SpaceX de Musk não é o que você pensa

Fernando Ulrich analyzes the SpaceX IPO prospectus, highlighting that the company is now primarily an AI bet rather than a space exploration firm. He details financials, risks (93x sales, heavy debt, key-man risk), and the massive capex needed for AI infrastructure. The speaker expresses skepticism about the valuation and personally will not invest, warning that this IPO might signal a tech bubble peak. - SpaceX IPO is the largest in history, targeting $1.75 trillion valuation and $75 billion raise. - The company is focused on AI, not just space; AI appears 1,251 times in the prospectus vs. space 1,228. - Revenue is $18.7B with a $5B net loss; Starlink is profitable but space and AI segments lose money. - Valuation implies 93x price-to-sales, far above historical IPO medians and current tech median of 13.7x. - Key risks include Elon Musk's 85% voting control, $29B debt, unproven orbital AI data centers, and heavy capital needs. - SpaceX signed a $45B contract with Anthropic for AI computing, but both sides can cancel with 90 days notice. - The IPO may be listed on Nasdaq and included in the index within 15 days, potentially sustaining elevated prices. - The speaker sees the IPO as possibly the event that bursts the tech bubble and will not invest.