Record one investment and reflection on SPCX: 1、 The situation of IPO fundraising Issue price: $135 per share, fixed pricing (no inquiry range) Issuance scale: Approximately 555.6 million shares, raising $75 billion (Class A), accounting for approximately 4.25% of the total share capital after IPO Valuation: Approximately $1.77 trillion Currently, the entire network has raised four times more funds+ 2、 Equity Structure Dual structure equity: Class A: 1 vote per share, held by the public, institutions, and employees, approximately 7.38 billion shares Class B: 10 shares per share, limited to Musk and core insiders, approximately 5.7 billion shares Total share capital after IPO: approximately 13.076 billion shares Current announced shareholding situation: Elon Musk: Approximately 42%, with 85% of voting rights (A+B) Google: 5% (jointly invested $1 billion with Fidelity in 2015) Valor Equity Partners：≈7.3% Fidelity Investment: ≈ 2% Founders Fund (Peter Thiel), Sequoia Capital D1 Capital、 Middle East sovereign funds, etc.: totaling about 10-12% Employee option pool: ≈ 10% Tesla holds approximately 19 million Class A shares, accounting for 0.15% Initial circulating stock: ≈ 4.2% Additional introduction: Valor Equity Partners holds 7.3%, the second largest single shareholder Chicago based veteran growth oriented private equity/venture capital firm, Musk's "personal investor+long-time friend", early core investor of Tesla: I met Musk during the PayPal era and invested in Musk's PayPal in the early days In 2005, led a $13 million Series B investment in Tesla and served as a director In 2008, SpaceX's Wheel of Life and Death entered the market and became a director of SpaceX XAI: Leading investment in Series E of 2026, investing $20 billion Neuralink, The Boring Company, X (formerly Twitter): all have investments Other well-known holdings: Reddit, Anduril, Zipline, Eight Sleep, etc 3、 Post IPO equity unlocking situation 1. Elon Musk+core investors (including Valor) 49.3% Lock up period: 366 days (until June 13, 2027) All shares (Class A+B) are locked and do not participate in any early unlocking 2. Pre IPO shareholders (institutional/employee old shares) Basic lock up period: 180 days (until December 9, 2026) Partially available for sale in batches starting from late July/early August 3. DSP employees/relatives and friends 5% unlocked, can be sold on the day of launch Belonging to high control+overvaluation+low circulation 4、 Company business and financial data 1. Space Launch Products: Falcon 9, Falcon Heavy, Starship+Dragon spacecraft (manned/cargo) Advantage: SpaceX uses reusable rockets (reusable first stage boosters) to reduce costs by 1/10 or even lower (about $2700/kg); Global commercial launches account for approximately 50% of the market share, with orbital quality accounting for approximately 80-90% of the global market share, monopolizing mid to low end commercial launches; Customers: NASA, commercial satellite companies, military, research institutions Goal: Reduce space costs and monopolize global commercial launches 2025 Revenue: $4.09 billion (+7.6%) Proportion of total revenue: 22% 2025 operating profit: -657 million US dollars (Starship R&D burning money) 2026Q1 Revenue: $620 million, accounting for 13% Launch volume: 170 times (2025), global share ≈ 50% 2. Starlink [currently the only profitable business] Product: Low Earth Orbit (LEO) Giant Satellite Constellation (Approximately 9600 deployed, accounting for approximately 75% of global satellites) Scale: 10.3 million users (2026Q1), covering 164 countries; In 2025, the revenue will be approximately 11.4 billion US dollars, accounting for approximately 70% of the total revenue. The operating profit in 2025 will be+4.423 billion US dollars, and the revenue in Q1 2026 will be 3.26 billion US dollars, accounting for 69%. It is the largest cash cow and the only profitable business; Extension: Starshield (military version), direct connection to mobile phones (2027) Goal: Global high-speed internet without blind spots 3. SpaceXAI: Space Data Center+Large Model Acquiring xAI and developing the Grok big model; Plan an orbital data center and use starship computing power to go into space Large capital consumption and serious losses in business at present Goal: Layout space computing power and Mars immigration, long-term narrative core 2025 Revenue: $3.2 billion (+22%) Proportion of total revenue: 17% 2025 operating profit: -635 million US dollars (huge computing power investment) 2026Q1 Revenue: 820 million US dollars, accounting for 18% Core customer: Anthropic (1.25 billion per month, 15 billion+over 3 years) Overall: Revenue in the past three years 2023: Revenue of 10.4 billion yuan, net loss of 4.63 billion yuan (large investment in Starlink networking and Starship R&D); 2024: Revenue of 14 billion yuan, annual profit of 790 million yuan (Starlink begins to make large-scale profits, rocket launches are stable); 2025: Revenue of 18.7 billion yuan, net loss of 4.94 billion yuan (not due to operational deterioration, but due to significant investment in AI after integration into xAI); Revenue is growing, but the reason for the loss is the high investment in AI 5、 RKLB fdv, a US stock company on the same track, is worth 60 billion US dollars From the perspective of the company's comprehensive business, there is no benchmark company, and the business segments include Positioning: The world's second "rocket+satellite" vertically integrated space company outside of SpaceX Core advantage: Small satellite high-frequency exclusive launch+satellite manufacturing full stack capability From 2023 to 2025, revenue will increase by 2.5 times, gross profit margin will shift from 15% to 34%, and satellite business (Photon+components) will contribute high gross profit R&D is burning money and still not profitable: The first flight of the Neutron medium rocket (compared to the Falcon 9) by the end of 2026 is currently the largest cash consumption point A personal thought: 1. Concentration of equity, high valuation, chip circulation after one year 2. The valuation of the financing before the final IPO round was $200 billion, nearly 10 times the premium 3. In the short term, it may rise, then fall back, and finally experience a long period of consolidation and valuation return