SpaceX is now public
SpaceX is now public
SpaceX 正式上市
The world’s richest man just took his rocket company public in the world’s biggest IPO. 全球首富刚刚将其火箭公司推向公开市场，完成了史上规模最大的首次公开募股（IPO）。
SpaceX is now a publicly traded company. In one of the most highly anticipated and controversial public offerings of all time, the rocket venture helmed by Elon Musk started trading on Nasdaq on June 12th at the take-it-or-leave-it price of $135-per-share — though most retail investors will likely pay far more. SpaceX 现已成为一家上市公司。在史上最受期待也最具争议的公开募股之一中，这家由埃隆·马斯克（Elon Musk）掌舵的火箭企业于 6 月 12 日在纳斯达克挂牌交易，发行价定为每股 135 美元（不接受议价）——尽管大多数散户投资者最终支付的价格很可能会远高于此。
The IPO is historic for many reasons: SpaceX is hoping to raise $75 billion under the ticker symbol SPCX, which would make it the largest public offering in history. The company is controlled by Musk, who also runs Tesla, another trillion-dollar company. The IPO is expected to make Musk, who is set to control 85 percent of the voting shares, the world’s first trillionaire. But retail investors may struggle to buy into this vision, as Bloomberg recently reported that the IPO has attracted demand for more than four times the available shares. 此次 IPO 在多个层面都具有历史意义：SpaceX 希望以股票代码“SPCX”筹集 750 亿美元，这将使其成为史上规模最大的公开募股。该公司由马斯克控制，他同时还经营着另一家万亿级企业特斯拉。此次 IPO 预计将使马斯克成为全球首位万亿富翁，他将掌握公司 85% 的投票权。然而，散户投资者可能难以参与其中，据彭博社近期报道，此次 IPO 的认购需求已超过可用股份的四倍。
The amount is a reflection of the exuberance around SpaceX’s mission. The company handles roughly 82 percent of all US space launches and commands nearly half of the global commercial space market. Starlink, its satellite internet business, is a high-margin cash cow, having crossed 10 million subscribers globally earlier than this year. 这一数额反映了市场对 SpaceX 使命的狂热。该公司承担了美国约 82% 的航天发射任务，并占据了全球商业航天市场近一半的份额。其卫星互联网业务 Starlink 是一台高利润的“现金奶牛”，今年早些时候其全球用户数已突破 1000 万。
SpaceX was valued at $1.25 trillion earlier this year after merging with xAI, Musk’s AI company that also owns X.com, formerly Twitter. The tie-up means investors will be buying in at a historically high price — but Musk combined the companies at great cost to himself and also SpaceX. 今年早些时候，在与马斯克的 AI 公司 xAI（该公司还拥有前身为 Twitter 的 X.com）合并后，SpaceX 的估值达到了 1.25 万亿美元。这次合并意味着投资者将以历史高价入场——但马斯克在合并这些公司时，也让他自己和 SpaceX 付出了巨大的代价。
The groundwork was set in May, when SpaceX formally filed its S-1 prospectus with the US Securities and Exchange Commission. In it, the company laid out its plans for future rocket launches, a permanent human colony on Mars, and orbital data centers to power its AI capabilities. In typical Musk fashion, most of these plans remain wildly out of reach. 筹备工作始于 5 月，当时 SpaceX 正式向美国证券交易委员会（SEC）提交了 S-1 招股说明书。文件中，该公司阐述了未来火箭发射、在火星建立永久人类殖民地，以及利用轨道数据中心为其 AI 能力提供支持的计划。按照马斯克一贯的风格，这些计划中的大多数目前仍遥不可及。
The S-1 also detailed all the ways in which Musk enriches himself through self-dealing. Tesla owns nearly 19 million shares of SpaceX’s Class A common stock, which is less than 1 percent of the total outstanding stock. Tesla’s stake in xAI was converted to SpaceX shares after Elon Musk merged his AI company with his space company in February. SpaceX buys Cybertrucks and Megapacks from Tesla, and leases office space to the Boring Company. The S-1 also lists Musk himself as a risk factor, noting that his other companies may compete against SpaceX for valuable supplies. S-1 文件还详细列出了马斯克通过关联交易实现个人获利的所有方式。特斯拉持有 SpaceX 近 1900 万股 A 类普通股，占总流通股不到 1%。在马斯克于 2 月将其 AI 公司与航天公司合并后，特斯拉在 xAI 的股份被转换为 SpaceX 的股票。SpaceX 从特斯拉购买 Cybertruck 和 Megapacks，并向 Boring Company 出租办公空间。S-1 文件甚至将马斯克本人列为风险因素，指出他的其他公司可能会与 SpaceX 争夺宝贵的供应资源。
SpaceX is also wildly unprofitable. It lost roughly $4.9 billion in 2025 and burned billions more in the first quarter of 2026, largely due to its spending on massive AI data centers. At its current burn rate, the $75 billion raised from the IPO could be gone within 2.5 years. SpaceX 目前也处于严重亏损状态。2025 年该公司亏损约 49 亿美元，2026 年第一季度又烧掉了数十亿美元，这主要是由于其在大型 AI 数据中心上的巨额支出。按照目前的烧钱速度，此次 IPO 筹集的 750 亿美元可能在 2.5 年内就会耗尽。
Even if you don’t buy the stock directly, you might end up owning it soon anyway. As our own Liz Lopatto recently explained, Nasdaq changed its rules to allow massive companies to enter the Nasdaq 100 index after just 15 trading days instead of waiting for the annual December shuffle. This means popular ETFs will likely be forced to buy billions of dollars of SpaceX stock shortly after launch. 即使你不直接购买该股票，你可能很快也会持有它。正如我们同事 Liz Lopatto 最近所解释的那样，纳斯达克修改了规则，允许大型公司在上市仅 15 个交易日后即可进入纳斯达克 100 指数，而无需等待每年 12 月的例行调整。这意味着热门 ETF 很可能在 SpaceX 上市后不久就被迫买入数十亿美元的股票。