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开城门迎闯王

开城门迎闯王

只做末日期权！

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开城门迎闯王

31 minutes ago

$南方两倍做多海力士(07709)$ 韩国都收盘了，怎么拉起来了？美股也没拉起来啊，这是跟谁？

开城门迎闯王

10:45

$Faraday Future(FFIE)$ 一起为梦想窒息。

开城门迎闯王

08-06 00:11

$美光科技(MU)$ $英伟达(NVDA)$

开城门迎闯王

08-05 23:00

今晚好刺激亏损3万到盈利3万$美光科技(MU)$ $英伟达(NVDA)$

开城门迎闯王

08-05 21:31

$NVDA 20260805 212.5 CALL$ 又卖飞了

开城门迎闯王

07-31

7月亏了三天，运气还不错，希望下个月少亏一点。$美光科技(MU)$ $苹果(AAPL)$

开城门迎闯王

07-31

$南方两倍做多海力士(07709)$ 兄弟们起来捡钱了

开城门迎闯王

07-30

7月最后一天不玩了，下个月再来。$美光科技(MU)$ $SK海力士(SKHY)$

开城门迎闯王

07-30

$美光科技(MU)$ 抄底了

开城门迎闯王

07-30

$SpaceX(SPCX)$ 一起为老马的梦想窒息

开城门迎闯王

07-20

$SpaceX(SPCX)$ 阴跌了

开城门迎闯王

07-16

哥们回来了$英伟达(NVDA)$ $特斯拉(TSLA)$

开城门迎闯王

07-02

$英伟达(NVDA)$

开城门迎闯王

07-01

$NVDA 20260701 195.0 CALL$ $英伟达(NVDA)$

开城门迎闯王

06-23

$特斯拉(TSLA)$ $SpaceX(SPCX)$ 我回来了

开城门迎闯王

06-12

$Space Exploration Technologies(SPCX)$ 高开低走，跳空高开150左右，拉到175左右，然后砸下去，到138。

开城门迎闯王

06-12

$特斯拉(TSLA)$

开城门迎闯王

06-03

最后一次分享了，有缘再见。$迈威尔科技(MRVL)$ $老虎证券(TIGR)$ $特斯拉(TSLA)$ $英伟达(NVDA)$

开城门迎闯王

05-22

希望老虎越来越好，一起加油！$老虎证券(TIGR)$ $英伟达(NVDA)$ $特斯拉(TSLA)$ $苹果(AAPL)$

老虎国际：关于近期跨境证券业务监管指引的说明

开城门迎闯王

05-22

短期估值太高，长期估值太低。预测上市会破发，一路下跌，然后出现新的叙事，一路上涨，最后取得突破进展，例如2027年无人登陆火星，Ai新的发展，starlink新的叙事。最后可能突破5万亿，超过英伟达。$特斯拉(TSLA)$ $英伟达(NVDA)$

SpaceX招股书揭秘：Starlink是印钞机，xAI是吞金兽，马斯克用卫星养AI

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$英伟达(NVDA)$","images":[{"img":"https://static.tigerbbs.com/80bcb199bf07e4a8690f37b3425d48a5","width":"1170","height":"2532"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/593631141069760","isVote":1,"tweetType":1,"viewCount":397,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":593613878567480,"gmtCreate":1785942041857,"gmtModify":1785942054037,"author":{"id":"4127096279946230","authorId":"4127096279946230","name":"开城门迎闯王","avatar":"https://static.tigerbbs.com/0abeff4a4bee89ad892628825ae2c850","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4127096279946230","authorIdStr":"4127096279946230"},"themes":[],"title":"","htmlText":"今晚好刺激亏损3万到盈利3万<a href=\"https://laohu8.com/S/MU\">$美光科技(MU)$&nbsp;</a>&nbsp;<a href=\"https://laohu8.com/S/NVDA\">$英伟达(NVDA)$&nbsp;</a>&nbsp;","listText":"今晚好刺激亏损3万到盈利3万<a 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href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$</a>&nbsp;<a href=\"https://laohu8.com/S/NVDA\">$英伟达(NVDA)$&nbsp;</a>&nbsp;<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$&nbsp;</a>&nbsp;<a href=\"https://laohu8.com/S/AAPL\">$苹果(AAPL)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","listText":"希望老虎越来越好，一起加油！<a href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$</a>&nbsp;<a href=\"https://laohu8.com/S/NVDA\">$英伟达(NVDA)$&nbsp;</a>&nbsp;<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$&nbsp;</a>&nbsp;<a href=\"https://laohu8.com/S/AAPL\">$苹果(AAPL)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","text":"希望老虎越来越好，一起加油！$老虎证券(TIGR)$ $英伟达(NVDA)$ $特斯拉(TSLA)$ $苹果(AAPL)$","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":31,"commentSize":14,"repostSize":0,"link":"https://laohu8.com/post/566941709978288","repostId":"1184303210","repostType":2,"repost":{"id":"1184303210","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1779449432,"share":"https://www.laohunote.com/m/news/1184303210?lang=zh_CN&edition=full","pubTime":"2026-05-22 19:30","market":"us","language":"zh","title":"老虎国际：关于近期跨境证券业务监管指引的说明","url":"https://stock-news.laohu8.com/highlight/detail?id=1184303210","media":"老虎资讯综合","summary":"今日，中国证券监督管理委员会联合八部委发布《关于规范内地投资者跨境证券期货基金经营活动的相关通告》，就行业相关经营活动进一步明确监管要求。老虎国际对此高度关注，将严格按照监管机构出台的全行业规范要求，稳步推进相关合规工作。当前，老虎国际全球业务运营一切正常，财务状况稳健。","content":"<p style=\"text-align: left;\">今日，中国证券监督管理委员会（CSRC）联合八部委发布《关于规范内地投资者跨境证券期货基金经营活动的相关通告》，就行业相关经营活动进一步明确监管要求。老虎国际对此高度关注，将严格按照监管机构出台的全行业规范要求，稳步推进相关合规工作。</p><p style=\"text-align: left;\">作为深耕全球市场的持牌金融机构，合规始终是老虎国际经营发展的首要准则。一直以来，公司持续与各地监管机构保持沟通，并严格按照监管要求推进业务调整与合规整改。2023年以来，公司已全面停止为中国内地身份用户开设账户，同步停止对外广告、营销推广及活动，持续加强账户审核、身份核验及反欺诈管理机制，并将主要精力、资源投入在海外市场的经营活动中。</p><p style=\"text-align: left;\">截至2026年第一季度末，中国内地客户资产占集团全球总资产比例约为10%。与此同时，在国际化及多元化战略推动下，新加坡、香港、美国、澳大利亚、新西兰等海外市场的客户规模及资产规模持续保持稳健增长，国际化发展步伐不断加快。</p><p style=\"text-align: left;\">本次监管指引明确面向所有境外金融机构，针对监管机构提出的最新规范要求，老虎国际将继续严格按照监管指引落实相关工作，并在此过程中全力保障客户资产安全，维护正常的市场服务秩序。需要特别说明的是，客户资金始终与公司运营资金严格隔离，并按照监管要求存放于独立托管银行账户中；客户持有的美股、港股及新加坡股资产，分别由美国存管信托及结算公司（DTCC）、香港中央结算有限公司（HKSCC）及新加坡交易所中央托管私人有限公司（CDP）进行托管。我们将全力保障投资者资产安全与合法权益。</p><p style=\"text-align: left;\">当前，老虎国际全球业务运营一切正常，财务状况稳健。公司也将继续坚持“合规先行”的经营理念，在各国家和地区法律法规框架下，为全球客户提供安全、可靠、优质的金融服务，稳步推进长期可持续发展。</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n老虎国际：关于近期跨境证券业务监管指引的说明\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2026-05-22 19:30</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p style=\"text-align: left;\">今日，中国证券监督管理委员会（CSRC）联合八部委发布《关于规范内地投资者跨境证券期货基金经营活动的相关通告》，就行业相关经营活动进一步明确监管要求。老虎国际对此高度关注，将严格按照监管机构出台的全行业规范要求，稳步推进相关合规工作。</p><p style=\"text-align: left;\">作为深耕全球市场的持牌金融机构，合规始终是老虎国际经营发展的首要准则。一直以来，公司持续与各地监管机构保持沟通，并严格按照监管要求推进业务调整与合规整改。2023年以来，公司已全面停止为中国内地身份用户开设账户，同步停止对外广告、营销推广及活动，持续加强账户审核、身份核验及反欺诈管理机制，并将主要精力、资源投入在海外市场的经营活动中。</p><p style=\"text-align: left;\">截至2026年第一季度末，中国内地客户资产占集团全球总资产比例约为10%。与此同时，在国际化及多元化战略推动下，新加坡、香港、美国、澳大利亚、新西兰等海外市场的客户规模及资产规模持续保持稳健增长，国际化发展步伐不断加快。</p><p style=\"text-align: left;\">本次监管指引明确面向所有境外金融机构，针对监管机构提出的最新规范要求，老虎国际将继续严格按照监管指引落实相关工作，并在此过程中全力保障客户资产安全，维护正常的市场服务秩序。需要特别说明的是，客户资金始终与公司运营资金严格隔离，并按照监管要求存放于独立托管银行账户中；客户持有的美股、港股及新加坡股资产，分别由美国存管信托及结算公司（DTCC）、香港中央结算有限公司（HKSCC）及新加坡交易所中央托管私人有限公司（CDP）进行托管。我们将全力保障投资者资产安全与合法权益。</p><p style=\"text-align: left;\">当前，老虎国际全球业务运营一切正常，财务状况稳健。公司也将继续坚持“合规先行”的经营理念，在各国家和地区法律法规框架下，为全球客户提供安全、可靠、优质的金融服务，稳步推进长期可持续发展。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TIGR":"老虎证券"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184303210","content_text":"今日，中国证券监督管理委员会（CSRC）联合八部委发布《关于规范内地投资者跨境证券期货基金经营活动的相关通告》，就行业相关经营活动进一步明确监管要求。老虎国际对此高度关注，将严格按照监管机构出台的全行业规范要求，稳步推进相关合规工作。作为深耕全球市场的持牌金融机构，合规始终是老虎国际经营发展的首要准则。一直以来，公司持续与各地监管机构保持沟通，并严格按照监管要求推进业务调整与合规整改。2023年以来，公司已全面停止为中国内地身份用户开设账户，同步停止对外广告、营销推广及活动，持续加强账户审核、身份核验及反欺诈管理机制，并将主要精力、资源投入在海外市场的经营活动中。截至2026年第一季度末，中国内地客户资产占集团全球总资产比例约为10%。与此同时，在国际化及多元化战略推动下，新加坡、香港、美国、澳大利亚、新西兰等海外市场的客户规模及资产规模持续保持稳健增长，国际化发展步伐不断加快。本次监管指引明确面向所有境外金融机构，针对监管机构提出的最新规范要求，老虎国际将继续严格按照监管指引落实相关工作，并在此过程中全力保障客户资产安全，维护正常的市场服务秩序。需要特别说明的是，客户资金始终与公司运营资金严格隔离，并按照监管要求存放于独立托管银行账户中；客户持有的美股、港股及新加坡股资产，分别由美国存管信托及结算公司（DTCC）、香港中央结算有限公司（HKSCC）及新加坡交易所中央托管私人有限公司（CDP）进行托管。我们将全力保障投资者资产安全与合法权益。当前，老虎国际全球业务运营一切正常，财务状况稳健。公司也将继续坚持“合规先行”的经营理念，在各国家和地区法律法规框架下，为全球客户提供安全、可靠、优质的金融服务，稳步推进长期可持续发展。","news_type":1,"symbols_score_info":{"TIGR":2}},"isVote":1,"tweetType":1,"viewCount":16858,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3573961814970517","authorId":"3573961814970517","name":"青山旁竹","avatar":"https://static.tigerbbs.com/40b2ed876aad70959d3cf1b663f70ba5","crmLevel":7,"crmLevelSwitch":1,"idStr":"3573961814970517","authorIdStr":"3573961814970517"},"content":"刚买了些，相信老虎🐯","text":"刚买了些，相信老虎🐯","html":"刚买了些，相信老虎🐯"},{"author":{"id":"4199537022909542","authorId":"4199537022909542","name":"股市獵手","avatar":"https://static.tigerbbs.com/4fd9af5917d64bde733927002a3f8faf","crmLevel":2,"crmLevelSwitch":0,"idStr":"4199537022909542","authorIdStr":"4199537022909542"},"content":"我5.5的本，现在是卖是留啊，求指教，学徒技术","text":"我5.5的本，现在是卖是留啊，求指教，学徒技术","html":"我5.5的本，现在是卖是留啊，求指教，学徒技术"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":566662275651800,"gmtCreate":1779379676942,"gmtModify":1779379679431,"author":{"id":"4127096279946230","authorId":"4127096279946230","name":"开城门迎闯王","avatar":"https://static.tigerbbs.com/0abeff4a4bee89ad892628825ae2c850","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4127096279946230","authorIdStr":"4127096279946230"},"themes":[],"title":"","htmlText":"短期估值太高，长期估值太低。预测上市会破发，一路下跌，然后出现新的叙事，一路上涨，最后取得突破进展，例如2027年无人登陆火星，Ai新的发展，starlink新的叙事。最后可能突破5万亿，超过英伟达。<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$&nbsp;</a>&nbsp;<a href=\"https://laohu8.com/S/NVDA\">$英伟达(NVDA)$&nbsp;</a>&nbsp;","listText":"短期估值太高，长期估值太低。预测上市会破发，一路下跌，然后出现新的叙事，一路上涨，最后取得突破进展，例如2027年无人登陆火星，Ai新的发展，starlink新的叙事。最后可能突破5万亿，超过英伟达。<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$&nbsp;</a>&nbsp;<a href=\"https://laohu8.com/S/NVDA\">$英伟达(NVDA)$&nbsp;</a>&nbsp;","text":"短期估值太高，长期估值太低。预测上市会破发，一路下跌，然后出现新的叙事，一路上涨，最后取得突破进展，例如2027年无人登陆火星，Ai新的发展，starlink新的叙事。最后可能突破5万亿，超过英伟达。$特斯拉(TSLA)$ $英伟达(NVDA)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/566662275651800","repostId":"1172898743","repostType":2,"repost":{"id":"1172898743","kind":"news","pubTimestamp":1779337202,"share":"https://www.laohunote.com/m/news/1172898743?lang=zh_CN&edition=full","pubTime":"2026-05-21 12:20","market":"us","language":"zh","title":"SpaceX招股书揭秘：Starlink是印钞机，xAI是吞金兽，马斯克用卫星养AI","url":"https://stock-news.laohu8.com/highlight/detail?id=1172898743","media":"华尔街见闻","summary":"SpaceX以1.75万亿美元估值冲击史上最大IPO。","content":"<html><head></head><body><blockquote><p>SpaceX以1.75万亿美元估值冲击史上最大IPO。Starlink是核心现金牛，2025年营收114亿美元，EBITDA利润率63%，用户突破1030万。但xAI并购拖累严重，2025年亏损64亿美元，2026年Q1资本支出77亿美元中76%流向AI。</p></blockquote><h2 id=\"id_2321079191\" style=\"text-align: start;\">核心摘要</h2><p style=\"text-align: justify;\"><strong>1. Starlink 是真正的现金牛。</strong>2025年Connectivity板块（Starlink为主）营收113.9亿美元，同比增长50%；经营利润44.2亿美元，利润率高达39%；分部Adjusted EBITDA达71.7亿美元，EBITDA利润率63%。截至2026年3月，全球用户数突破1030万，覆盖164个国家。</p><p style=\"text-align: justify;\"><strong>2. xAI是最大的不确定性。</strong>2026年2月并入SpaceX的xAI，2025年全年经营亏损63.6亿美元，占公司整体亏损的绝大部分；2026年Q1单季资本支出77亿美元（同比三倍），年化消耗超过300亿美元。</p><p style=\"text-align: justify;\"><strong>3. 财务结构高度失衡。</strong>2025年公司合并净亏损49.4亿美元，2026年Q1净亏损42.8亿美元，季度亏损几乎等于去年全年水平。Anthropic签署了每月12.5亿美元（约400亿美元总值）的算力采购协议，但该合同任一方可提前90天取消。</p><p style=\"text-align: justify;\"><strong>4. 马斯克拥有绝对控制权。</strong>通过B类股（每股10票），马斯克在IPO完成后仍将掌握85.1%的合并投票权，公司被认定为受控公司（Controlled Company），豁免Nasdaq部分治理要求，散户投资者实质上无法影响公司决策。</p><p style=\"text-align: justify;\"><strong>5. Space板块面临战略转型阵痛。</strong>发射业务2025年全球质量入轨份额超80%，但Starship研发支出已累计超过150亿美元。2025年Space板块经营亏损6.6亿美元，研发支出30亿，均大幅高于上年。Starship预计2026年下半年商业化首飞，是公司三大业务下一阶段扩张的基础设施核心。</p><p style=\"text-align: justify;\"><strong>6. 估值争议显著。</strong>1.75万亿美元目标估值对应2025年营收约9.4倍市销率，知名估值学者达摩达兰（Damodaran）折现现金流分析得出约1.22万亿估值，低于IPO价约30%。但市场热情高涨，本次IPO有望成为美股历史上规模最大的IPO。</p><h2 id=\"id_2568348234\" style=\"text-align: start;\">整体判断</h2><p style=\"text-align: justify;\">SpaceX的招股书，本质上是一个三元悖论的故事：这家公司同时拥有全球最强的太空基础设施（发射+卫星互联网）、全球增速最快的卫星互联网（Starlink）、以及一场代价高昂且结果未知的AI转型（xAI）。</p><p style=\"text-align: justify;\">三者并非自然融合，而是马斯克通过一笔全股票换股并购强行嫁接的结果。</p><p style=\"text-align: justify;\"><strong>从财务角度看</strong>，Starlink的盈利能力已毋庸置疑，63%的分部EBITDA利润率，在全球科技公司中数一数二。</p><p style=\"text-align: justify;\">但这只灯塔正被xAI的黑洞所遮蔽。<strong>2025年全年AI板块烧掉资本支出127亿美元，带走了公司绝大部分现金流，Q1 2026单季现金净消耗已近90亿美元。</strong></p><p style=\"text-align: justify;\"><strong>投资者买入SpaceX，实质上是在押注一个不可证伪的愿景</strong>：轨道AI算力、Starship商业化、以及马斯克本人的号召力，而不仅仅是卫星互联网的现实盈利。</p><p style=\"text-align: justify;\">这场IPO最大的问题或许不是估值，而是信息不对称：</p><blockquote><ul style=\"\"><li><p>招股书初稿中曾披露数据中心建设成本远低于行业基准，但最终版删除了具体数字；</p></li><li><p>Anthropic每月12.5亿美元的大单附带90天取消条款，远不能视为确定性营收。</p></li></ul></blockquote><p style=\"text-align: justify;\">当一个核心的竞争优势数据被主动删除，当最大客户合同可以90天终止，投资者真正在为什么付钱？这是本次IPO投资者最需要回答的问题。</p><h2 id=\"id_3323174492\" style=\"text-align: start;\">史上最大IPO的前夜</h2><p style=\"text-align: justify;\">2026年5月20日，Space Exploration Technologies Corp.向美国证券交易委员会（SEC）提交了S-1招股说明书，股票代码SPCX，计划在纳斯达克挂牌交易。</p><p style=\"text-align: justify;\">这份长达280页的文件，是这家24年来一直拒绝上市的私人公司，第一次将自己的财务全貌呈现在公众面前。</p><p style=\"text-align: justify;\">按目前报道的1.75万亿美元目标估值，SpaceX将超越沙特阿美2019年的1.7万亿美元，成为人类历史上规模最大的股票发行之一。</p><p style=\"text-align: justify;\">承销商名单囊括了华尔街几乎所有顶级机构：高盛领衔，摩根士丹利、美银、花旗、摩根大通紧随其后，共20家联席账簿管理人，并向Robinhood、富达等散户平台开放认购渠道。</p><p style=\"text-align: justify;\">路演定于6月4日启动，6月11日定价，6月12日上市。马斯克为这场宇宙级上市安排了精准的倒计时。但投资者需要先穿透那280页的文字，回答一个核心问题：这家公司到底是什么？</p><p style=\"text-align: justify;\"><strong>SpaceX在招股书中将业务划分为三个板块：Space / Connectivity / AI。</strong></p><p style=\"text-align: justify;\">这一架构本身就是一个信号：这不再是一家火箭公司，甚至不再只是一家卫星互联网公司——它正在试图成为一个横跨太空、通信和人工智能的垂直整合帝国。</p><p>【图表一：三大板块营收与经营利润（2023–2026Q1，百万美元）】</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cfc4a07953a90496896fb4fd32541bc3\" title=\"\" tg-width=\"770\" tg-height=\"344\"/></p><p>来源：SpaceX S-1招股书，2026年5月20日。AI板块数据追溯合并自xAI及X平台2023年起的历史财务数据。</p><p style=\"text-align: justify;\"><strong>从三年数据可以读出一条清晰的故事线</strong>：2023年公司深陷亏损（含Twitter减值），2024年xAI并入前一度实现盈利，而2026年Q1单季亏损43亿美元，几乎等于2025年全年亏损总量。加速扩张的AI业务，正在将这家公司推向一个财务上截然不同的轨道。</p><h2 id=\"id_4205435740\" style=\"text-align: start;\">Starlink：这台印钞机有多能印？</h2><p style=\"text-align: justify;\">Starlink是SpaceX招股书里最清晰、也最令人信服的资产。</p><p style=\"text-align: justify;\">2025年，Connectivity板块（主要是Starlink）实现营收113.9亿美元，同比增长50%；经营利润44.2亿美元，同比增长120%；分部EBITDA高达71.7亿美元，EBITDA利润率63%，超过绝大多数互联网平台。</p><p style=\"text-align: justify;\">用户增长同样势如破竹：2023年末230万、2024年末440万、2025年末890万，到2026年3月31日突破1030万，同比增速高达105%。服务覆盖164个国家和地区，触达33亿潜在用户群体。</p><p>【图表二：Starlink 用户数与月均ARPU趋势（2023–2026Q1）】</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aafdd43a6eb30de40cc7f47f71eedb92\" title=\"\" tg-width=\"772\" tg-height=\"177\"/></p><p>来源：SpaceX S-1招股书。ARPU为月均每订阅服务线收入。</p><p style=\"text-align: justify;\"><strong>但有一个数字值得警惕：月均ARPU从2023年的99美元持续下滑至2026年Q1的66美元，三年跌幅33%。</strong></p><p style=\"text-align: justify;\">这背后是Starlink国际化扩张带来的客观稀释，中低收入国家用户付费能力更弱，低价套餐必然压低均价。<strong>公司解释这是战略性选择，通过更大的用户规模弥补单用户收益下降。</strong></p><p style=\"text-align: justify;\"><strong>这个逻辑目前成立：用户数翻了4.5倍，抵消了ARPU下滑，总收入仍保持50%增速。</strong>但ARPU下滑是否会触底，是Starlink长期模型的核心变量。招股书并未给出底部预期。</p><p style=\"text-align: justify;\"><strong>另一个关键催化剂是下一代V3卫星。</strong>预计2026年下半年通过Starship开始部署，单颗容量1 Tbps，是现有V2 Mini卫星的20倍。</p><p style=\"text-align: justify;\">届时网络质量将出现质的飞跃，也可能支撑更高档位的定价。这是Starlink长期故事里最重要的技术升级节点。</p><h2 id=\"id_2225425247\" style=\"text-align: start;\">xAI：史上最贵的AI豪赌</h2><p style=\"text-align: justify;\">2026年2月2日，SpaceX完成对xAI的全股票换股并购。</p><p style=\"text-align: justify;\">这一笔交易，将马斯克从一个造火箭的变成了做AI的，也将SpaceX从一家利润可期的卫星互联网公司，变成了一家深陷AI军备竞赛的烧钱机器。</p><p style=\"text-align: justify;\"><strong>xAI的核心是Grok大模型和X社交平台。</strong></p><p style=\"text-align: justify;\">Grok已迭代至Grok-4.3版本，在GPQA Diamond科学推理基准上达到前沿水平；X平台月活用户约5.5亿，其中使用Grok AI功能的用户约1.17亿，付费用户约630万。</p><p style=\"text-align: justify;\"><strong>问题在于规模与成本。</strong></p><p style=\"text-align: justify;\">为训练和推理Grok，SpaceX在德克萨斯州建设了代号Colossus和Colossus II的超级算力集群。</p><p style=\"text-align: justify;\">前者约10万块H100，后者约22万块GB200/GB300，合计算力约1 GW（吉瓦）。这是当今地球上最大的单一AI算力集群之一。</p><p>【图表三：资本支出结构分解（2023–2026Q1，百万美元）】</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3386aca31a331b03d7f1ed3671728f07\" title=\"\" tg-width=\"775\" tg-height=\"235\"/></p><p>来源：SpaceX S-1招股书。2026Q1 AI资本支出77亿美元，同比约三倍增长。</p><p style=\"text-align: justify;\"><strong>数据已说明一切：2026年Q1的107亿美元资本支出中，77亿流向AI，占比76%。Starlink赚来的钱，大部分流进了算力黑洞。</strong></p><p style=\"text-align: justify;\"><strong>目前xAI最大的外部客户是Anthropic。</strong></p><p style=\"text-align: justify;\">双方于2026年5月签署协议，Anthropic承诺每月向SpaceX支付12.5亿美元，以获得Colossus/Colossus II的算力访问权，合同总价值约400亿美元，有效期至2029年5月。</p><p style=\"text-align: justify;\">这是xAI目前最大的收入来源之一，支撑了AI板块2026年的营收预期。</p><p style=\"text-align: justify;\">但The Information的调查揭示了一个关键风险：<strong>该协议任一方均可提前90天通知取消，这是极不寻常的合同条款。</strong>400亿美元的合同，90天内可以烟消云散。</p><p style=\"text-align: justify;\"><strong>xAI的另一个叙事是轨道AI算力。</strong>马斯克描绘了一幅愿景——未来利用太阳能在轨道上运行AI算力，成本比地面更低。</p><p style=\"text-align: justify;\">但S-1招股书直接写明：我们没有，其他任何人也没有，曾经运营过轨道AI算力（we have not, and no one else has, previously operated or attempted to operate orbital AI compute）。</p><p style=\"text-align: justify;\">公司在宣传颠覆性愿景的同时，正在地面建造规模巨大的燃气轮机驱动的数据中心。</p><p style=\"text-align: justify;\">更引人注意的是，招股书初稿曾披露SpaceX数据中心建设成本仅为每兆瓦270万美元（行业基准约1230万美元/兆瓦），但该数字在最终版本中被删除，仅留下措辞considerably lower than industry benchmarks。</p><p style=\"text-align: justify;\">这意味着潜在投资者无法验证公司最核心的成本竞争力主张。</p><h2 id=\"id_1754928052\" style=\"text-align: start;\">Space：垄断者的成长瓶颈</h2><p style=\"text-align: justify;\">在三个板块中，Space（太空）业务是最被低估也最被误解的一块。</p><p style=\"text-align: justify;\">它贡献了公司2025年约22%的营收，但因为Starship高达30亿美元的年度研发开支，该板块2025年经营亏损6.6亿美元。</p><p style=\"text-align: justify;\">Falcon 9的发射垄断已无需置疑。</p><p style=\"text-align: justify;\">2025年全年，SpaceX完成165次入轨发射，占全球质量入轨份额超80%，99%以上任务成功率，其中122次为内部Starlink发射，43次为外部商业/政府客户。</p><p style=\"text-align: justify;\">主要竞争对手Blue Origin和ULA的市场份额合计不足20%。</p><p style=\"text-align: justify;\">但空间发射市场的天花板正在显现：2025年Space营收同比仅增长7.6%，远低于Connectivity的50%。外部发射订单43次，较2024年（45次）微降。发射服务业务已相当成熟，真正的增量来自Starship商业化。</p><p style=\"text-align: justify;\"><strong>Starship的里程碑是SpaceX全部商业逻辑的基础。</strong></p><p style=\"text-align: justify;\">只有Starship实现大规模可重复使用发射，V3卫星的部署（每次60颗）才能实现，Starlink的覆盖扩张才能加速；SpaceX也才能实现轨道AI算力卫星的远期愿景。</p><p style=\"text-align: justify;\"><strong>截至招股书披露，Starship已完成11次飞行测试，公司预计2026年下半年开始商业化交付载荷——这是本次IPO最重要的近期催化剂。</strong></p><h2 id=\"id_1887685288\" style=\"text-align: start;\">85%投票权背后：马斯克帝国的治理逻辑</h2><p style=\"text-align: justify;\">SpaceX招股书披露了一套精心设计的双重股权结构：A类股每股1票（本次IPO发行），B类股每股10票（马斯克持有）。</p><p style=\"text-align: justify;\">IPO前，马斯克持有B类股约56亿股（占B类93.6%），加上持有的A类股，合并投票权达85.1%——超越任何一家美国主要上市公司创始人的控制比例。</p><p style=\"text-align: justify;\">WSJ的报道指出，这一结构使得投资者几乎不可能罢黜马斯克。公司将以受控公司身份在纳斯达克挂牌，豁免要求多数独立董事的治理规则。马斯克同时担任CEO、CTO和董事会主席。</p><p style=\"text-align: justify;\"><strong>更值得关注的是马斯克的薪酬包设计</strong>：2025年马斯克现金薪酬仅为5.4万美元，但持有一批行权条件极为激进的股权。</p><p style=\"text-align: justify;\">其中10亿股B类股的行权条件是建成100万人口规模的火星永久殖民地，且公司市值达7.5万亿美元。这类股权包的存在，使未来潜在稀释规模难以预测。</p><p style=\"text-align: justify;\">与此同时，SpaceX与马斯克旗下其他公司的关联交易在招股书中首次大规模披露：2025年公司从Tesla采购Cybertruck 1.31亿美元、Megapack 5.06亿美元；xAI此前向Tesla支付过7.31亿美元的各类费用。</p><p style=\"text-align: justify;\">Tesla在招股书中被提及87次——这一数字说明了马斯克帝国的内在关联度。</p><h2 id=\"id_1888713456\" style=\"text-align: start;\">1.75万亿美元值吗？市场与学术界的分歧</h2><p style=\"text-align: justify;\">按1.75万亿美元估值，SpaceX的市销率约为9.4倍（对应2025年186.7亿美元营收）。</p><p style=\"text-align: justify;\">相比之下，亚马逊AWS、微软Azure等主流云计算业务的市销率约为12-15倍，但它们已是成熟盈利业务。</p><p style=\"text-align: justify;\">知名估值学者、纽约大学金融学教授阿斯华思·达摩达兰（Aswath Damodaran）的折现现金流分析得出约1.22万亿美元估值，低于目标IPO估值约30%。</p><p style=\"text-align: justify;\"><strong>达摩达兰认为，当前估值完全建立在对马斯克个人的信任之上。</strong></p><p style=\"text-align: justify;\">但市场显然不这么看。公开信息显示，SpaceX在私募二级市场的估值在过去一年多次上调，IPO簿记已引来大量机构需求。</p><p style=\"text-align: justify;\">分析师所谓的FOMO溢价（错过恐惧溢价）正在主导定价逻辑——不是因为DCF说应该买，而是因为没有人敢说我没有持有SpaceX。</p><p style=\"text-align: justify;\">值得一提的是，过去10年数据确实支持谨慎：PitchBook研究分析师Franco Granda指出，历史上超大市值IPO上市后普遍跑输大盘。</p><p style=\"text-align: justify;\"><strong>但SpaceX的独特性在于，它是两个市场中唯一的强者，既是发射市场的垄断者，也是卫星互联网的领先者。这种稀缺性本身就值一个溢价。</strong></p><h2 id=\"id_491793861\" style=\"text-align: start;\">三大前瞻信号</h2><p style=\"text-align: justify;\">基于招股书和外部信息，投资者需要追踪以下三个关键信号：</p><blockquote><p style=\"text-align: justify;\"><strong>Starship商业化时间线</strong>：2026年下半年首次轨道载荷交付，是验证公司叙事逻辑的最关键节点。一旦延误，V3卫星部署计划、轨道AI算力时间表均将后移，公司三大业务板块的增长预期均需重估。</p><p style=\"text-align: justify;\"><strong>Anthropic合同续约或替代</strong>：12.5亿美元/月的大单2029年5月到期，且附90天取消条款。若Anthropic在合同到期前转向自建算力（这是行业普遍趋势），xAI板块的收入预测将面临重大压力。</p><p style=\"text-align: justify;\"><strong>Starlink ARPU底部确认</strong>：月均ARPU已从99美元降至66美元。若2026年内进一步下滑至50美元以下，意味着国际化稀释效应大于规模增长补偿，Connectivity板块的利润率将承压。</p></blockquote><h2 id=\"id_680120055\" style=\"text-align: start;\">结语：买的是公司，还是马斯克？</h2><p style=\"text-align: justify;\">SpaceX的这份招股书，最终呈现的是一个矛盾体：Starlink是目前已知的人类史上增速最快、利润率最高的宽带业务之一。</p><p style=\"text-align: justify;\">但xAI是一场资本消耗堪比核电站建设的AI赌注，而它的核心客户合同可以90天内取消，核心竞争力数据被从招股书中主动删除。</p><p style=\"text-align: justify;\"><strong>传统的财务分析框架在这里失效。</strong></p><p style=\"text-align: justify;\">估值分析师说1.22万亿，但市场给了1.75万亿，甚至有人喊出2万亿。这不是财务问题，这是信仰问题——你信不信马斯克能同时实现Starship商业化、全球卫星直连手机、轨道AI算力，以及火星移民？</p><p style=\"text-align: justify;\">历史上每一次伟大的科技公司上市，都有人说估值太贵、都有人最终后悔没买。</p><p style=\"text-align: justify;\"><strong>SpaceX的问题不在于它能不能成功，而在于：当你以1.75万亿美元的价格入场，你需要它成功多少才不亏？那份答案，招股书没有给出。</strong></p></body></html>","source":"lsy1762389672944","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SpaceX招股书揭秘：Starlink是印钞机，xAI是吞金兽，马斯克用卫星养AI</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; 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width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSpaceX招股书揭秘：Starlink是印钞机，xAI是吞金兽，马斯克用卫星养AI\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-05-21 12:20 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3772765><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SpaceX以1.75万亿美元估值冲击史上最大IPO。Starlink是核心现金牛，2025年营收114亿美元，EBITDA利润率63%，用户突破1030万。但xAI并购拖累严重，2025年亏损64亿美元，2026年Q1资本支出77亿美元中76%流向AI。核心摘要1. Starlink 是真正的现金牛。2025年Connectivity板块（Starlink为主）营收113.9亿美元，同比增长...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3772765\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5478a0b77c50b39cf31ef48aca660ce9","relate_stocks":{"DXYZ":"Destiny Tech100 Inc","TSLW":"TSLA周配息ETF-Roundhill","TSLI":"2倍做多TSLA ETF-ProShares","CRSH":"做空TSLA 期权收益策略ETF-YieldMax","09766":"南方两倍做多特斯拉-U","TEST":"YieldMax TSLA Performance & Distribution Target 25 ETF","TSLY":"TSLA期权收益策略ETF-YieldMax","TSLG":"2倍做多TSLA ETF-Leverage Shares","TLA":"GraniteShares Autocallable TSLA ETF","TSLZ":"2倍做空TSLA ETF-T-Rex","TSLR":"2倍做多TSLA ETF-GraniteShares","SPCX":"SPAC and New Issue ETF","TSLQ":"2倍做空TSLA ETF-Tradr","TSL":"1.25倍做多TSLA ETF-GraniteShares","TSLS":"1倍做空TSLA ETF-Direxion","TSLA":"特斯拉","TSDD":"2倍做空TSLA ETF-GraniteShares","TSLP":"TSLA收益溢价策略ETF-Kurv","TSLT":"2倍做多TSLA ETF-T-Rex","TSII":"REX TSLA Growth & Income ETF","TSLO":"2倍上限加速TSLA ETF-Leverage Shares","TSLL":"2倍做多TSLA ETF-Direxion","TSYY":"收益增强TSLA ETF-GraniteShares","TESL":"Simplify Volt TSLA Revolution ETF","07766":"南方两倍做多特斯拉","07366":"南方两倍做空特斯拉","09366":"南方两倍做空特斯拉-U"},"source_url":"https://wallstreetcn.com/articles/3772765","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172898743","content_text":"SpaceX以1.75万亿美元估值冲击史上最大IPO。Starlink是核心现金牛，2025年营收114亿美元，EBITDA利润率63%，用户突破1030万。但xAI并购拖累严重，2025年亏损64亿美元，2026年Q1资本支出77亿美元中76%流向AI。核心摘要1. Starlink 是真正的现金牛。2025年Connectivity板块（Starlink为主）营收113.9亿美元，同比增长50%；经营利润44.2亿美元，利润率高达39%；分部Adjusted EBITDA达71.7亿美元，EBITDA利润率63%。截至2026年3月，全球用户数突破1030万，覆盖164个国家。2. xAI是最大的不确定性。2026年2月并入SpaceX的xAI，2025年全年经营亏损63.6亿美元，占公司整体亏损的绝大部分；2026年Q1单季资本支出77亿美元（同比三倍），年化消耗超过300亿美元。3. 财务结构高度失衡。2025年公司合并净亏损49.4亿美元，2026年Q1净亏损42.8亿美元，季度亏损几乎等于去年全年水平。Anthropic签署了每月12.5亿美元（约400亿美元总值）的算力采购协议，但该合同任一方可提前90天取消。4. 马斯克拥有绝对控制权。通过B类股（每股10票），马斯克在IPO完成后仍将掌握85.1%的合并投票权，公司被认定为受控公司（Controlled Company），豁免Nasdaq部分治理要求，散户投资者实质上无法影响公司决策。5. Space板块面临战略转型阵痛。发射业务2025年全球质量入轨份额超80%，但Starship研发支出已累计超过150亿美元。2025年Space板块经营亏损6.6亿美元，研发支出30亿，均大幅高于上年。Starship预计2026年下半年商业化首飞，是公司三大业务下一阶段扩张的基础设施核心。6. 估值争议显著。1.75万亿美元目标估值对应2025年营收约9.4倍市销率，知名估值学者达摩达兰（Damodaran）折现现金流分析得出约1.22万亿估值，低于IPO价约30%。但市场热情高涨，本次IPO有望成为美股历史上规模最大的IPO。整体判断SpaceX的招股书，本质上是一个三元悖论的故事：这家公司同时拥有全球最强的太空基础设施（发射+卫星互联网）、全球增速最快的卫星互联网（Starlink）、以及一场代价高昂且结果未知的AI转型（xAI）。三者并非自然融合，而是马斯克通过一笔全股票换股并购强行嫁接的结果。从财务角度看，Starlink的盈利能力已毋庸置疑，63%的分部EBITDA利润率，在全球科技公司中数一数二。但这只灯塔正被xAI的黑洞所遮蔽。2025年全年AI板块烧掉资本支出127亿美元，带走了公司绝大部分现金流，Q1 2026单季现金净消耗已近90亿美元。投资者买入SpaceX，实质上是在押注一个不可证伪的愿景：轨道AI算力、Starship商业化、以及马斯克本人的号召力，而不仅仅是卫星互联网的现实盈利。这场IPO最大的问题或许不是估值，而是信息不对称：招股书初稿中曾披露数据中心建设成本远低于行业基准，但最终版删除了具体数字；Anthropic每月12.5亿美元的大单附带90天取消条款，远不能视为确定性营收。当一个核心的竞争优势数据被主动删除，当最大客户合同可以90天终止，投资者真正在为什么付钱？这是本次IPO投资者最需要回答的问题。史上最大IPO的前夜2026年5月20日，Space Exploration Technologies Corp.向美国证券交易委员会（SEC）提交了S-1招股说明书，股票代码SPCX，计划在纳斯达克挂牌交易。这份长达280页的文件，是这家24年来一直拒绝上市的私人公司，第一次将自己的财务全貌呈现在公众面前。按目前报道的1.75万亿美元目标估值，SpaceX将超越沙特阿美2019年的1.7万亿美元，成为人类历史上规模最大的股票发行之一。承销商名单囊括了华尔街几乎所有顶级机构：高盛领衔，摩根士丹利、美银、花旗、摩根大通紧随其后，共20家联席账簿管理人，并向Robinhood、富达等散户平台开放认购渠道。路演定于6月4日启动，6月11日定价，6月12日上市。马斯克为这场宇宙级上市安排了精准的倒计时。但投资者需要先穿透那280页的文字，回答一个核心问题：这家公司到底是什么？SpaceX在招股书中将业务划分为三个板块：Space / Connectivity / AI。这一架构本身就是一个信号：这不再是一家火箭公司，甚至不再只是一家卫星互联网公司——它正在试图成为一个横跨太空、通信和人工智能的垂直整合帝国。【图表一：三大板块营收与经营利润（2023–2026Q1，百万美元）】来源：SpaceX S-1招股书，2026年5月20日。AI板块数据追溯合并自xAI及X平台2023年起的历史财务数据。从三年数据可以读出一条清晰的故事线：2023年公司深陷亏损（含Twitter减值），2024年xAI并入前一度实现盈利，而2026年Q1单季亏损43亿美元，几乎等于2025年全年亏损总量。加速扩张的AI业务，正在将这家公司推向一个财务上截然不同的轨道。Starlink：这台印钞机有多能印？Starlink是SpaceX招股书里最清晰、也最令人信服的资产。2025年，Connectivity板块（主要是Starlink）实现营收113.9亿美元，同比增长50%；经营利润44.2亿美元，同比增长120%；分部EBITDA高达71.7亿美元，EBITDA利润率63%，超过绝大多数互联网平台。用户增长同样势如破竹：2023年末230万、2024年末440万、2025年末890万，到2026年3月31日突破1030万，同比增速高达105%。服务覆盖164个国家和地区，触达33亿潜在用户群体。【图表二：Starlink 用户数与月均ARPU趋势（2023–2026Q1）】来源：SpaceX S-1招股书。ARPU为月均每订阅服务线收入。但有一个数字值得警惕：月均ARPU从2023年的99美元持续下滑至2026年Q1的66美元，三年跌幅33%。这背后是Starlink国际化扩张带来的客观稀释，中低收入国家用户付费能力更弱，低价套餐必然压低均价。公司解释这是战略性选择，通过更大的用户规模弥补单用户收益下降。这个逻辑目前成立：用户数翻了4.5倍，抵消了ARPU下滑，总收入仍保持50%增速。但ARPU下滑是否会触底，是Starlink长期模型的核心变量。招股书并未给出底部预期。另一个关键催化剂是下一代V3卫星。预计2026年下半年通过Starship开始部署，单颗容量1 Tbps，是现有V2 Mini卫星的20倍。届时网络质量将出现质的飞跃，也可能支撑更高档位的定价。这是Starlink长期故事里最重要的技术升级节点。xAI：史上最贵的AI豪赌2026年2月2日，SpaceX完成对xAI的全股票换股并购。这一笔交易，将马斯克从一个造火箭的变成了做AI的，也将SpaceX从一家利润可期的卫星互联网公司，变成了一家深陷AI军备竞赛的烧钱机器。xAI的核心是Grok大模型和X社交平台。Grok已迭代至Grok-4.3版本，在GPQA Diamond科学推理基准上达到前沿水平；X平台月活用户约5.5亿，其中使用Grok AI功能的用户约1.17亿，付费用户约630万。问题在于规模与成本。为训练和推理Grok，SpaceX在德克萨斯州建设了代号Colossus和Colossus II的超级算力集群。前者约10万块H100，后者约22万块GB200/GB300，合计算力约1 GW（吉瓦）。这是当今地球上最大的单一AI算力集群之一。【图表三：资本支出结构分解（2023–2026Q1，百万美元）】来源：SpaceX S-1招股书。2026Q1 AI资本支出77亿美元，同比约三倍增长。数据已说明一切：2026年Q1的107亿美元资本支出中，77亿流向AI，占比76%。Starlink赚来的钱，大部分流进了算力黑洞。目前xAI最大的外部客户是Anthropic。双方于2026年5月签署协议，Anthropic承诺每月向SpaceX支付12.5亿美元，以获得Colossus/Colossus II的算力访问权，合同总价值约400亿美元，有效期至2029年5月。这是xAI目前最大的收入来源之一，支撑了AI板块2026年的营收预期。但The Information的调查揭示了一个关键风险：该协议任一方均可提前90天通知取消，这是极不寻常的合同条款。400亿美元的合同，90天内可以烟消云散。xAI的另一个叙事是轨道AI算力。马斯克描绘了一幅愿景——未来利用太阳能在轨道上运行AI算力，成本比地面更低。但S-1招股书直接写明：我们没有，其他任何人也没有，曾经运营过轨道AI算力（we have not, and no one else has, previously operated or attempted to operate orbital AI compute）。公司在宣传颠覆性愿景的同时，正在地面建造规模巨大的燃气轮机驱动的数据中心。更引人注意的是，招股书初稿曾披露SpaceX数据中心建设成本仅为每兆瓦270万美元（行业基准约1230万美元/兆瓦），但该数字在最终版本中被删除，仅留下措辞considerably lower than industry benchmarks。这意味着潜在投资者无法验证公司最核心的成本竞争力主张。Space：垄断者的成长瓶颈在三个板块中，Space（太空）业务是最被低估也最被误解的一块。它贡献了公司2025年约22%的营收，但因为Starship高达30亿美元的年度研发开支，该板块2025年经营亏损6.6亿美元。Falcon 9的发射垄断已无需置疑。2025年全年，SpaceX完成165次入轨发射，占全球质量入轨份额超80%，99%以上任务成功率，其中122次为内部Starlink发射，43次为外部商业/政府客户。主要竞争对手Blue Origin和ULA的市场份额合计不足20%。但空间发射市场的天花板正在显现：2025年Space营收同比仅增长7.6%，远低于Connectivity的50%。外部发射订单43次，较2024年（45次）微降。发射服务业务已相当成熟，真正的增量来自Starship商业化。Starship的里程碑是SpaceX全部商业逻辑的基础。只有Starship实现大规模可重复使用发射，V3卫星的部署（每次60颗）才能实现，Starlink的覆盖扩张才能加速；SpaceX也才能实现轨道AI算力卫星的远期愿景。截至招股书披露，Starship已完成11次飞行测试，公司预计2026年下半年开始商业化交付载荷——这是本次IPO最重要的近期催化剂。85%投票权背后：马斯克帝国的治理逻辑SpaceX招股书披露了一套精心设计的双重股权结构：A类股每股1票（本次IPO发行），B类股每股10票（马斯克持有）。IPO前，马斯克持有B类股约56亿股（占B类93.6%），加上持有的A类股，合并投票权达85.1%——超越任何一家美国主要上市公司创始人的控制比例。WSJ的报道指出，这一结构使得投资者几乎不可能罢黜马斯克。公司将以受控公司身份在纳斯达克挂牌，豁免要求多数独立董事的治理规则。马斯克同时担任CEO、CTO和董事会主席。更值得关注的是马斯克的薪酬包设计：2025年马斯克现金薪酬仅为5.4万美元，但持有一批行权条件极为激进的股权。其中10亿股B类股的行权条件是建成100万人口规模的火星永久殖民地，且公司市值达7.5万亿美元。这类股权包的存在，使未来潜在稀释规模难以预测。与此同时，SpaceX与马斯克旗下其他公司的关联交易在招股书中首次大规模披露：2025年公司从Tesla采购Cybertruck 1.31亿美元、Megapack 5.06亿美元；xAI此前向Tesla支付过7.31亿美元的各类费用。Tesla在招股书中被提及87次——这一数字说明了马斯克帝国的内在关联度。1.75万亿美元值吗？市场与学术界的分歧按1.75万亿美元估值，SpaceX的市销率约为9.4倍（对应2025年186.7亿美元营收）。相比之下，亚马逊AWS、微软Azure等主流云计算业务的市销率约为12-15倍，但它们已是成熟盈利业务。知名估值学者、纽约大学金融学教授阿斯华思·达摩达兰（Aswath Damodaran）的折现现金流分析得出约1.22万亿美元估值，低于目标IPO估值约30%。达摩达兰认为，当前估值完全建立在对马斯克个人的信任之上。但市场显然不这么看。公开信息显示，SpaceX在私募二级市场的估值在过去一年多次上调，IPO簿记已引来大量机构需求。分析师所谓的FOMO溢价（错过恐惧溢价）正在主导定价逻辑——不是因为DCF说应该买，而是因为没有人敢说我没有持有SpaceX。值得一提的是，过去10年数据确实支持谨慎：PitchBook研究分析师Franco Granda指出，历史上超大市值IPO上市后普遍跑输大盘。但SpaceX的独特性在于，它是两个市场中唯一的强者，既是发射市场的垄断者，也是卫星互联网的领先者。这种稀缺性本身就值一个溢价。三大前瞻信号基于招股书和外部信息，投资者需要追踪以下三个关键信号：Starship商业化时间线：2026年下半年首次轨道载荷交付，是验证公司叙事逻辑的最关键节点。一旦延误，V3卫星部署计划、轨道AI算力时间表均将后移，公司三大业务板块的增长预期均需重估。Anthropic合同续约或替代：12.5亿美元/月的大单2029年5月到期，且附90天取消条款。若Anthropic在合同到期前转向自建算力（这是行业普遍趋势），xAI板块的收入预测将面临重大压力。Starlink ARPU底部确认：月均ARPU已从99美元降至66美元。若2026年内进一步下滑至50美元以下，意味着国际化稀释效应大于规模增长补偿，Connectivity板块的利润率将承压。结语：买的是公司，还是马斯克？SpaceX的这份招股书，最终呈现的是一个矛盾体：Starlink是目前已知的人类史上增速最快、利润率最高的宽带业务之一。但xAI是一场资本消耗堪比核电站建设的AI赌注，而它的核心客户合同可以90天内取消，核心竞争力数据被从招股书中主动删除。传统的财务分析框架在这里失效。估值分析师说1.22万亿，但市场给了1.75万亿，甚至有人喊出2万亿。这不是财务问题，这是信仰问题——你信不信马斯克能同时实现Starship商业化、全球卫星直连手机、轨道AI算力，以及火星移民？历史上每一次伟大的科技公司上市，都有人说估值太贵、都有人最终后悔没买。SpaceX的问题不在于它能不能成功，而在于：当你以1.75万亿美元的价格入场，你需要它成功多少才不亏？那份答案，招股书没有给出。","news_type":1,"symbols_score_info":{"TSLA":2,"TSLG":0.6,"TSL":0.6,"TSLO":0.6,"TEST":0.6,"TSLR":0.6,"TSLY":0.6,"DXYZ":2,"TSLS":0.6,"TSLW":0.6,"07766":0.6,"TSLZ":0.6,"TLA":0.6,"TSDD":0.6,"SPCX":2,"TSLI":0.6,"TSII":0.6,"TESL":0.6,"TSLP":0.6,"TSLQ":0.6,"09366":0.6,"TSLL":0.6,"07366":0.6,"TSLT":0.6,"TSYY":0.6,"CRSH":0.6,"09766":0.6}},"isVote":1,"tweetType":1,"viewCount":1182,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":594199058895576,"gmtCreate":1786086350868,"gmtModify":1786086352794,"author":{"id":"4127096279946230","authorId":"4127096279946230","name":"开城门迎闯王","avatar":"https://static.tigerbbs.com/0abeff4a4bee89ad892628825ae2c850","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4127096279946230","idStr":"4127096279946230"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/07709\">$南方两倍做多海力士(07709)$</a> 韩国都收盘了，怎么拉起来了？美股也没拉起来啊，这是跟谁？","listText":"<a href=\"https://laohu8.com/S/07709\">$南方两倍做多海力士(07709)$</a> 韩国都收盘了，怎么拉起来了？美股也没拉起来啊，这是跟谁？","text":"$南方两倍做多海力士(07709)$ 韩国都收盘了，怎么拉起来了？美股也没拉起来啊，这是跟谁？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/594199058895576","isVote":1,"tweetType":1,"viewCount":418,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3572923745096038","authorId":"3572923745096038","name":"艾利克","avatar":"https://static.tigerbbs.com/38c157f119503362ec91004ee318384c","crmLevel":4,"crmLevelSwitch":0,"authorIdStr":"3572923745096038","idStr":"3572923745096038"},"content":"跟美股夜盘","text":"跟美股夜盘","html":"跟美股夜盘"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":571275243361800,"gmtCreate":1780495681689,"gmtModify":1780590600151,"author":{"id":"4127096279946230","authorId":"4127096279946230","name":"开城门迎闯王","avatar":"https://static.tigerbbs.com/0abeff4a4bee89ad892628825ae2c850","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4127096279946230","idStr":"4127096279946230"},"themes":[],"title":"","htmlText":"最后一次分享了，有缘再见。<a href=\"https://laohu8.com/S/MRVL\">$迈威尔科技(MRVL)$&nbsp;</a>&nbsp;<a href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$&nbsp;</a>&nbsp;<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$&nbsp;</a>&nbsp;<a href=\"https://laohu8.com/S/NVDA\">$英伟达(NVDA)$&nbsp;</a>&nbsp;","listText":"最后一次分享了，有缘再见。<a href=\"https://laohu8.com/S/MRVL\">$迈威尔科技(MRVL)$&nbsp;</a>&nbsp;<a href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$&nbsp;</a>&nbsp;<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$&nbsp;</a>&nbsp;<a href=\"https://laohu8.com/S/NVDA\">$英伟达(NVDA)$&nbsp;</a>&nbsp;","text":"最后一次分享了，有缘再见。$迈威尔科技(MRVL)$ $老虎证券(TIGR)$ $特斯拉(TSLA)$ $英伟达(NVDA)$","images":[{"img":"https://static.tigerbbs.com/00045e26db4a7635dc62d9289aa0a7ab","width":"924","height":"1536"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":10,"commentSize":17,"repostSize":0,"link":"https://laohu8.com/post/571275243361800","isVote":1,"tweetType":1,"viewCount":14899,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3479877146788319","authorId":"3479877146788319","name":"nuanliu暖","avatar":"https://static.tigerbbs.com/8cf97a13cfcaa7cc61d2d0c39d6f8782","crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3479877146788319","idStr":"3479877146788319"},"content":"兄弟去哪里？","text":"兄弟去哪里？","html":"兄弟去哪里？"}],"imageCount":1,"langContent":"CN","totalScore":0},{"id":574419655004368,"gmtCreate":1781253151600,"gmtModify":1781274000264,"author":{"id":"4127096279946230","authorId":"4127096279946230","name":"开城门迎闯王","avatar":"https://static.tigerbbs.com/0abeff4a4bee89ad892628825ae2c850","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4127096279946230","idStr":"4127096279946230"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/SPCX\">$Space Exploration Technologies(SPCX)$</a> 高开低走，跳空高开150左右，拉到175左右，然后砸下去，到138。","listText":"<a href=\"https://laohu8.com/S/SPCX\">$Space Exploration Technologies(SPCX)$</a> 高开低走，跳空高开150左右，拉到175左右，然后砸下去，到138。","text":"$Space Exploration Technologies(SPCX)$ 高开低走，跳空高开150左右，拉到175左右，然后砸下去，到138。","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":14,"commentSize":30,"repostSize":2,"link":"https://laohu8.com/post/574419655004368","isVote":1,"tweetType":1,"viewCount":11377,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4093306728830590","authorId":"4093306728830590","name":"dingzhen","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":9,"crmLevelSwitch":0,"authorIdStr":"4093306728830590","idStr":"4093306728830590"},"content":"写小说的来了","text":"写小说的来了","html":"写小说的来了"},{"author":{"id":"3539819406347218","authorId":"3539819406347218","name":"我的鸡八岁了","avatar":"https://static.tigerbbs.com/14d3bfbaeba64ceb6cc7bd79c2d89d20","crmLevel":3,"crmLevelSwitch":0,"authorIdStr":"3539819406347218","idStr":"3539819406347218"},"content":"算命的来了","text":"算命的来了","html":"算命的来了"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":566941709978288,"gmtCreate":1779451228161,"gmtModify":1779456600209,"author":{"id":"4127096279946230","authorId":"4127096279946230","name":"开城门迎闯王","avatar":"https://static.tigerbbs.com/0abeff4a4bee89ad892628825ae2c850","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4127096279946230","idStr":"4127096279946230"},"themes":[],"title":"","htmlText":"希望老虎越来越好，一起加油！<a href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$</a>&nbsp;<a href=\"https://laohu8.com/S/NVDA\">$英伟达(NVDA)$&nbsp;</a>&nbsp;<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$&nbsp;</a>&nbsp;<a href=\"https://laohu8.com/S/AAPL\">$苹果(AAPL)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","listText":"希望老虎越来越好，一起加油！<a href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$</a>&nbsp;<a href=\"https://laohu8.com/S/NVDA\">$英伟达(NVDA)$&nbsp;</a>&nbsp;<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$&nbsp;</a>&nbsp;<a href=\"https://laohu8.com/S/AAPL\">$苹果(AAPL)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","text":"希望老虎越来越好，一起加油！$老虎证券(TIGR)$ $英伟达(NVDA)$ $特斯拉(TSLA)$ $苹果(AAPL)$","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":31,"commentSize":14,"repostSize":0,"link":"https://laohu8.com/post/566941709978288","repostId":"1184303210","repostType":2,"repost":{"id":"1184303210","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1779449432,"share":"https://www.laohunote.com/m/news/1184303210?lang=zh_CN&edition=full","pubTime":"2026-05-22 19:30","market":"us","language":"zh","title":"老虎国际：关于近期跨境证券业务监管指引的说明","url":"https://stock-news.laohu8.com/highlight/detail?id=1184303210","media":"老虎资讯综合","summary":"今日，中国证券监督管理委员会联合八部委发布《关于规范内地投资者跨境证券期货基金经营活动的相关通告》，就行业相关经营活动进一步明确监管要求。老虎国际对此高度关注，将严格按照监管机构出台的全行业规范要求，稳步推进相关合规工作。当前，老虎国际全球业务运营一切正常，财务状况稳健。","content":"<p style=\"text-align: left;\">今日，中国证券监督管理委员会（CSRC）联合八部委发布《关于规范内地投资者跨境证券期货基金经营活动的相关通告》，就行业相关经营活动进一步明确监管要求。老虎国际对此高度关注，将严格按照监管机构出台的全行业规范要求，稳步推进相关合规工作。</p><p style=\"text-align: left;\">作为深耕全球市场的持牌金融机构，合规始终是老虎国际经营发展的首要准则。一直以来，公司持续与各地监管机构保持沟通，并严格按照监管要求推进业务调整与合规整改。2023年以来，公司已全面停止为中国内地身份用户开设账户，同步停止对外广告、营销推广及活动，持续加强账户审核、身份核验及反欺诈管理机制，并将主要精力、资源投入在海外市场的经营活动中。</p><p style=\"text-align: left;\">截至2026年第一季度末，中国内地客户资产占集团全球总资产比例约为10%。与此同时，在国际化及多元化战略推动下，新加坡、香港、美国、澳大利亚、新西兰等海外市场的客户规模及资产规模持续保持稳健增长，国际化发展步伐不断加快。</p><p style=\"text-align: left;\">本次监管指引明确面向所有境外金融机构，针对监管机构提出的最新规范要求，老虎国际将继续严格按照监管指引落实相关工作，并在此过程中全力保障客户资产安全，维护正常的市场服务秩序。需要特别说明的是，客户资金始终与公司运营资金严格隔离，并按照监管要求存放于独立托管银行账户中；客户持有的美股、港股及新加坡股资产，分别由美国存管信托及结算公司（DTCC）、香港中央结算有限公司（HKSCC）及新加坡交易所中央托管私人有限公司（CDP）进行托管。我们将全力保障投资者资产安全与合法权益。</p><p style=\"text-align: left;\">当前，老虎国际全球业务运营一切正常，财务状况稳健。公司也将继续坚持“合规先行”的经营理念，在各国家和地区法律法规框架下，为全球客户提供安全、可靠、优质的金融服务，稳步推进长期可持续发展。</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n老虎国际：关于近期跨境证券业务监管指引的说明\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2026-05-22 19:30</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p style=\"text-align: left;\">今日，中国证券监督管理委员会（CSRC）联合八部委发布《关于规范内地投资者跨境证券期货基金经营活动的相关通告》，就行业相关经营活动进一步明确监管要求。老虎国际对此高度关注，将严格按照监管机构出台的全行业规范要求，稳步推进相关合规工作。</p><p style=\"text-align: left;\">作为深耕全球市场的持牌金融机构，合规始终是老虎国际经营发展的首要准则。一直以来，公司持续与各地监管机构保持沟通，并严格按照监管要求推进业务调整与合规整改。2023年以来，公司已全面停止为中国内地身份用户开设账户，同步停止对外广告、营销推广及活动，持续加强账户审核、身份核验及反欺诈管理机制，并将主要精力、资源投入在海外市场的经营活动中。</p><p style=\"text-align: left;\">截至2026年第一季度末，中国内地客户资产占集团全球总资产比例约为10%。与此同时，在国际化及多元化战略推动下，新加坡、香港、美国、澳大利亚、新西兰等海外市场的客户规模及资产规模持续保持稳健增长，国际化发展步伐不断加快。</p><p style=\"text-align: left;\">本次监管指引明确面向所有境外金融机构，针对监管机构提出的最新规范要求，老虎国际将继续严格按照监管指引落实相关工作，并在此过程中全力保障客户资产安全，维护正常的市场服务秩序。需要特别说明的是，客户资金始终与公司运营资金严格隔离，并按照监管要求存放于独立托管银行账户中；客户持有的美股、港股及新加坡股资产，分别由美国存管信托及结算公司（DTCC）、香港中央结算有限公司（HKSCC）及新加坡交易所中央托管私人有限公司（CDP）进行托管。我们将全力保障投资者资产安全与合法权益。</p><p style=\"text-align: left;\">当前，老虎国际全球业务运营一切正常，财务状况稳健。公司也将继续坚持“合规先行”的经营理念，在各国家和地区法律法规框架下，为全球客户提供安全、可靠、优质的金融服务，稳步推进长期可持续发展。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TIGR":"老虎证券"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184303210","content_text":"今日，中国证券监督管理委员会（CSRC）联合八部委发布《关于规范内地投资者跨境证券期货基金经营活动的相关通告》，就行业相关经营活动进一步明确监管要求。老虎国际对此高度关注，将严格按照监管机构出台的全行业规范要求，稳步推进相关合规工作。作为深耕全球市场的持牌金融机构，合规始终是老虎国际经营发展的首要准则。一直以来，公司持续与各地监管机构保持沟通，并严格按照监管要求推进业务调整与合规整改。2023年以来，公司已全面停止为中国内地身份用户开设账户，同步停止对外广告、营销推广及活动，持续加强账户审核、身份核验及反欺诈管理机制，并将主要精力、资源投入在海外市场的经营活动中。截至2026年第一季度末，中国内地客户资产占集团全球总资产比例约为10%。与此同时，在国际化及多元化战略推动下，新加坡、香港、美国、澳大利亚、新西兰等海外市场的客户规模及资产规模持续保持稳健增长，国际化发展步伐不断加快。本次监管指引明确面向所有境外金融机构，针对监管机构提出的最新规范要求，老虎国际将继续严格按照监管指引落实相关工作，并在此过程中全力保障客户资产安全，维护正常的市场服务秩序。需要特别说明的是，客户资金始终与公司运营资金严格隔离，并按照监管要求存放于独立托管银行账户中；客户持有的美股、港股及新加坡股资产，分别由美国存管信托及结算公司（DTCC）、香港中央结算有限公司（HKSCC）及新加坡交易所中央托管私人有限公司（CDP）进行托管。我们将全力保障投资者资产安全与合法权益。当前，老虎国际全球业务运营一切正常，财务状况稳健。公司也将继续坚持“合规先行”的经营理念，在各国家和地区法律法规框架下，为全球客户提供安全、可靠、优质的金融服务，稳步推进长期可持续发展。","news_type":1,"symbols_score_info":{"TIGR":2}},"isVote":1,"tweetType":1,"viewCount":16858,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3573961814970517","authorId":"3573961814970517","name":"青山旁竹","avatar":"https://static.tigerbbs.com/40b2ed876aad70959d3cf1b663f70ba5","crmLevel":7,"crmLevelSwitch":1,"authorIdStr":"3573961814970517","idStr":"3573961814970517"},"content":"刚买了些，相信老虎🐯","text":"刚买了些，相信老虎🐯","html":"刚买了些，相信老虎🐯"},{"author":{"id":"4199537022909542","authorId":"4199537022909542","name":"股市獵手","avatar":"https://static.tigerbbs.com/4fd9af5917d64bde733927002a3f8faf","crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"4199537022909542","idStr":"4199537022909542"},"content":"我5.5的本，现在是卖是留啊，求指教，学徒技术","text":"我5.5的本，现在是卖是留啊，求指教，学徒技术","html":"我5.5的本，现在是卖是留啊，求指教，学徒技术"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":591443906454848,"gmtCreate":1785423723680,"gmtModify":1785445016154,"author":{"id":"4127096279946230","authorId":"4127096279946230","name":"开城门迎闯王","avatar":"https://static.tigerbbs.com/0abeff4a4bee89ad892628825ae2c850","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4127096279946230","idStr":"4127096279946230"},"themes":[],"title":"","htmlText":"7月最后一天不玩了，下个月再来。<a href=\"https://laohu8.com/S/MU\">$美光科技(MU)$&nbsp;</a>&nbsp;<a href=\"https://laohu8.com/S/SKHY\">$SK海力士(SKHY)$&nbsp;</a>&nbsp;","listText":"7月最后一天不玩了，下个月再来。<a href=\"https://laohu8.com/S/MU\">$美光科技(MU)$&nbsp;</a>&nbsp;<a href=\"https://laohu8.com/S/SKHY\">$SK海力士(SKHY)$&nbsp;</a>&nbsp;","text":"7月最后一天不玩了，下个月再来。$美光科技(MU)$ 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今日余额6200。 前几天计划外胡乱操作账户亏损只剩500，连续两个晚上空单做回来了。 事实证明再多的余额梭哈，计划外操作，也会马上归零。严格按照计划资金再少也可以做大。这几天休息好好复盘一下再来。 等了一晚上，终于等到一次空的机会。<a href=\"https://laohu8.com/S/NVDA\">$英伟达(NVDA)$&nbsp;</a>&nbsp;<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","listText":"4月充值3000， 今日余额6200。 前几天计划外胡乱操作账户亏损只剩500，连续两个晚上空单做回来了。 事实证明再多的余额梭哈，计划外操作，也会马上归零。严格按照计划资金再少也可以做大。这几天休息好好复盘一下再来。 等了一晚上，终于等到一次空的机会。<a href=\"https://laohu8.com/S/NVDA\">$英伟达(NVDA)$&nbsp;</a>&nbsp;<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","text":"4月充值3000， 今日余额6200。 前几天计划外胡乱操作账户亏损只剩500，连续两个晚上空单做回来了。 事实证明再多的余额梭哈，计划外操作，也会马上归零。严格按照计划资金再少也可以做大。这几天休息好好复盘一下再来。 等了一晚上，终于等到一次空的机会。$英伟达(NVDA)$ $特斯拉(TSLA)$","images":[{"img":"https://static.tigerbbs.com/38c0b8bbc1129f31dc1a3ef093c3458e","width":"924","height":"1476"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":6,"commentSize":11,"repostSize":0,"link":"https://laohu8.com/post/565956760016408","isVote":1,"tweetType":1,"viewCount":21505,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3582650043397063","authorId":"3582650043397063","name":"ThinkerPoet","avatar":"https://static.tigerbbs.com/598a43af558544f206fc100ec24ebaba","crmLevel":6,"crmLevelSwitch":1,"authorIdStr":"3582650043397063","idStr":"3582650043397063"},"content":"真是如此 钱多了乱买一通容易钱变少 我刚把盈利提现了 保持本金不变留在里面玩","text":"真是如此 钱多了乱买一通容易钱变少 我刚把盈利提现了 保持本金不变留在里面玩","html":"真是如此 钱多了乱买一通容易钱变少 我刚把盈利提现了 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5月休息几天。这几天过山车一样。","images":[{"img":"https://static.tigerbbs.com/78f354a078b97b64e17b5febc9356d3c","width":"924","height":"1684"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":7,"repostSize":1,"link":"https://laohu8.com/post/565957796296280","isVote":1,"tweetType":1,"viewCount":5628,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3550457881605325","authorId":"3550457881605325","name":"改变左侧交易习惯","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":6,"crmLevelSwitch":0,"authorIdStr":"3550457881605325","idStr":"3550457881605325"},"content":"这几年看了好几个这样交易的账户，都是不到两年就消失了[汗颜]","text":"这几年看了好几个这样交易的账户，都是不到两年就消失了[汗颜]","html":"这几年看了好几个这样交易的账户，都是不到两年就消失了[汗颜]"},{"author":{"id":"4131409357956500","authorId":"4131409357956500","name":"ruan_7128","avatar":"https://static.tigerbbs.com/8ad7f9c1716c3dead55c9cc240346dcb","crmLevel":7,"crmLevelSwitch":1,"authorIdStr":"4131409357956500","idStr":"4131409357956500"},"content":"5月份的行情很难做单，你有点盈利，很优秀！ [强]","text":"5月份的行情很难做单，你有点盈利，很优秀！ [强]","html":"5月份的行情很难做单，你有点盈利，很优秀！ [强]"}],"imageCount":1,"langContent":"CN","totalScore":0},{"id":549351368099144,"gmtCreate":1775140825339,"gmtModify":1775140828593,"author":{"id":"4127096279946230","authorId":"4127096279946230","name":"开城门迎闯王","avatar":"https://static.tigerbbs.com/0abeff4a4bee89ad892628825ae2c850","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4127096279946230","idStr":"4127096279946230"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/OPT/SPY 20260402 650.0 CALL\">$SPY 20260402 650.0 CALL$</a> 很久没赚钱了","listText":"<a href=\"https://laohu8.com/OPT/SPY 20260402 650.0 CALL\">$SPY 20260402 650.0 CALL$</a> 很久没赚钱了","text":"$SPY 20260402 650.0 CALL$ 很久没赚钱了","images":[{"img":"https://static.tigerbbs.com/65554fd90ed61059b220e4a44583f4ec","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/549351368099144","isVote":1,"tweetType":1,"viewCount":2882,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":593591943615424,"gmtCreate":1785936691350,"gmtModify":1785936695516,"author":{"id":"4127096279946230","authorId":"4127096279946230","name":"开城门迎闯王","avatar":"https://static.tigerbbs.com/0abeff4a4bee89ad892628825ae2c850","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4127096279946230","idStr":"4127096279946230"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/OPT/NVDA 20260805 212.5 CALL\">$NVDA 20260805 212.5 CALL$</a> 又卖飞了","listText":"<a href=\"https://laohu8.com/OPT/NVDA 20260805 212.5 CALL\">$NVDA 20260805 212.5 CALL$</a> 又卖飞了","text":"$NVDA 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