SpaceX向上市冲刺：拟IPO用双重股权结构，与xAI合并后考虑重组债务

Core Viewpoint - SpaceX is preparing for an IPO while implementing a dual-class share structure to maintain Elon Musk's control and address significant debt accumulated from the merger with xAI, which totals nearly $18 billion [1][3][6]. Dual-Class Share Structure - The dual-class share structure will grant specific shareholders, including Musk, enhanced voting rights, allowing him to retain control despite holding a minority stake [3][4]. - This strategy mirrors Musk's previous proposals for Tesla, aiming to secure at least 25% voting control [4]. - Such structures are common in U.S. tech companies, providing founders with more voting power, which can shield them from shareholder pressures [5]. Debt Restructuring - SpaceX faces the urgent task of restructuring the $18 billion debt from the merger with xAI, which has become a significant burden for the new entity [6][8]. - Morgan Stanley is expected to play a leading role in the financing plan to alleviate this debt before the IPO [6]. Financial Performance and Risks - SpaceX is projected to generate $15 to $16 billion in revenue by 2025, with an EBITDA of approximately $8 billion, primarily driven by its Starlink satellite network [9]. - In contrast, xAI has reported only $210 million in revenue for the first nine months of 2025, with a cash burn rate of $8 to $9.5 billion [9][10]. - The merger raises questions about strategic alignment and financial risks, as investors must now consider a complex entity balancing cash flow with AI capital investments [10]. IPO Timeline and Expectations - SpaceX aims for a record-setting IPO around mid-June 2026, coinciding with significant astronomical events and Musk's birthday [11][12]. - The company is expected to be valued at over $1.5 trillion during the IPO, with potential fundraising exceeding $50 billion, surpassing the previous record set by Saudi Aramco [12]. - Major investment banks, including Goldman Sachs and Morgan Stanley, have been selected as underwriters, although the timeline may be ambitious given the need for regulatory filings and market conditions [12].