SpaceX left $16.7 billion on the table in its IPO

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โดย Fortune·Read original
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SpaceX’s blockbuster IPO left an estimated $16.7 billion on the table, the largest amount ever forgone in a U.S. public offering. The shares priced at $135 and closed at $160.75 on June 12, a 19% first-day gain that matched the historical average but translated into a record dollar sum when including the overallotment option. That $16.7 billion is nearly triple the previous record of $5.9 billion set by Visa in 2008 and exceeds the combined totals of the next four largest first-day pops. The foregone capital is especially critical because SpaceX faces massive AI-related capital expenditures, with $31 billion spent on capex over the past five quarters while operating cash flow remains deeply negative. After repaying loans and other commitments, only about $23 billion of the $86 billion raised remains available for AI investment, and the company’s total cash and IPO proceeds of less than $50 billion could be exhausted in under a year at current spending rates.

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