Boursorama frames the upcoming SpaceX IPO as a collision between a spectacular narrative and hard financial reality. The speakers argue that the implied valuation is extremely rich versus current revenue and losses, but they also stress that SpaceX cannot be analyzed like a normal mature company because much of the value depends on future optionality, especially Starlink, launch dominance, and Elon Musk’s ability to keep executing.
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The segment’s core thesis is that SpaceX is about to enter public markets with an extraordinary valuation that is hard to reconcile with today’s financials, yet the deal may still succeed because investors are buying a very specific story: Musk’s execution, future infrastructure, and optionality in space. The hosts repeatedly contrast the proposed IPO range, which they say could imply roughly $1.75 trillion and maybe even $2 trillion, with a business that generated about $19 billion of revenue in 2025, posted $4.69 billion in Q1 2026 revenue, and remains loss-making. They present the tension as the central question: revolutionary industrial platform or “piège à gogo.” The financial data they cite is used to argue that conventional valuation tools break down. …
Tactically, the IPO looks crowded and sentiment-sensitive: if final terms come in rich, the risk is a sharp disappointment trade. Near-term upside depends on retail enthusiasm and official confirmation of the rumored pricing range.
Over the next few months, the market will likely treat SpaceX as a Starlink-plus-optionality story; that view holds if profitability and execution remain strong and the offer is well received. If the AI and space-infrastructure promises fail to progress, the valuation will start to look more detached from operating reality.
Longer term, the transcript frames SpaceX as a potential founder-controlled infrastructure platform whose value could be dominated by future optionality rather than current earnings. The structural question is whether public markets will keep rewarding extreme mission-driven stories when one person’s credibility carries so much of the thesis.
The SpaceX IPO is about to begin and is framed as an extraordinary, almost unprecedented valuation event.
The speaker says the company is entering the market on June 12 with a huge fundraising target and potential valuation.
The rumored valuation range is around $1.75 trillion, with some talk of $2 trillion, based on a price near $135 per share.
Specific pricing and valuation figures are cited as reported but not yet official.
Traditional fundamental analysis is not very useful for this case because the company is being valued on a far-future narrative.
He explicitly says to forget standard valuation parameters and focus on scenario value.
Est-ce que SpaceX est une révolution industrielle en devenir ou plutôt un piège à gogo ?
Laurent Grassin explique que la valorisation de SpaceX repose sur des hypothèses très ambitieuses comme la colonisation de Mars et des data centers dans l'espace. Il détaille les chiffres clés : valorisation estimée autour de 1750 milliards de dollars, un chiffre d'affaires de 19 milliards en 2025, des pertes de 4,28 milliards sur le premier trimestre 2026 et 29 milliards de dettes. Il recommande d'oublier les paramètres d'analyse fondamentale classique car ils ne s'appliquent pas. Il compare le récit de SpaceX à celui d'Amazon à ses débuts et de Tesla, notant qu'Elon Musk a une capacité à délivrer sur certains projets mais pas sur d'autres.
Qu'est-ce que les investisseurs achètent réellement avec SpaceX ?
Laurent Grassin répond que c'est la vraie question : les investisseurs achètent-ils la capacité d'Elon Musk à délivrer sa vision, parfois démiurgique, ou est-ce qu'ils parient sur le fait qu'il va réussir à construire une infrastructure spatiale avec de nouveaux métiers ? Il conclut que c'est presque un acte de foi dans Elon Musk, et que si suffisamment d'investisseurs y croient, le titre montera, indépendamment de la valorisation fondamentale.
Est-ce que la valorisation de SpaceX est excessive ?
Laurent Grassin répond que selon lui, elle est bien sûr excessive à date, mais que si la majorité des investisseurs détermine qu'elle est raisonnable, alors ça va monter. C'est le principe de la bourse : plus d'acheteurs que de vendeurs.
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