SpaceX goes public: Musk keeps 93%, staff get 7%

SpaceX goes public: Musk keeps 93%, staff get 7%

Only 7% of the shares are being floated. The other 93% is controlled by a single owner. That is how SpaceX's IPO kicks off, an operation that has raised eyebrows among the most skeptical investors. This is no ordinary stock market debut: market rules have been tweaked to ease the placement, and the company's index weighting has been inflated to ensure index funds have no choice but to buy. According to the most critical analyses, the move resembles a ponzi scheme with rockets.

The funding fairytale: issuing shares to pay for the Mars dream

The company says it is issuing new shares to raise funds. And that is true: the money goes to the company. But what the official story leaves out is that the business burns cash nonstop. In 2024, SpaceX reported a profit of 791 million dollars, but experts point out that figure is pure creative accounting: it includes one-off income, tax credits and other adjustments. In 2025, losses reached 4,937 million. The only asset generating real cash is Starlink, but its launch and maintenance costs eat up a large chunk of its revenue. There is no positive free cash flow to justify a valuation in the hundreds of billions.

The same playbook as Astroc, but with rockets

The parallel with the Astroc case (Enrique Bañuelos) is almost obscene. Back then it was endless growth smoke being sold in Spanish real estate; now it is Martian smoke. The mechanism is identical: a narrative, offloading shares onto the unsuspecting, and insiders cashing out. The difference is that Musk has real rockets and a legion of trinc who defend him as if he were a messiah. But the trick is the same: as long as new money keeps coming in, the castle stands. Some recall the Terra case: it was once worth 157 euros and was nothing more than an internet portal. What is SpaceX really worth?

FOMO, volatility and judgment day

At launch, a brutal spike is expected. The antiestéticar of missing out (FOMO) will create spectacular bullish candles. Then come the drops. Many will be left stranded after buying at the top. The stock has swung between 115 and 225 dollars in just a few days without the company changing one iota. As one analyst put it, humanity is easily excited. The value is not the profits — which barely exist — it is the desire. And when desire runs out, the house of cards collapses. We shall see whether that 7% of SpaceX ends up being the most expensive scam in history or a mere footnote in Elon Musk's space race.