SpaceX上市计划撬动2.9万亿美元未上市企业“堰塞湖”

Core Viewpoint - The private companies with a total valuation of $2.9 trillion are poised to break into the public market, with SpaceX leading the way by initiating its IPO plan, which could pave the path for other high-valued private firms to follow suit [1][10]. Group 1: Market Dynamics - The enthusiasm for investing in companies like SpaceX is high, despite their controversial leadership and minimal profitability [1][2]. - The median market capitalization of S&P 500 companies is close to $40 billion, while companies like SpaceX are valued at levels far exceeding this, indicating a significant interest from institutional and retail investors [1][2]. - The IPO market has been sluggish since 2021, when it reached a record financing amount of $492 billion, with many high-profile companies like SpaceX and Stripe achieving valuations that far surpass most public companies [1][10]. Group 2: Investor Sentiment - Investors are frustrated by their inability to access these high-profile private companies, while investment banks lament the loss of lucrative IPO underwriting fees [2][10]. - If SpaceX successfully lists with a valuation of $800 billion or even $1.5 trillion, it would signal a strong shift towards public offerings for many private firms [2][10]. - The expectation is that 2026 will see a wave of large-scale IPOs, as companies no longer have excuses to delay going public [2][10]. Group 3: Valuation Concerns - There are doubts about whether companies like SpaceX can justify their high valuations to ordinary investors, which is crucial for driving significant market participation [3][12]. - The potential IPO of SpaceX raises questions about its ability to maintain its capital-intensive projects, as public shareholders may prioritize short-term profits over long-term goals [3][12]. - The CEO of SpaceX, Elon Musk, has previously stated that the company would wait until achieving its goal of manned Mars landings before considering an IPO, which raises concerns about investor confidence in the company's current direction [5][12]. Group 4: IPO Structure and Strategy - The return of giant IPOs is anticipated, with SpaceX potentially listing in mid-2026, which could help bridge the valuation gap between private and public markets [13][14]. - Direct listings may be an attractive option for large private firms that do not urgently need capital, allowing existing shareholders to sell shares directly on the exchange [15][16]. - The demand for returns from private equity investors is increasing, which may drive some companies to consider going public despite the advantages of remaining private [8][16].