Goldman Sachs · SpaceX · Elon Musk · xAI · Starlink · The Atlantic Technology
Before the IPO, SpaceX picked up xAI, Musk’s artificial-intelligence firm, which itself picked up X, the social-media site
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Maybe most important, SpaceX is a story, even a meme.
Key facts
- In short order, SpaceX has become the sixth-most valuable public company although it posted a net loss of $4.94 billion last year on $18.7 billion in revenue
- On Tuesday, SpaceX announced it is using some of that value to purchase Cursor, the AI-coding start-up, for $60 billion, all in stock
- Last week SpaceX opened trading at a market capitalization of $1.7 trillion
- Musk is a person, not a system or institution, but he owns more than 40 percent of SpaceX and controls more than 80 percent of its voting shares
Summary
SpaceX had its initial public offering last week. But the company can be defined in many ways. Musk is arguably a better salesman than an inventor, and what he began selling early on was a techno-utopian dream—of himself as a Tony Stark–style genius, of an environment-saving EV revolution, of securing a future for humanity by getting them all to Mars. SpaceX is obviously not Dogecoin. Musk has frequently set unrealistic timelines for projects, including putting a spacecraft on Mars by 2018. What do you get when you combine SpaceX the business with the financial instrument and the meme? In short order, SpaceX has become the sixth-most valuable public company although it posted a net loss of $4.94 billion last year on $18.7 billion in revenue.