SpaceX: The Biggest Money Loser in IPO History
Patrick Boyle3 HN recommenders · 2026–2026
2.2M views · commentary · news · Uploaded 2026-05-22
Patrick Boyle analyzes SpaceX's IPO prospectus, covering its financials, speculative products, AI business, related-party dealings, compensation, and a governance structure with minimal shareholder rights.
Recommended as a clear, roughly 30-minute summary of the problems with the SpaceX IPO.
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10 comments from Hacker News
> It’s surprising just how low the revenue is for SpaceX. There are some 700+ companies with larger revenue figures, and yet just a small handful exceed SpaceX’s proposed valuation. As Patrick Boyle points out in this video "SpaceX IPO: Nice Try Though" (6m40s): * [VIDEO] SpaceX has about the same revenue as breakfast cereal maker Kellogg's, but Kellogg's is more profitable.
On that topic: this is both entertaining and scary, especially the bit that says they fast-tracked into the NASDAQ 100 so whether you like it or not you have to buy into Elon Musk's financial house of cards. [VIDEO]
If you don't want to read, here is a 30 minutes summary from financial guy (Patrick Boyle) where are all the problems with SpaceX IPO - [VIDEO]
Patrick Boyle has an excellent presentation (YT) on the SpaceX IPO. In case you thought you knew it was bad … it’s way worse than you think. [VIDEO]
> How come? On the books or they're actually selling internet cheaper than they source it? My bad, the satellite business is profitable. It's the space rocket division that operate at a loss, which they state clearly in their IPO filing. > xAI is a money burning furnace Even Mistral is earning more revenue than xAI and the french seem well on the way of having a sustainable business who becomes a key player in Europe. But I might be biased, my information is mostly based on: [VIDEO]
[LINK] "SpaceX IPO retail offering is worrying" - [LINK] ( This guy will never be invited back to CNBC...interview is hysterically funny...and accurate... ) "SpaceX IPO: Nice Try Though" - [VIDEO] "SpaceX IPO Scandal" - [LINK]
[LINK] "SpaceX IPO retail offering is worrying" - [LINK] ( This guy will never be invited back to CNBC...interview is hysterically funny...and accurate... ) "SpaceX IPO: Nice Try Though" - [VIDEO] "SpaceX IPO Scandal" - [LINK] "Anthopic, OpenAI Should Not Be Allowed to IPO, Says Ed Zitron" - [LINK]
At this moment, there is so so much, publicly available information [1] on the fact the SpaceX IPO is the biggest scandal in the long history of Wallstreet insiders fleecing the "Johns". A scandal orchestrated and cheered on by the NASDAQ, as well as Goldman Sachs and JP Morgan the underwriters, that if you spend any money on it, you deserve to be parted with your money. And if you have a 401k...you are forced to buy no questions asked. This will become such a disaster for retail, that hopefully Goldman Sachs and JP Morgan and the NASDAQ too, will spend their next 10 years in court defending action group lawsuits. [1] - [LINK] "SpaceX IPO retail offering is worrying" - [LINK] "SpaceX IPO: Nice Try Though" - [VIDEO] "SpaceX IPO Scandal" - [LINK] "Anthopic, OpenAI Should Not Be Allowed to IPO, Says Ed Zitron" - [LINK]
More explicitly, it puts them at the same level as Kellog's, with one difference: breakfast cereals is profitable... This is as per Patrick Boyle's [VIDEO]
"SpaceX is completely globally dominant in its industries (launch technology and orbital telecom)" 1. Have you seen what the Chinese have come up with? [LINK] 2. None of these things are, where the money is supposed to come from in the future: [VIDEO] I don't know the future, nor do I give investing advise. I don't want this stock.