SpaceX filed for the biggest IPO ever. The S-1 says Starlink is the only part that makes money.
SpaceX is targeting a ~$1.75 trillion June listing under SPCX — the largest IPO in history. The filing tells a sharper story: Starlink is the cash engine, the rest burns billions, and Musk keeps 85% of the votes.
May 22, 20263 min read