SpaceX正式遞交IPO申請，擬以1.75萬億—2萬億美元估值、募資750億—800億美元登陸納斯達克，有望刷新沙特阿美紀錄，成爲人類史上最大規模IPO。這不僅是商業航天里程碑，更徹底重構全球資本對太空經濟的估值邏輯。公司已從火箭製造商升級爲航天+衛星互聯網+AI全棧平臺，星鏈貢獻核心現金流，xAI注入長期成長想象，星艦打開深空與重型發射天花板。此次上市由高盛、摩根士丹利等23家頂級投行護航，資本認可度拉滿。但風險同樣突出：2025年淨虧損49.4億美元，xAI持續燒錢，資本開支居高不下；馬斯克掌握85.1%投票權，關鍵人風險與治理集中度偏高。對行業而言，SpaceX將商業航天從“主題炒作”推向業績與現金流驗證階段，帶動RKLB等產業鏈標的重估。普通投資者不宜首日追高，應關注星鏈用戶增長、星艦商業化進度與AI業務減虧節奏，等待估值迴歸合理區間再佈局。
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- longlive100·05-25首日不追這點我認 同估值真能迴歸嗎讚好舉報