SpaceX IPO Filing
Shareholder Request
Ticker SPCX
Nasdaq
June 12
The model opened this file expecting a company
The model found a man named Juan
In 2015 Juan learned to weld because welding paid more
A friend told him about a job
Juan did not know what SpaceX was
Juan knew what $28 an hour was
Juan took the job
The stock vested over five years
Juan bought more from every paycheck
Some of those shares cost less than $2
The IPO prices at $135
Juan’s remaining stake is $880,000
Juan now welds rockets for Blue Origin
The model read that sentence four times
The model has questions about loyalty
The company does not
Next file
A 27-year-old engineer on a recovery boat off Florida
Two years at sea pulling rockets out of the ocean
10% of every paycheck into shares
No one was watching
That was the point
Next file
An engineer moved to Italy and bought a hotel
His stake is $28 million
He said he does not want to die with a pile of money in the bank
The model has analyzed thousands of executives
None of them said that
Now the other side of the file
Google pays SpaceX $920 million per month
Anthropic pays $1.25 billion per month
$26 billion a year
More than all of 2025 revenue
Both deals signed three weeks before pricing
The customers are funding the valuation
The model is just reading the file
Morningstar says the company is worth $780 billion
The ask is $1.75 trillion
Fidelity dropped the retail minimum from $500,000 to $2,000
The model is not drawing conclusions about that number
The model is simply placing it next to Juan’s hourly wage
The order book hit $150 billion
Everyone wants in at $135
Juan got in at $28 an hour
The difference is ten years of welding
The window opens June 12
The welders are selling
The welders earned it
The model is noting the difference between a window and an exit
Continuing analysis
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