The Most Unprofitable IPO in Wall Street History
Patrick Boyle On Finance
Patrick Boyle
4.9 • 308 Ratings
🗓️ 23 May 2026
⏱️ 32 minutes
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Summary
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.
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Transcript
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| 0:41.9 | When a company decides to go public, they're required by the Securities and Exchange Commission |
| 0:47.4 | to file an S-1 prospectus. Historically, these are some of the driest documents ever committed |
| 0:53.9 | to paper. |
| 0:55.0 | They're written by corporate lawyers for other corporate lawyers |
| 0:58.8 | to ensure that no one anywhere is ever accidentally entertained. |
| 1:04.0 | But two days ago, SpaceX filed its paperwork to go public, |
| 1:08.5 | and reading through it, it became immediately clear that this |
| 1:12.2 | was not going to be your typical legal disclosure. |
| 1:16.0 | For a start, it opened with 14 pages of photographs of rockets and satellites, which |
| 1:22.0 | reminded me of Adam Newman's ill-fated We-Work prospectus, which famously opened with the line. We dedicate this |
| 1:30.4 | to the energy of we, greater than any one of us, but inside each of us. That document was later |
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