SpaceX just claimed a $28.5 trillion addressable market. For context, US GDP is $29 trillion. The IPO filing just went public and it is a lot to unpack. The actual business today? Starlink internet subscriptions. Mars is the pitch deck, broadband is the P&L. Musk keeps 85% of voting control. Shareholders get one vote per share and an arbitration clause. So, the usual. Revenue was $18.67B last year. xAI unit is losing money. Target valuation is $1.75T, which would make this the biggest IPO in US history and put Musk on track to become the world's first trillionaire. This will be an interesting IPO year. The real question is whether you are buying on day one or waiting for it to pop.(Lark Davis)