历史上最大的可行动潜在市场（TAM）”，其价值可能高达 28.5 万亿美元。其中，太空业务价值 3700 亿美元，星链宽带和星链移动连接业务价值 1.6 万亿美元，而人工智能领域则高达 26.5 万亿美元（包括人工智能基础设施、订阅、广告以及 22.7 万亿美元的企业应用）。