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Last week, we published our first-week analysis of SpaceX's IPO. We tracked SPCX from its $135 offer price through a record debut — closing at $160.95 on day one — a two-day surge to $192.50, an intraday all-time high of $225.64, and its first

Last week, we published three deep dives into SpaceX's S-1: • SpaceX IPO — A line-by-line reading of the entire filing. The numbers, the three business segments, the Anthropic contract, the Cursor option, and the governance reality. • Correcting the Record — The "Conglomerate Discount" Explained — Where

SpaceX just filed its S-1. The document is exactly what you'd expect from a 24-year-old company that has become the most important private business in the world: enormous, ambitious, frequently surreal, and structured in a way designed to ensure that one person stays in complete