This SpaceX IPO, set for today, is the largest scam in financial history. Roughly 93% of its projected $1.75T value is in AI, and Elon Musk’s xAI/Grok models are garbage.
Only Starlink makes money, as all other SpaceX divisions lose money. SpaceX leases CPU to Anthropic, it’s competitor, and that is SpaceX’s biggest revenue stream in AI. In other words, it’s an AI infrastructure leasing company being given a big tech valuation. Just how is a leasing company considered an AI innovator?
Their IPO prospectus (sample above) is a joke, an exercise in science fiction & fudging the numbers. SpaceX is claiming a ‘total addressable market’ of $28.5T, which is almost the entire US GDP ($30T). Shareholders will have no vote or say in how SpaceX is run, as Elon Musk will control 85% of the shareholding vote, meaning he can never be fired and will pick his successor, etc. He can even start a new rival company that competes with SpaceX, if that suits him. This is a huge circular deal that rewards all of Elon Musk’s cronies, and keeps him afloat despite SpaceX’s annual net losses & massive debt obligations.
This deal is being hyped because all the right people are getting paid and it keeps the music going. This IPO is also how Elon Musk is meeting his debt obligations for his overpay of Twitter in 2022. There is massive working class resentment over this institutionalized graft, which is widely understood in online comments, blogs & forums, but isn’t seriously discussed or analyzed in the corporate media which accepts this blatant fraud as legitimate business.
Here’s a good video explaining this SpaceX IPO fraud in detail:
As mentioned in an earlier article, SpaceX according to its IPO disclosure holds 18,700 bitcoins purchased at ~$35k each. Therefore, crypto Kool-Aid drinkers are expecting a bitcoin price bump with this IPO, even though there is no rational reason why. Bitcoin has been backsliding since its primary booster, Michael Saylor’s Strategy, sold 32 bitcoins in late May to pay stock dividend obligations. Because Elon Musk is a big crypto booster, and Space X has a sizable stash of bitcoin, this IPO must be a bitcoin price booster. That’s the logic of the market, where casual correlations become influential narratives, and no one cares to explain how it all happens.
Bitcoin/crypto, like the SpaceX IPO, is a huge con built on the cult of personality. Both mirror when Trump Media & Technology Group (TMTG) went public in March 2024, This fake company, TMTG, operates the Truth Social platform and World Liberty Financial, Trump’s crypto venture. TMTG operates at a heavy loss, with little revenue. Trump Media & Technology Group’s IPO price was ~$79, and just over two years later it trades at $8.25 per share. As of this publication, Trump’s WLFI tokens exchange for $0.06. This should give anyone with any financial sense, a clear idea where SpaceX’s IPO is heading. That 2024 TMTG IPO was simply a handout to Donald Trump from his wealthy supporters, as he desperately needed the cash; just as SpaceX’s 2026 IPO is nothing more than a supporter-backed bailout for Elon Musk.
In conclusion, the IPO price for SpaceX has been set at $135 per share, with a $1.7T valuation because Elon Musk says so. That’s not normally how it works, but we are in a new era of high finance. It’s all in that ridiculous prospectus, which the banks who are making hundreds of millions of dollars off this fraud, barely scrutinize. This IPO is expected to raise $75B for SpaceX, and make Elon Musk the first trillionaire. Of course all this is fictitious value, as all of the value of SpaceX is based on lies & cooked numbers— especially its bitcoin. Elon Musk simply put himself at the head of the line when it comes to AI-company IPOs, and that’s what’s getting him top dollar for his SpaceX junk. It’s not what you know, it’s who you know.
OpenAI & Anthropic are expected to follow with ~$1T IPO valuations. These companies actually have workable AI technology that people use, but they are part of a massive tech bubble that will burst upon us all. By the time these companies go bankrupt, they will have looted all the money that can be squeezed out of the system. They will be among the biggest companies in the world, and thus deemed too-big-to-fail, and we know what that means: More taxpayer bailouts for these fraudsters, because all the wealthy elites & political players are in on it. The ruling oligarchy tell us what’s what, and we the workers must always obey them. Those are the rules, until a revolution comes along and consigns all this detritus into the dustbin of history.
Fri 12 Jun 2026 05:52 PM CDT
Epilogue: SpaceX stock opened at $150 and rose 19% to $160, after reaching an early high of $172. One particular aspect that has serious investors upset is Nasdaq changing its own eligibility rules for index funds, which acts as yet another hidden boost for Elon Musk. How does he do it? Most human commentors on social media believe the pre-IPO buyers will take their money and wait for the crash, then buy the dip & hold. Plenty of xAI bots attacking these comments. What a rigged charade, as at least two-thirds of the American people aren’t the least bit fooled by this orchestrated fraud.
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