SpaceX landed on NASDAQ with a valuation of $1.8 trillion this Thursday, is it worth buying? Musk once said that the Starship would only be considered for launch if it could regularly travel back and forth to Mars, but now that the Starship has not yet flown out of the Earth Moon series, the launch is scheduled for June 12th. The driving force behind this schedule is cash flow. In Q1 2026, xAI burned $7.7 billion in a single quarter, while Starlink's annual operating profit was only $4.4 billion. Cash flow is starting to run out, listing has become a mandatory option. Today's SpaceX three businesses are bundled together for sale: The most profitable one is Starlink: with a revenue of 11.387 billion US dollars and an operating profit of 4.423 billion US dollars in 2025. But the average monthly revenue of users has dropped from $99 in 2023 to $66 in Q1 2026, with a sharp increase in dependence on military and political orders, with Ukrainian contracts alone reaching $537 million. Making money, but increasingly relying on structured orders. The most priced one is Starship: operating at a loss of $657 million in 2025. Capital is willing to pay a premium for it because it promises to reduce launch costs. The most expensive one is xAI: capital expenditures of $12.7 billion in 2025 and $7.7 billion in the first quarter of 2026. After the merger, the group's revenue in 2025 will be 18.674 billion US dollars, with an operating loss of 2.589 billion US dollars. $1.8 trillion is used to support Starship's engineering bets with Starlink's cash flow, and then cover xAI's unlimited burning cycle. Listing details: SpaceX is issuing 555555555 shares of Class A common stock at a price of $135 per share, with an expected fundraising of approximately $7.5 billion. After complete dilution, the company's valuation will reach $1.8 trillion. But the vast majority of the equity is still held by insiders, and the initial circulation of shares is very small, accounting for only about 5-10% of the total share capital, with a tradable market value of only about 75 billion US dollars. Nasdaq has specially modified its rules, and within only 15 trading days after listing, it will be quickly included in the Nasdaq 100 with a special triple weighting. At that time, global passive funds will be forced to buy billions of dollars. At the same time, about 30% of the shares in the IPO are reserved exclusively for retail investors, further amplifying market sentiment and first day volatility. The unlocking arrangement is also very flexible, with phased releases starting from August: the first 20% unlocking after the second quarter financial report, followed by approximately 7% unlocking every 70 days, 90 days, 105 days, 120 days, and 135 days, and another 28% unlocking after the third quarter financial report, VC、 Employees and early shareholders will gradually receive liquidity. Musk himself promised not to reduce his shareholding within one year, and still retained about 85% of the voting rights through a dual equity structure after listing. The institution has openly roast that this is the most beneficial governance arrangement for management in the history of the American public market. The cryptocurrency market is being drained in the short term: In the early stages of IPO, a large amount of subscription drained market liquidity, causing temporary pressure on Bitcoin. But SpaceX's balance sheet currently holds 18712 bitcoins, with a fair value of $1.29 billion as of the end of March, a cost base of only $661 million, and a floating profit of over 100%. After going public, SPCX shareholders indirectly gained exposure to Bitcoin. When the unlocking period expires, the funds cashed out by VC and early employees are likely to flow back to AI applications, robots, and encrypted assets. Short term blood draws may actually turn into incremental benefits in the later stage. The listing of SpaceX is the first attempt by the capital market to forcefully package space capacity, satellite connectivity, and AI computing power, providing an open price anchor point. In the short term, it is a typical supply-demand mismatch transaction; In the long run, it is a prepayment for the next ten years.