SpaceX corporate fundraising rounds

[cpushack]

https://twitter.com/spacesudoer/status/1929884967510647108?s=46&t=eQrUtTJk6IAt4GyTzH7J2w


Not confirmed by another source as yet, but will probably be reported shortly.

Link broke

[novo2044]

https://twitter.com/spacesudoer/status/1929884967510647108?s=46&t=eQrUtTJk6IAt4GyTzH7J2w


Not confirmed by another source as yet, but will probably be reported shortly.

https://x.com/PhilipJohnst0n/status/1929823506981871687
https://x.com/elonmusk/status/1929944955239403611

Apparently, there is some action on the secondary market, but that doesn't necessarily mean the valuation has changed.  The vagaries of a privately held company with restricted trade windows.

Then again, in May 2020 Musk quite famously said $TSLA was overpriced.  In the five years since, it has increased by >%500, or roughly %40 per year.

So just like his timelines, I'd take this all with a boulder-sized grain of salt.

[Tomness]

https://twitter.com/spacesudoer/status/1929884967510647108?s=46&t=eQrUtTJk6IAt4GyTzH7J2w


Not confirmed by another source as yet, but will probably be reported shortly.

They deleted their Post

[Tywin]

New raise of money?

https://twitter.com/SpaceInvestor_/status/1942675186634924141

[Tywin]

Why make capital increases, if SpaceX thanks to Starlink was already very profitable?

[Tywin]

Maybe SpaceX still loses money for Starship program?

[spacenut]

They take some profits from Starlink to fund Starship.  Just like Bezos sells Amazon shares to pay for Blue Origin.  Starship is not ready to make money.  It still has work to do the get it operational.  If SpaceX goes up in value, or if Amazon goes up in value, that is more money for both to spend for whatever they want in their privately owned rocket companies. 

[r8ix]

Given Bloomberg's history reporting on SpaceX, it's very possible they're not raising any money, but it's just another opportunity for employees/insiders to turn their shares into some liquidity. They've made this mistake before.

[Tywin]

350 Billion Valuation

Sales - Revenue, 13 Billion estimated, 2024...

EV/Sales = 26

That is super HIGH...

https://payloadspace.com/predicting-spacexs-2024-revenue/

Well look I was right!

https://www.pcmag.com/news/how-much-does-starlink-make-this-document-offers-a-glimpse



https://twitter.com/Megaconstellati/status/1943223659587399840

[Tywin]

They take some profits from Starlink to fund Starship.  Just like Bezos sells Amazon shares to pay for Blue Origin.  Starship is not ready to make money.  It still has work to do the get it operational.  If SpaceX goes up in value, or if Amazon goes up in value, that is more money for both to spend for whatever they want in their privately owned rocket companies.

With the number of Starlinks, is almost imposible that SpaceX don't loses money with Starship program now...

[thespacecow]

350 Billion Valuation

Sales - Revenue, 13 Billion estimated, 2024...

EV/Sales = 26

That is super HIGH...

https://payloadspace.com/predicting-spacexs-2024-revenue/

Well look I was right!

https://www.pcmag.com/news/how-much-does-starlink-make-this-document-offers-a-glimpse



https://twitter.com/Megaconstellati/status/1943223659587399840

No, you're not. Nothing in the article proves what you said.

PS: Also there's really no need to post 3 comments, each with only one line. Just post one comment with 3 lines.

[meekGee]

Why make capital increases, if SpaceX thanks to Starlink was already very profitable?

Because you put money into growth.  That's true of any growing company.  Time is money, and if you have any sense of urgency, you don't wait for profits to finance growth, since this takes many years.

[thespacecow]

Well if this is true, this would be the reason SpaceX is doing a new primary round, they need the money to invest in xAI:

https://x.com/ns123abc/status/1944165043710365895

BREAKING: SPACEX TO INVEST $2 BILLION INTO XAI

Acquisition is another good reason for raising new rounds, if they didn't invest in xAI, there're also some other targets they might want to buy (i.e. spectrum related).

[meekGee]

I'm going to post this here too, since the topic keeps coming up.

CapEx is what you invest in your infrastructure, which will only generate profit 1-3 years from now, depending on the nature of the equipment.

Current revenue, meanwhile, is generated as a result of CapEx from 1-3 years ago.

In a business like Starlink, or any rapid growh business, the scale changes by a factor of easily 10 over this time period.  In Musk's ventures, it can be a factor of 100.

That's why you can't just look at investment vs. profit.

What you need to see is whether the business is OPERATIONALLY profitable (which also takes a certain minimum value so you're covering running expenses) and you don't look at what is essential ROI in the middle of growth.  That's just guaranteed to be negative, and SHOULD be negative.

There's no universe in which investment in equipment/infrastructure/production capacity is immediately returned.

Starlink is already hugely profitable when you consider how much money was generated by how much investment. It is also positioned to absolutely dominate the global market, and that's the more important bit.

If NG is one generation behind Starship, consider that Starlink is going to be at least two generations behind. There's almost a certainty that Starlink V3 will outpace Kuiper V1. Even assuming that Kuiper is every as advanced as V3 (which would be a small miracle), the mass disparity is overwhelming.

And so looking at Starlink's position vs. Kuiper (or anyone else) the valuation is very realistic.

[thespacecow]

The CapEx thing is red herring anyways, both Elon and Gwynne have said Starlink is cashflow positive, and Quilty analysis agrees with them. So they should already be able to cover CapEx using revenue right now, with some cash leftover to fund Starship.

They did 89 Starlink launches in 2024, assuming $15M per launch and $15M for satellites per launch, that's $2.67B CapEx. Their international sales already covered $2B of that, should be very easy for US sales to cover the rest and leave some money for other things like ground segment, R&D and Starship.

[thespacecow]

Some interest numbers from the recent NYT hit piece, the article spreads the numbers all over, the following is my summary:

Losses:
2002: $4M
2003: $14.5M
2020: $341M
2021: $968M
Total losses by the end of 2021: $5.4B
Losses between 2017 and 2021: ~$3B

Revenue:
2020: $1.67B
2021: $2.23B
2023: $7.4B, revenue from Starlink is ~$4B
2024: total revenue not shown, revenue from Starlink is ~$8B

EBITDA:
2023: $2.6B
2024: ~$5B

NYT claims the numbers come from SpaceX internal document.