I haven’t seen anything as stupid as the WeWork IPO document in a very long time – that is, until Elon Musk filed to take SpaceX public. WeWork was a joke. SpaceX is a threat. And if Musk and his bankers have their way, you are going to be their bagholder.
Lots of the top-line details leaked long before the S-1 filing itself became public. There’s the rumored valuation of more than $1 trillion. That’s despite the nearly $5 billion in losses last year. The total addressable market (TAM) for SpaceX – the amount of revenue SpaceX thinks it could make if won over what it thinks is its entire customer base – was listed as $28.5 trillion. By way …
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