Last week, Elon Musk’s SpaceX released its IPO prospectus in preparation for going public in June, and now that experts have had a chance to pore through its 277 pages, one analyst has bad news for interested investors: the company is a “trainwreck.”
This is according to Ed Elson [Co-Host of Prof G Markets], a prominent financial and tech analyst who is particularly well known among Gen-Z, who posted on Tuesday, “I read all 277 pages of SpaceX’s IPO filing so you don’t have to.” His nutshell assessment was not optimistic: “Losses up 700 percent. Revenue decelerating. 107x price-to-sales multiple. It’s a trainwreck.” When you dig into its claims, he says, it’s “unserious, empty, hallucinatory, and borderline dishonest.”
