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After seeing the headline "SpaceX IPO: How to Buy and Why You Shouldn't" on @barrons.com, I decided it was time to read the prospectus. I'm only a few pages in and folks... the implications of this document ... Do you want to go on a journey with me? Because I'm about to enter the rabbit hole.

NB 1: I should be writing an obituary. One of my friends & an occasional personal assistant, @nikkiwalker.bsky.social, passed away Friday night. I am shredding this document because, honestly, I'm better able to handle that at this moment. NB 2: At some point, I'm pausing to get dinner. Let's go.

Reminder: SpaceX consists of - The Rocket Launch (SpaceX) division - Starlink, the internet service provider - xAI, (source of Grok), the AI company - X, (aka Twitter), the social media company This is all one company.

xAI/Grok bleeds money at aortic levels and is very unlikely to ever become profitable X is dying on the vine The rocket company will become profitable, but it's not a very big market Starlink is a real and successful business. That's it

As of March 31, 2026, SpaceX had ~650 launches with 85% using one or more previously flown boosters. I always forget how long ISS astronauts stay in space, so I was surprised to see that there have only been 78 crew flown. SpaceX is responsible for 80% of Mass to Orbit.

Also, as of March 31, 2026, Starlink has launched 9600+ satellites, which serve 10.3 million in 164 countries. For comparison, per Wikipedia, - LA has a population of 12.7 million - London has a population of 10.4 million. Comcast serves 51.2 million, and Charter serves 29.6 million.

How many of these launches had payload of starlink? Effectively what percentage of launches had customer as self? Does this seem organic even?