SpaceX: The Biggest Money Loser in IPO History
Why Hacker News recommends it
Recommended as a clear, roughly 30-minute summary of the problems with the SpaceX IPO.
What it is
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 by 3 HN commenters across 2 different months, 2026 to 2026.
What Hacker News said
Strong rec roysting · 2026-06 · on “Anthropic confidentially submits draft S-1 to the SEC”
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. [this video]
Recommends general1465 · 2026-05 · on “The SpaceX IPO is great for Elon Musk and terrible for you”
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 - [this video]
Recommends tcp_handshaker · 2026-06 · on “Anthopic, OpenAI Should Not Be Allowed to IPO, Says Ed Zitron [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" - [this video] "SpaceX IPO Scandal" - [LINK]
Recommends tcp_handshaker · 2026-06 · on “Elon Musk is expected to become the first trillionaire”
[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" - [this video] "SpaceX IPO Scandal" - [LINK] "Anthopic, OpenAI Should Not Be Allowed to IPO, Says Ed Zitron" - [LINK]
Cites throw0101a · 2026-05 · on “SpaceX S-1”
> 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): * [this video] SpaceX has about the same revenue as breakfast cereal maker Kellogg's, but Kellogg's is more profitable.
Cites DarkNova6 · 2026-06 · on “Can the stockmarket swallow Anthropic, SpaceX and OpenAI?”
> 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: [this video]
Cites tcp_handshaker · 2026-06 · on “SpaceX, Other Mega IPOs Denied Fast Index Entry by S&P”
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: Ni
Cites polotics · 2026-06 · on “S&P 500 rejects SpaceX, also blocking entry for OpenAI and Anthropic”
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 [this video]