Goldman Sachs leads SpaceX IPO

Leslie Picker has been kicking through the document, has the latest details on it. Leslie. I probably should have put it through Grok, but I'm doing it myself, Melissa, and I just wanted to share a couple more details that we've learned from this multiple hundreds of pages of filing here. First of all, we're looking at $29 billion in long-term debt in terms of the capitalization here. Total CapEx had some interesting details showing about $10 billion in total in the first quarter of 2026. A billion of that was for space, about a billion three for connectivity, and $7.7 billion of that first quarter CapEx was due to AI. Also looking at some shareholder ownership here, it appears that Elon Musk owns about 12.3 percent. Antonio Gracias has about 7.3 percent. The rest of those details will fill in a bit closer to when this company starts its roadshow. We talked about last hour the banks that were managing this offering. I also see that in addition to Goldman having that lead left position, which often involves allocation and pricing and valuation support, Morgan Stanley is listed in this filing as the stabilization agent, and they're also running the directed share program. So we continue to dig in. There is a lot of information here, and we will continue to bring you the latest, guys. Okay. Leslie, thanks. Keep us posted there. Again, it's going to list on the Nasdaq SPCX dual-class shares. That's not a surprise. What are you looking for? I think a lot of investors are excited about this, right? I expect a lot of cash to come out of Tesla. We've been talking about that for a while. If you want to bet on Elon Musk, this is the way to do it. I think the XAI and the money losing there is important in the near term, but I think a lot of what this company is going to be built on is on the back of that and those investments. One other thing that's interesting, though, when you look at the filing, Starlink revenue was probably 75% of 2025 revenue, but it's only about 50% of the implied value there. So at some point, you're going to see whatever the space stuff is ramped, and if they ever get the spend down on XAI, it's going to obviously have a larger contribution. So again, there's so many moving parts on this one. It's going to be a really interesting one. I don't think the street is going to be too particular about a lot of those metrics. I think they're going to be all in because this is one of the first really interesting stories to come to market in a very long time. It's interesting after the courtroom drama, it does seem as if XAI might be treated with a discount when, in fact, it may be quite the opposite. I think this is what Dan's saying, at least in terms of the opportunity here. I think the opportunity in XAI, at least given where other comps are, and again, not totally knowing how the different pieces and the sum of the parts are adding up here, I think it makes it interesting. I do think record IPO, I do believe there are a lot of folks that believe this to be a holding company for all that they want to own for tomorrow, and they're willing to override valuation. Boy, isn't that consistent with Elon Musk companies. Yeah. Mike and I were just talking in the last hour, because this thing just crossed 15 minutes ago, that a lot of this is the Elon Musk magic of promise the future. Within the filing, it says, SpaceX expects space efforts to catalyze transformative breakthroughs that could reshape terrestrial industries and lead to the emergence of new trillion dollar markets on the moon, Mars, and beyond. Oh, boy. Talk about promising. What's left? Well, beyond is, I mean, that really covers everything at that point. But that's the kind of investor that will be attracted to this filing. And they've been attracted to Tesla, now a trillion and a half dollar company. Yeah, he makes outlandish remarks a lot of times that come to fruition, sometimes not so much, but the market rewards him for that. I think amongst the many winners here, the Nasdaq is a big winner here as well. Congratulations to them, because the stock is being listed here. You know, it's interesting, I had a conversation last week with a brilliant VC investor, his name is Shaheen Farshi from Lux Capital, they're early space investors. And he said, he made a really good, you know, analogy to what's going on here with space. He said, you know, 25 years ago, 30 years ago, people used to call it the internet economy. Now it's just the economy. And when you think about space, he's like space, and the stuff that goes into it is going to touch everything. And in 20 years from now, it's going to be the economy, right? When you think about how many different businesses are going to be, you know, kind of intertwined. And I think that's an interesting way to think about it. I think that you saw that Antonio Gracias, he's a, you know, investor, and look at the shareholder, he is, he's been there the whole time. And I think a lot of these folks who have these sorts of visions, this is what they see. They're not looking five, seven years out. If you're a VC, these people are looking 30 years out.