This week on the Kingscrowd Podcast, Brian Belley, Scott Kitun, and Teddy Lyons tackle one of the biggest stories in investing: the upcoming SpaceX IPO. With reports suggesting a valuation approaching $2 trillion, the team breaks down what investors are actually buying—from rocket launches and Starlink to AI infrastructure, orbital data centers, and Elon Musk's long-term vision for humanity beyond Earth.

The discussion explores SpaceX's financials, the surprising dominance of Starlink revenue, the role of AI through XAI and Colossus, and whether today's valuation reflects current business performance or a bet on a future that hasn't been built yet. The team also discusses what the IPO could mean for secondary markets, accredited investors who bought into private shares, and the broader evolution of private-to-public investing.

Highlights include...

1. SpaceX Is No Longer Primarily a Rocket Company

Starlink generated roughly 70% of revenue in Q1 2026, while launch services represented just 13%.

2. Investors Are Buying a Vision of the Future

The IPO valuation appears tied less to current profits and more to SpaceX's potential dominance in AI infrastructure, connectivity, and space-based computing.

3. Retail Investors Could See Historic Liquidity

Many accredited investors gained exposure through secondary markets, SPVs, and other private vehicles. This IPO may become one of the largest retail exit events in private-market history.

4. The Next IPO Wave Could Be Massive

SpaceX, Anthropic, OpenAI, and Stripe represent trillions of dollars in potential future public-market demand.

5. The Public-Private Market Divide Is Shrinking

SpaceX staying private for more than two decades highlights how value creation increasingly occurs before companies reach public markets.

Chapters
[00:13] Introduction and overview of the SpaceX IPO discussion
[02:17] SpaceX's three business pillars: Space, Starlink, and AI
[03:49] Teddy breaks down SpaceX's financials and revenue sources
[06:12] Why Starlink has become the company's primary business
[08:13] The future of AI infrastructure and orbital data centers
[10:21] Elon Musk's Mars colony incentives and long-term vision
[12:58] How early private investors could see massive exits
[16:34] What investors are really betting on with SpaceX stock
[18:46] Could this become the largest retail liquidity event ever?
[21:04] The coming wave of mega-IPOs: SpaceX, Anthropic, OpenAI, and Stripe
[24:50] Why every S&P 500 investor may soon own SpaceX
[27:54] Governance, Elon Musk, and centralized control
[31:09] Is SpaceX an aerospace company, AI company, or something else entirely?
[34:02] Closing thoughts and preview of future episodes