Are you pulling out liquidity? You're about to be offered the most expensive IPO in modern history. SpaceX's S-1 has just been released. Headline numbers: - 2025 revenue: $18.7 billion - 2025 net loss: $4.9 billion - Q1 2026: still operating at a loss - Reported IPO valuation target: roughly 90x sales For context, the previous record-holder, Saudi Aramco, went public at 6x sales. SpaceX is asking for 15x that multiple—while still posting net losses. There are four things in this S-1 that should give you pause.