SpaceX Said to Target $75 Billion in IPO at $135 Per Share

Summary

Bloomberg's George Ferguson discusses SpaceX's planned $75 billion IPO at $135 per share, breaking down the company's three main businesses: launch, Starlink, and potential space data centers for AI. He views the rocket business as the current value driver and the long-term bet on space-based AI data centers, while downplaying a Tesla roll-up.

• SpaceX is targeting a $75 billion IPO at $135 per share.
• George Ferguson analyzes SpaceX as having three integrated parts: launch, Starlink satellite internet, and future space data centers for AI.
• The launch business is seen as the current main value driver, with Rocket Lab as a peer.
• Starlink competes with terrestrial providers and is not a huge value proposition in populated areas.
• The biggest long-term opportunity is space-based data centers for AI, but this is a speculative bet.
• Ferguson sees no clear synergy for a Tesla roll-up into SpaceX.
• SpaceX will likely need equity financing for its buildout, as debt markets may not support speculative metrics.