SpaceX $SPCX just pulled off the largest IPO in history. Most of the cash was spoken for before it arrived. It priced at $1.77 trillion and raised $75 billion. Around $62 billion is committed before it can be spent: -Repaying debt to early backer Valor Equity - Retiring xAI and X Corp loans, including a $20 billion bridge due within six months - Paying EchoStar $17 billion for spectrum That leaves about $13 billion in genuinely new money, on a balance sheet that already burned through $9 billion of cash in Q1 alone. The burn is mostly capex it could throttle, but at this pace the IPO buys about a year before it has to choose to raise again, or slow the build. Underneath sit two halves. Starlink is a genuinely great business, $11.4 billion in revenue last year at a 63% EBITDA margin. xAI is the opposite, the one draining the cash, losing $6.4 billion as it builds data centers.