The Most Unprofitable IPO in Wall Street History

About this episode

The episode discusses SpaceX's extraordinary IPO prospectus and its implications for investors.

This week, SpaceX filed the prospectus for what is expected to be the largest IPO in history. The document is extraordinary — part financial disclosure, part science fiction, and part governance structure that a corporate law professor has described as offering shareholders "no votes, no sales, and no suits." We look at the numbers, the products that don't yet exist, the AI business that SpaceX's own engineers won't use, the related-party transactions, the compensation package tied to a Mars colony the company admits is "improbable," and the one rocket that everything depends on. Everything I am about to tell you comes directly from the filing. Patrick's Books: Statistics For The Trading Floor: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://amzn.to/3eerLA0⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Derivatives For The Trading Floor: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://amzn.to/3cjsyPF⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Corporate Finance: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://amzn.to/3fn3rvC ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Ways To Support The Channel: Patreon…

People in this episode

Host: Patrick Boyle

Topics covered

• IPO
• SpaceX
• financial disclosure
• corporate governance
• investing
• rocket technology

Keywords

• IPO
• SpaceX
• financial disclosure
• corporate governance
• investing
• rocket technology
• related-party transactions

Mentioned in this episode

Organizations: SpaceX

Books & works: Statistics For The Trading Floor, Derivatives For The Trading Floor, Corporate Finance

More episodes of Patrick Boyle On Finance

• When a Housing Boom Turns to Bust · June 7, 2026 · 27 min
• This Is Probably Fine! · May 30, 2026 · 30 min
• What Trump's China Visit Actually Achieved. · May 17, 2026 · 26 min
• The Dumbest Takeover Bid · May 10, 2026 · 31 min
• The Unanchored Central Banker: Manoj Pradhan on Inflation, Demographics, and Why AI Won't Save Us · May 6, 2026 · 51 min
• Is Inflation About to Get Much Worse? · May 3, 2026 · 33 min