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06-05
怎么申购
6月12日登陆纳斯达克！SpaceX携“太空+AI”愿景冲击史上最大IPO，有哪些看点？
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11:28","market":"sg","language":"zh","title":"6月12日登陆纳斯达克！SpaceX携“太空+AI”愿景冲击史上最大IPO，有哪些看点？","url":"https://stock-news.laohu8.com/highlight/detail?id=2640891139","media":"智通财经网","summary":"SpaceX计划于6月12日在纳斯达克挂牌上市，股票代码为“SPCX”。","content":"<html><head></head><body><p>埃隆·马斯克旗下SpaceX计划于6月12日在纳斯达克挂牌上市，股票代码为“SPCX”，此次交易有望缔造史上规模最大的IPO。该公司计划通过IPO筹集750亿美元，是此前纪录保持者的两倍多。</p><p>这场IPO将成为资本市场年度盛事，投资者将得以入局马斯克打造太空 + AI 复合型巨头的宏大蓝图。马斯克提出一系列扩张规划，包括在太空建立数据中心，这些规划极具想象力，但落地耗资庞大、风险突出，且多数项目要历经多年才能兑现收益。</p><p><strong>下文梳理SpaceX 本次IPO的关键看点：</strong></p><p><strong>SpaceX估值达1.77万亿美元，分析师“泼冷水”</strong></p><p>根据提交给美国证券交易委员会(SEC)的文件，SpaceX计划以每股135美元的价格发行约5.556亿股股票。按此价格计算，SpaceX的市值将接近1.77万亿美元。</p><p>据悉，SpaceX此次采用固定发行价方式定价，而非美国大型IPO惯例的先公布价格区间、再通过路演询价的方式，这在美国市场较为罕见，在亚欧市场则更为普遍。</p><p>SpaceX计划通过IPO筹集750亿美元，这将打破沙特阿美在2019年创下的294亿美元的纪录。</p><p>最大的疑问在于，如此高昂的估值能否在二级市场站稳脚跟。分析师通常依据企业未来盈利、成长性、行业竞争格局与利润率来测算公司价值，但估值定价本就没有统一标准。尤其在牛市环境下，投资者往往脱离基本面，愿意为个股支付偏高的溢价。</p><p>部分投资者认为，SpaceX太空业务前景广阔，足以支撑远超当期财报所能匹配的估值。但SpaceX旗下xAI业务面临严峻挑战，或削弱公司整体投资吸引力。</p><p>分析师在SpaceX上市前频频“泼冷水”。晨星公司直言不讳地表示，SpaceX的目标估值过高，真实估值可能不到目标估值的一半。晨星分析师Nicolas Owens的折现现金流模型预测SpaceX的估值仅为7800亿美元，其中，SpaceX的太空发射和星链互联网业务价值为6110亿美元，而人工智能业务价值仅有1700亿美元左右。简而言之，投资者不应该以IPO价格买入SpaceX股票。</p><p>专注私募股权、创投的金融数据公司PitchBook认为，SpaceX合理估值为1.5万亿美元，其余是太空、AI叙事与“马斯克光环”的溢价。资深研究分析师Franco Granda给予星链约1.2万亿美元、发射及其他业务约3000亿美元的估值，额外的叙事溢价“显得有些过于乐观甚至荒谬”。</p><p><strong>SpaceX上市融资背后：xAI每月烧掉10亿美元</strong></p><p>尽管依靠星链卫星宽带业务，SpaceX已实现可观的现金流，但该公司仍需更多资金来实现其宏伟目标。SpaceX已表示，IPO募集资金将用于扩展公司的人工智能计算基础设施、提升太空基础设施和火箭性能，以及扩大卫星<a href=\"https://laohu8.com/S/STZ\">星座</a>规模等。</p><p>SpaceX原本可以选择继续在私募市场筹集资金，而非选择上市。但据知情人士透露，随着今年2月收购xAI，该公司的资金需求似乎大幅增加。xAI每月消耗约10亿美元现金，用于支付包括训练人工智能模型在内的计算基础设施费用。</p><p>IPO文件显示，SpaceX的AI部门(包括xAI)去年运营亏损64亿美元，2026年前三个月则亏损近25亿美元。不过，SpaceX刚刚达成一项协议，Anthropic PBC将每月向其支付12.5亿美元用于购买人工智能算力，该协议有效期至2029年5月。</p><p>此外，作为一家上市公司，SpaceX可以利用更广泛的市场筹集资金，助力其人工智能业务在竞争对手OpenAI 和Anthropic上市前抢先完成资金储备。据报道，OpenAI 和Anthropic有意在今年完成上市，目标融资规模均达<a href=\"https://laohu8.com/S/SBAY\">数百亿</a>美元。</p><p>Wedbush Securities全球科技研究主管Dan Ives表示，SpaceX的首次公开募股将是一场“分水岭事件”，不仅会打破纪录，也将为随后OpenAI和Anthropic PBC的IPO奠定基调。这位资深股票分析师周三表示：“把爆米花准备好吧：SpaceX、OpenAI、Anthropic，未来几个月会非常有看头。”</p><p><strong>业务版图辽阔，SpaceX蜕变为行业巨头</strong></p><p>SpaceX 从<a href=\"https://laohu8.com/S/000901\">航天</a>行业的初创挑战者，蜕变为手握海量美国政府订单、支撑美国<a href=\"https://laohu8.com/S/00031\">航天</a>体系的巨头。除了火箭发射业务和星链外，SpaceX 现在还拥有Grok聊天机器人的开发商xAI，以及社交平台X(前身为Twitter)。</p><p>收购xAI 后，SpaceX越来越重视人工智能。招股文件披露，SpaceX 整体可触达潜在市场规模(TAM)合计28.5万亿美元，其中 AI业务对应26.5万亿美元。</p><p><strong>华尔街投行、投资者积极备战</strong></p><p>此次IPO规模之大，在华尔街前所未有，吸引了众多银行家争相参与。<a href=\"https://laohu8.com/S/GS\">高盛</a>、<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>、美国银行、花旗、<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>领衔，合计23家投行组成承销团。</p><p>承销投行将接受机构投资者的认购订单。同时，普通投资者也可以通过经纪商下单。数百万使用<a href=\"https://laohu8.com/S/HOOD\">Robinhood</a> Markets、SoFi Technologies和摩根士丹利旗下E*Trade等热门交易平台的普通投资者将能够直接通过这些平台下单。</p><p>在股票开始交易的前一天，SpaceX和各家银行将敲定最终发行价与发行总量。定价环节需要平衡老股东与新投资者的诉求 —— 老股东不愿发行过多股票而稀释自身股权，新投资者则期盼拿到筹码、博取上市收益。</p><p><strong>上市潜藏哪些风险?</strong></p><p>对SpaceX而言，IPO的弊端在于公司必须每季度公开披露财务数据，并接受华尔街分析师和公众投资者的审查。</p><p>此外，如果股价波动剧烈或因负面消息而大幅下跌，其计划也可能受到影响。</p><p><strong>xAI交易对SpaceX的IPO产生什么影响?</strong></p><p>并非所有人都乐见SpaceX在上市前收购xAI，因为xAI持续大量烧钱，拖累星链等优质资产估值成色。</p><p>原本押注太空赛道的投资者将被迫配置人工智能资产。而对于那些看空人工智能行业的投资者来说，他们突然间又背负高风险敞口。如果SpaceX被视为一家臃肿不堪的集团公司，那么其市值可能会低于预期。</p><p>此外，SpaceX在人工智能领域也面临着激烈的竞争。据报道，OpenAI计划于今年晚些时候上市，Anthropic Games也可能紧随其后。这两家公司的估值在上市前就已经飙升至数千亿美元，而且有望在上市后突破1万亿美元大关。</p><p><strong>上市如何影响马斯克控制权?</strong></p><p>马斯克对SpaceX拥有绝对控制权，主要是因为他持有该公司大部分B类股份，这类股份赋予持有者每股10票的表决权。SpaceX提交的监管文件显示，<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>联合创始人、世界首富马斯克在上市后将拥有约82%的投票权。</p><p>对此，非营利组织联合体Alliance to Protect Shareholder Value发表声明，批评SpaceX的治理政策"试图以新颖且鲁莽的方式严重削弱对股东的保护，同时赋予SpaceX领导层近乎全部的行政权力"。</p><p>那些被SpaceX的潜力和马斯克的过往业绩所吸引的投资者可能并不会为此感到担忧，不过，一旦公司经营失序，高集中持股会阻碍投资者推动管理层换届。</p><p>SpaceX表示，计划在IPO中为某些员工、高管的亲友预留高达5%的股份。</p><p>另外，据报道，SpaceX的IPO很可能会让特朗普政府班底变得更加<a href=\"https://laohu8.com/S/F13.SI\">富裕</a>。根据这些官员最近一次公开的财务披露文件，从总统特使威特科夫到美国小企业管理局局长凯利·洛弗勒等十名官员均披露了他们在SpaceX或xAI中的财务利益关系。披露文件显示，这些联邦官员合计持有价值至少990万美元、至多4380万美元的SpaceX或xAI股票。</p><p><strong>马斯克如何向投资者讲故事?</strong></p><p>SpaceX的核心理念是，如果能够利用太空数据中心大幅提升算力，它将成为人工智能领域的领军企业。然而，由于马斯克正在从零开始重建公司的人工智能业务，这可能会很难说服投资者。</p><p>不过，该公司已经在商业航天领域占据主导地位，并且拥有巨大的增长潜力，同时与国防和电信等行业有着密切联系。</p><p>星链全球宽带业务是稳定现金流来源，巨型星舰项目持续巩固火箭发射业务优势。同时马斯克借助特斯拉十年涨幅近30倍、早期股东收益丰厚的投资口碑，吸引一众老粉入局，这也是本次IPO最具说服力的宣传筹码。</p></body></html>","source":"highlight_zhitongcaijin","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>6月12日登陆纳斯达克！SpaceX携“太空+AI”愿景冲击史上最大IPO，有哪些看点？</title>\n<style 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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\">\n6月12日登陆纳斯达克！SpaceX携“太空+AI”愿景冲击史上最大IPO，有哪些看点？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-06-04 11:28 北京时间 <a href=http://www.zhitongcaijing.com/content/detail/1449980.html><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>埃隆·马斯克旗下SpaceX计划于6月12日在纳斯达克挂牌上市，股票代码为“SPCX”，此次交易有望缔造史上规模最大的IPO。该公司计划通过IPO筹集750亿美元，是此前纪录保持者的两倍多。这场IPO将成为资本市场年度盛事，投资者将得以入局马斯克打造太空 + AI 复合型巨头的宏大蓝图。马斯克提出一系列扩张规划，包括在太空建立数据中心，这些规划极具想象力，但落地耗资庞大、风险突出，且多数项目要历经...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1449980.html\">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/6b69e234a63c2c0a69ccede7b0faaa18","relate_stocks":{"LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","IE00B3QW5Z07.USD":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (USD) ACC","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","BK4613":"AI应用软件","IE00BGHQF748.EUR":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (EUR) ACC","BK4612":"AI芯片","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","SG9999014005.SGD":"United Global Durable Equities Fund Acc SGD","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc 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USD"},"source_url":"http://www.zhitongcaijing.com/content/detail/1449980.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2640891139","content_text":"埃隆·马斯克旗下SpaceX计划于6月12日在纳斯达克挂牌上市，股票代码为“SPCX”，此次交易有望缔造史上规模最大的IPO。该公司计划通过IPO筹集750亿美元，是此前纪录保持者的两倍多。这场IPO将成为资本市场年度盛事，投资者将得以入局马斯克打造太空 + AI 复合型巨头的宏大蓝图。马斯克提出一系列扩张规划，包括在太空建立数据中心，这些规划极具想象力，但落地耗资庞大、风险突出，且多数项目要历经多年才能兑现收益。下文梳理SpaceX 本次IPO的关键看点：SpaceX估值达1.77万亿美元，分析师“泼冷水”根据提交给美国证券交易委员会(SEC)的文件，SpaceX计划以每股135美元的价格发行约5.556亿股股票。按此价格计算，SpaceX的市值将接近1.77万亿美元。据悉，SpaceX此次采用固定发行价方式定价，而非美国大型IPO惯例的先公布价格区间、再通过路演询价的方式，这在美国市场较为罕见，在亚欧市场则更为普遍。SpaceX计划通过IPO筹集750亿美元，这将打破沙特阿美在2019年创下的294亿美元的纪录。最大的疑问在于，如此高昂的估值能否在二级市场站稳脚跟。分析师通常依据企业未来盈利、成长性、行业竞争格局与利润率来测算公司价值，但估值定价本就没有统一标准。尤其在牛市环境下，投资者往往脱离基本面，愿意为个股支付偏高的溢价。部分投资者认为，SpaceX太空业务前景广阔，足以支撑远超当期财报所能匹配的估值。但SpaceX旗下xAI业务面临严峻挑战，或削弱公司整体投资吸引力。分析师在SpaceX上市前频频“泼冷水”。晨星公司直言不讳地表示，SpaceX的目标估值过高，真实估值可能不到目标估值的一半。晨星分析师Nicolas Owens的折现现金流模型预测SpaceX的估值仅为7800亿美元，其中，SpaceX的太空发射和星链互联网业务价值为6110亿美元，而人工智能业务价值仅有1700亿美元左右。简而言之，投资者不应该以IPO价格买入SpaceX股票。专注私募股权、创投的金融数据公司PitchBook认为，SpaceX合理估值为1.5万亿美元，其余是太空、AI叙事与“马斯克光环”的溢价。资深研究分析师Franco Granda给予星链约1.2万亿美元、发射及其他业务约3000亿美元的估值，额外的叙事溢价“显得有些过于乐观甚至荒谬”。SpaceX上市融资背后：xAI每月烧掉10亿美元尽管依靠星链卫星宽带业务，SpaceX已实现可观的现金流，但该公司仍需更多资金来实现其宏伟目标。SpaceX已表示，IPO募集资金将用于扩展公司的人工智能计算基础设施、提升太空基础设施和火箭性能，以及扩大卫星星座规模等。SpaceX原本可以选择继续在私募市场筹集资金，而非选择上市。但据知情人士透露，随着今年2月收购xAI，该公司的资金需求似乎大幅增加。xAI每月消耗约10亿美元现金，用于支付包括训练人工智能模型在内的计算基础设施费用。IPO文件显示，SpaceX的AI部门(包括xAI)去年运营亏损64亿美元，2026年前三个月则亏损近25亿美元。不过，SpaceX刚刚达成一项协议，Anthropic PBC将每月向其支付12.5亿美元用于购买人工智能算力，该协议有效期至2029年5月。此外，作为一家上市公司，SpaceX可以利用更广泛的市场筹集资金，助力其人工智能业务在竞争对手OpenAI 和Anthropic上市前抢先完成资金储备。据报道，OpenAI 和Anthropic有意在今年完成上市，目标融资规模均达数百亿美元。Wedbush Securities全球科技研究主管Dan Ives表示，SpaceX的首次公开募股将是一场“分水岭事件”，不仅会打破纪录，也将为随后OpenAI和Anthropic PBC的IPO奠定基调。这位资深股票分析师周三表示：“把爆米花准备好吧：SpaceX、OpenAI、Anthropic，未来几个月会非常有看头。”业务版图辽阔，SpaceX蜕变为行业巨头SpaceX 从航天行业的初创挑战者，蜕变为手握海量美国政府订单、支撑美国航天体系的巨头。除了火箭发射业务和星链外，SpaceX 现在还拥有Grok聊天机器人的开发商xAI，以及社交平台X(前身为Twitter)。收购xAI 后，SpaceX越来越重视人工智能。招股文件披露，SpaceX 整体可触达潜在市场规模(TAM)合计28.5万亿美元，其中 AI业务对应26.5万亿美元。华尔街投行、投资者积极备战此次IPO规模之大，在华尔街前所未有，吸引了众多银行家争相参与。高盛、摩根士丹利、美国银行、花旗、摩根大通领衔，合计23家投行组成承销团。承销投行将接受机构投资者的认购订单。同时，普通投资者也可以通过经纪商下单。数百万使用Robinhood Markets、SoFi Technologies和摩根士丹利旗下E*Trade等热门交易平台的普通投资者将能够直接通过这些平台下单。在股票开始交易的前一天，SpaceX和各家银行将敲定最终发行价与发行总量。定价环节需要平衡老股东与新投资者的诉求 —— 老股东不愿发行过多股票而稀释自身股权，新投资者则期盼拿到筹码、博取上市收益。上市潜藏哪些风险?对SpaceX而言，IPO的弊端在于公司必须每季度公开披露财务数据，并接受华尔街分析师和公众投资者的审查。此外，如果股价波动剧烈或因负面消息而大幅下跌，其计划也可能受到影响。xAI交易对SpaceX的IPO产生什么影响?并非所有人都乐见SpaceX在上市前收购xAI，因为xAI持续大量烧钱，拖累星链等优质资产估值成色。原本押注太空赛道的投资者将被迫配置人工智能资产。而对于那些看空人工智能行业的投资者来说，他们突然间又背负高风险敞口。如果SpaceX被视为一家臃肿不堪的集团公司，那么其市值可能会低于预期。此外，SpaceX在人工智能领域也面临着激烈的竞争。据报道，OpenAI计划于今年晚些时候上市，Anthropic Games也可能紧随其后。这两家公司的估值在上市前就已经飙升至数千亿美元，而且有望在上市后突破1万亿美元大关。上市如何影响马斯克控制权?马斯克对SpaceX拥有绝对控制权，主要是因为他持有该公司大部分B类股份，这类股份赋予持有者每股10票的表决权。SpaceX提交的监管文件显示，特斯拉联合创始人、世界首富马斯克在上市后将拥有约82%的投票权。对此，非营利组织联合体Alliance to Protect Shareholder Value发表声明，批评SpaceX的治理政策\"试图以新颖且鲁莽的方式严重削弱对股东的保护，同时赋予SpaceX领导层近乎全部的行政权力\"。那些被SpaceX的潜力和马斯克的过往业绩所吸引的投资者可能并不会为此感到担忧，不过，一旦公司经营失序，高集中持股会阻碍投资者推动管理层换届。SpaceX表示，计划在IPO中为某些员工、高管的亲友预留高达5%的股份。另外，据报道，SpaceX的IPO很可能会让特朗普政府班底变得更加富裕。根据这些官员最近一次公开的财务披露文件，从总统特使威特科夫到美国小企业管理局局长凯利·洛弗勒等十名官员均披露了他们在SpaceX或xAI中的财务利益关系。披露文件显示，这些联邦官员合计持有价值至少990万美元、至多4380万美元的SpaceX或xAI股票。马斯克如何向投资者讲故事?SpaceX的核心理念是，如果能够利用太空数据中心大幅提升算力，它将成为人工智能领域的领军企业。然而，由于马斯克正在从零开始重建公司的人工智能业务，这可能会很难说服投资者。不过，该公司已经在商业航天领域占据主导地位，并且拥有巨大的增长潜力，同时与国防和电信等行业有着密切联系。星链全球宽带业务是稳定现金流来源，巨型星舰项目持续巩固火箭发射业务优势。同时马斯克借助特斯拉十年涨幅近30倍、早期股东收益丰厚的投资口碑，吸引一众老粉入局，这也是本次IPO最具说服力的宣传筹码。","news_type":1,"symbols_score_info":{"SPCX":2}},"isVote":1,"tweetType":1,"viewCount":556,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":571747344344168,"gmtCreate":1780610938873,"gmtModify":1780623339299,"author":{"id":"4152797728686810","authorId":"4152797728686810","name":"willa","avatar":"https://static.tigerbbs.com/a06acaf9a193c185e6d14c02060174cd","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4152797728686810","authorIdStr":"4152797728686810"},"themes":[],"title":"","htmlText":"怎么申购","listText":"怎么申购","text":"怎么申购","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/571747344344168","repostId":"2640891139","repostType":2,"repost":{"id":"2640891139","kind":"highlight","pubTimestamp":1780543680,"share":"https://www.laohunote.com/m/news/2640891139?lang=zh_CN&edition=full","pubTime":"2026-06-04 11:28","market":"sg","language":"zh","title":"6月12日登陆纳斯达克！SpaceX携“太空+AI”愿景冲击史上最大IPO，有哪些看点？","url":"https://stock-news.laohu8.com/highlight/detail?id=2640891139","media":"智通财经网","summary":"SpaceX计划于6月12日在纳斯达克挂牌上市，股票代码为“SPCX”。","content":"<html><head></head><body><p>埃隆·马斯克旗下SpaceX计划于6月12日在纳斯达克挂牌上市，股票代码为“SPCX”，此次交易有望缔造史上规模最大的IPO。该公司计划通过IPO筹集750亿美元，是此前纪录保持者的两倍多。</p><p>这场IPO将成为资本市场年度盛事，投资者将得以入局马斯克打造太空 + AI 复合型巨头的宏大蓝图。马斯克提出一系列扩张规划，包括在太空建立数据中心，这些规划极具想象力，但落地耗资庞大、风险突出，且多数项目要历经多年才能兑现收益。</p><p><strong>下文梳理SpaceX 本次IPO的关键看点：</strong></p><p><strong>SpaceX估值达1.77万亿美元，分析师“泼冷水”</strong></p><p>根据提交给美国证券交易委员会(SEC)的文件，SpaceX计划以每股135美元的价格发行约5.556亿股股票。按此价格计算，SpaceX的市值将接近1.77万亿美元。</p><p>据悉，SpaceX此次采用固定发行价方式定价，而非美国大型IPO惯例的先公布价格区间、再通过路演询价的方式，这在美国市场较为罕见，在亚欧市场则更为普遍。</p><p>SpaceX计划通过IPO筹集750亿美元，这将打破沙特阿美在2019年创下的294亿美元的纪录。</p><p>最大的疑问在于，如此高昂的估值能否在二级市场站稳脚跟。分析师通常依据企业未来盈利、成长性、行业竞争格局与利润率来测算公司价值，但估值定价本就没有统一标准。尤其在牛市环境下，投资者往往脱离基本面，愿意为个股支付偏高的溢价。</p><p>部分投资者认为，SpaceX太空业务前景广阔，足以支撑远超当期财报所能匹配的估值。但SpaceX旗下xAI业务面临严峻挑战，或削弱公司整体投资吸引力。</p><p>分析师在SpaceX上市前频频“泼冷水”。晨星公司直言不讳地表示，SpaceX的目标估值过高，真实估值可能不到目标估值的一半。晨星分析师Nicolas Owens的折现现金流模型预测SpaceX的估值仅为7800亿美元，其中，SpaceX的太空发射和星链互联网业务价值为6110亿美元，而人工智能业务价值仅有1700亿美元左右。简而言之，投资者不应该以IPO价格买入SpaceX股票。</p><p>专注私募股权、创投的金融数据公司PitchBook认为，SpaceX合理估值为1.5万亿美元，其余是太空、AI叙事与“马斯克光环”的溢价。资深研究分析师Franco Granda给予星链约1.2万亿美元、发射及其他业务约3000亿美元的估值，额外的叙事溢价“显得有些过于乐观甚至荒谬”。</p><p><strong>SpaceX上市融资背后：xAI每月烧掉10亿美元</strong></p><p>尽管依靠星链卫星宽带业务，SpaceX已实现可观的现金流，但该公司仍需更多资金来实现其宏伟目标。SpaceX已表示，IPO募集资金将用于扩展公司的人工智能计算基础设施、提升太空基础设施和火箭性能，以及扩大卫星<a href=\"https://laohu8.com/S/STZ\">星座</a>规模等。</p><p>SpaceX原本可以选择继续在私募市场筹集资金，而非选择上市。但据知情人士透露，随着今年2月收购xAI，该公司的资金需求似乎大幅增加。xAI每月消耗约10亿美元现金，用于支付包括训练人工智能模型在内的计算基础设施费用。</p><p>IPO文件显示，SpaceX的AI部门(包括xAI)去年运营亏损64亿美元，2026年前三个月则亏损近25亿美元。不过，SpaceX刚刚达成一项协议，Anthropic PBC将每月向其支付12.5亿美元用于购买人工智能算力，该协议有效期至2029年5月。</p><p>此外，作为一家上市公司，SpaceX可以利用更广泛的市场筹集资金，助力其人工智能业务在竞争对手OpenAI 和Anthropic上市前抢先完成资金储备。据报道，OpenAI 和Anthropic有意在今年完成上市，目标融资规模均达<a href=\"https://laohu8.com/S/SBAY\">数百亿</a>美元。</p><p>Wedbush Securities全球科技研究主管Dan Ives表示，SpaceX的首次公开募股将是一场“分水岭事件”，不仅会打破纪录，也将为随后OpenAI和Anthropic PBC的IPO奠定基调。这位资深股票分析师周三表示：“把爆米花准备好吧：SpaceX、OpenAI、Anthropic，未来几个月会非常有看头。”</p><p><strong>业务版图辽阔，SpaceX蜕变为行业巨头</strong></p><p>SpaceX 从<a href=\"https://laohu8.com/S/000901\">航天</a>行业的初创挑战者，蜕变为手握海量美国政府订单、支撑美国<a href=\"https://laohu8.com/S/00031\">航天</a>体系的巨头。除了火箭发射业务和星链外，SpaceX 现在还拥有Grok聊天机器人的开发商xAI，以及社交平台X(前身为Twitter)。</p><p>收购xAI 后，SpaceX越来越重视人工智能。招股文件披露，SpaceX 整体可触达潜在市场规模(TAM)合计28.5万亿美元，其中 AI业务对应26.5万亿美元。</p><p><strong>华尔街投行、投资者积极备战</strong></p><p>此次IPO规模之大，在华尔街前所未有，吸引了众多银行家争相参与。<a href=\"https://laohu8.com/S/GS\">高盛</a>、<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>、美国银行、花旗、<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>领衔，合计23家投行组成承销团。</p><p>承销投行将接受机构投资者的认购订单。同时，普通投资者也可以通过经纪商下单。数百万使用<a href=\"https://laohu8.com/S/HOOD\">Robinhood</a> Markets、SoFi Technologies和摩根士丹利旗下E*Trade等热门交易平台的普通投资者将能够直接通过这些平台下单。</p><p>在股票开始交易的前一天，SpaceX和各家银行将敲定最终发行价与发行总量。定价环节需要平衡老股东与新投资者的诉求 —— 老股东不愿发行过多股票而稀释自身股权，新投资者则期盼拿到筹码、博取上市收益。</p><p><strong>上市潜藏哪些风险?</strong></p><p>对SpaceX而言，IPO的弊端在于公司必须每季度公开披露财务数据，并接受华尔街分析师和公众投资者的审查。</p><p>此外，如果股价波动剧烈或因负面消息而大幅下跌，其计划也可能受到影响。</p><p><strong>xAI交易对SpaceX的IPO产生什么影响?</strong></p><p>并非所有人都乐见SpaceX在上市前收购xAI，因为xAI持续大量烧钱，拖累星链等优质资产估值成色。</p><p>原本押注太空赛道的投资者将被迫配置人工智能资产。而对于那些看空人工智能行业的投资者来说，他们突然间又背负高风险敞口。如果SpaceX被视为一家臃肿不堪的集团公司，那么其市值可能会低于预期。</p><p>此外，SpaceX在人工智能领域也面临着激烈的竞争。据报道，OpenAI计划于今年晚些时候上市，Anthropic Games也可能紧随其后。这两家公司的估值在上市前就已经飙升至数千亿美元，而且有望在上市后突破1万亿美元大关。</p><p><strong>上市如何影响马斯克控制权?</strong></p><p>马斯克对SpaceX拥有绝对控制权，主要是因为他持有该公司大部分B类股份，这类股份赋予持有者每股10票的表决权。SpaceX提交的监管文件显示，<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>联合创始人、世界首富马斯克在上市后将拥有约82%的投票权。</p><p>对此，非营利组织联合体Alliance to Protect Shareholder Value发表声明，批评SpaceX的治理政策"试图以新颖且鲁莽的方式严重削弱对股东的保护，同时赋予SpaceX领导层近乎全部的行政权力"。</p><p>那些被SpaceX的潜力和马斯克的过往业绩所吸引的投资者可能并不会为此感到担忧，不过，一旦公司经营失序，高集中持股会阻碍投资者推动管理层换届。</p><p>SpaceX表示，计划在IPO中为某些员工、高管的亲友预留高达5%的股份。</p><p>另外，据报道，SpaceX的IPO很可能会让特朗普政府班底变得更加<a href=\"https://laohu8.com/S/F13.SI\">富裕</a>。根据这些官员最近一次公开的财务披露文件，从总统特使威特科夫到美国小企业管理局局长凯利·洛弗勒等十名官员均披露了他们在SpaceX或xAI中的财务利益关系。披露文件显示，这些联邦官员合计持有价值至少990万美元、至多4380万美元的SpaceX或xAI股票。</p><p><strong>马斯克如何向投资者讲故事?</strong></p><p>SpaceX的核心理念是，如果能够利用太空数据中心大幅提升算力，它将成为人工智能领域的领军企业。然而，由于马斯克正在从零开始重建公司的人工智能业务，这可能会很难说服投资者。</p><p>不过，该公司已经在商业航天领域占据主导地位，并且拥有巨大的增长潜力，同时与国防和电信等行业有着密切联系。</p><p>星链全球宽带业务是稳定现金流来源，巨型星舰项目持续巩固火箭发射业务优势。同时马斯克借助特斯拉十年涨幅近30倍、早期股东收益丰厚的投资口碑，吸引一众老粉入局，这也是本次IPO最具说服力的宣传筹码。</p></body></html>","source":"highlight_zhitongcaijin","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>6月12日登陆纳斯达克！SpaceX携“太空+AI”愿景冲击史上最大IPO，有哪些看点？</title>\n<style 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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\">\n6月12日登陆纳斯达克！SpaceX携“太空+AI”愿景冲击史上最大IPO，有哪些看点？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-06-04 11:28 北京时间 <a href=http://www.zhitongcaijing.com/content/detail/1449980.html><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>埃隆·马斯克旗下SpaceX计划于6月12日在纳斯达克挂牌上市，股票代码为“SPCX”，此次交易有望缔造史上规模最大的IPO。该公司计划通过IPO筹集750亿美元，是此前纪录保持者的两倍多。这场IPO将成为资本市场年度盛事，投资者将得以入局马斯克打造太空 + AI 复合型巨头的宏大蓝图。马斯克提出一系列扩张规划，包括在太空建立数据中心，这些规划极具想象力，但落地耗资庞大、风险突出，且多数项目要历经...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1449980.html\">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/6b69e234a63c2c0a69ccede7b0faaa18","relate_stocks":{"LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","IE00B3QW5Z07.USD":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (USD) ACC","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","BK4613":"AI应用软件","IE00BGHQF748.EUR":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (EUR) ACC","BK4612":"AI芯片","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","SG9999014005.SGD":"United Global Durable Equities Fund Acc SGD","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc 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USD"},"source_url":"http://www.zhitongcaijing.com/content/detail/1449980.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2640891139","content_text":"埃隆·马斯克旗下SpaceX计划于6月12日在纳斯达克挂牌上市，股票代码为“SPCX”，此次交易有望缔造史上规模最大的IPO。该公司计划通过IPO筹集750亿美元，是此前纪录保持者的两倍多。这场IPO将成为资本市场年度盛事，投资者将得以入局马斯克打造太空 + AI 复合型巨头的宏大蓝图。马斯克提出一系列扩张规划，包括在太空建立数据中心，这些规划极具想象力，但落地耗资庞大、风险突出，且多数项目要历经多年才能兑现收益。下文梳理SpaceX 本次IPO的关键看点：SpaceX估值达1.77万亿美元，分析师“泼冷水”根据提交给美国证券交易委员会(SEC)的文件，SpaceX计划以每股135美元的价格发行约5.556亿股股票。按此价格计算，SpaceX的市值将接近1.77万亿美元。据悉，SpaceX此次采用固定发行价方式定价，而非美国大型IPO惯例的先公布价格区间、再通过路演询价的方式，这在美国市场较为罕见，在亚欧市场则更为普遍。SpaceX计划通过IPO筹集750亿美元，这将打破沙特阿美在2019年创下的294亿美元的纪录。最大的疑问在于，如此高昂的估值能否在二级市场站稳脚跟。分析师通常依据企业未来盈利、成长性、行业竞争格局与利润率来测算公司价值，但估值定价本就没有统一标准。尤其在牛市环境下，投资者往往脱离基本面，愿意为个股支付偏高的溢价。部分投资者认为，SpaceX太空业务前景广阔，足以支撑远超当期财报所能匹配的估值。但SpaceX旗下xAI业务面临严峻挑战，或削弱公司整体投资吸引力。分析师在SpaceX上市前频频“泼冷水”。晨星公司直言不讳地表示，SpaceX的目标估值过高，真实估值可能不到目标估值的一半。晨星分析师Nicolas Owens的折现现金流模型预测SpaceX的估值仅为7800亿美元，其中，SpaceX的太空发射和星链互联网业务价值为6110亿美元，而人工智能业务价值仅有1700亿美元左右。简而言之，投资者不应该以IPO价格买入SpaceX股票。专注私募股权、创投的金融数据公司PitchBook认为，SpaceX合理估值为1.5万亿美元，其余是太空、AI叙事与“马斯克光环”的溢价。资深研究分析师Franco Granda给予星链约1.2万亿美元、发射及其他业务约3000亿美元的估值，额外的叙事溢价“显得有些过于乐观甚至荒谬”。SpaceX上市融资背后：xAI每月烧掉10亿美元尽管依靠星链卫星宽带业务，SpaceX已实现可观的现金流，但该公司仍需更多资金来实现其宏伟目标。SpaceX已表示，IPO募集资金将用于扩展公司的人工智能计算基础设施、提升太空基础设施和火箭性能，以及扩大卫星星座规模等。SpaceX原本可以选择继续在私募市场筹集资金，而非选择上市。但据知情人士透露，随着今年2月收购xAI，该公司的资金需求似乎大幅增加。xAI每月消耗约10亿美元现金，用于支付包括训练人工智能模型在内的计算基础设施费用。IPO文件显示，SpaceX的AI部门(包括xAI)去年运营亏损64亿美元，2026年前三个月则亏损近25亿美元。不过，SpaceX刚刚达成一项协议，Anthropic PBC将每月向其支付12.5亿美元用于购买人工智能算力，该协议有效期至2029年5月。此外，作为一家上市公司，SpaceX可以利用更广泛的市场筹集资金，助力其人工智能业务在竞争对手OpenAI 和Anthropic上市前抢先完成资金储备。据报道，OpenAI 和Anthropic有意在今年完成上市，目标融资规模均达数百亿美元。Wedbush Securities全球科技研究主管Dan Ives表示，SpaceX的首次公开募股将是一场“分水岭事件”，不仅会打破纪录，也将为随后OpenAI和Anthropic PBC的IPO奠定基调。这位资深股票分析师周三表示：“把爆米花准备好吧：SpaceX、OpenAI、Anthropic，未来几个月会非常有看头。”业务版图辽阔，SpaceX蜕变为行业巨头SpaceX 从航天行业的初创挑战者，蜕变为手握海量美国政府订单、支撑美国航天体系的巨头。除了火箭发射业务和星链外，SpaceX 现在还拥有Grok聊天机器人的开发商xAI，以及社交平台X(前身为Twitter)。收购xAI 后，SpaceX越来越重视人工智能。招股文件披露，SpaceX 整体可触达潜在市场规模(TAM)合计28.5万亿美元，其中 AI业务对应26.5万亿美元。华尔街投行、投资者积极备战此次IPO规模之大，在华尔街前所未有，吸引了众多银行家争相参与。高盛、摩根士丹利、美国银行、花旗、摩根大通领衔，合计23家投行组成承销团。承销投行将接受机构投资者的认购订单。同时，普通投资者也可以通过经纪商下单。数百万使用Robinhood Markets、SoFi Technologies和摩根士丹利旗下E*Trade等热门交易平台的普通投资者将能够直接通过这些平台下单。在股票开始交易的前一天，SpaceX和各家银行将敲定最终发行价与发行总量。定价环节需要平衡老股东与新投资者的诉求 —— 老股东不愿发行过多股票而稀释自身股权，新投资者则期盼拿到筹码、博取上市收益。上市潜藏哪些风险?对SpaceX而言，IPO的弊端在于公司必须每季度公开披露财务数据，并接受华尔街分析师和公众投资者的审查。此外，如果股价波动剧烈或因负面消息而大幅下跌，其计划也可能受到影响。xAI交易对SpaceX的IPO产生什么影响?并非所有人都乐见SpaceX在上市前收购xAI，因为xAI持续大量烧钱，拖累星链等优质资产估值成色。原本押注太空赛道的投资者将被迫配置人工智能资产。而对于那些看空人工智能行业的投资者来说，他们突然间又背负高风险敞口。如果SpaceX被视为一家臃肿不堪的集团公司，那么其市值可能会低于预期。此外，SpaceX在人工智能领域也面临着激烈的竞争。据报道，OpenAI计划于今年晚些时候上市，Anthropic Games也可能紧随其后。这两家公司的估值在上市前就已经飙升至数千亿美元，而且有望在上市后突破1万亿美元大关。上市如何影响马斯克控制权?马斯克对SpaceX拥有绝对控制权，主要是因为他持有该公司大部分B类股份，这类股份赋予持有者每股10票的表决权。SpaceX提交的监管文件显示，特斯拉联合创始人、世界首富马斯克在上市后将拥有约82%的投票权。对此，非营利组织联合体Alliance to Protect Shareholder Value发表声明，批评SpaceX的治理政策\"试图以新颖且鲁莽的方式严重削弱对股东的保护，同时赋予SpaceX领导层近乎全部的行政权力\"。那些被SpaceX的潜力和马斯克的过往业绩所吸引的投资者可能并不会为此感到担忧，不过，一旦公司经营失序，高集中持股会阻碍投资者推动管理层换届。SpaceX表示，计划在IPO中为某些员工、高管的亲友预留高达5%的股份。另外，据报道，SpaceX的IPO很可能会让特朗普政府班底变得更加富裕。根据这些官员最近一次公开的财务披露文件，从总统特使威特科夫到美国小企业管理局局长凯利·洛弗勒等十名官员均披露了他们在SpaceX或xAI中的财务利益关系。披露文件显示，这些联邦官员合计持有价值至少990万美元、至多4380万美元的SpaceX或xAI股票。马斯克如何向投资者讲故事?SpaceX的核心理念是，如果能够利用太空数据中心大幅提升算力，它将成为人工智能领域的领军企业。然而，由于马斯克正在从零开始重建公司的人工智能业务，这可能会很难说服投资者。不过，该公司已经在商业航天领域占据主导地位，并且拥有巨大的增长潜力，同时与国防和电信等行业有着密切联系。星链全球宽带业务是稳定现金流来源，巨型星舰项目持续巩固火箭发射业务优势。同时马斯克借助特斯拉十年涨幅近30倍、早期股东收益丰厚的投资口碑，吸引一众老粉入局，这也是本次IPO最具说服力的宣传筹码。","news_type":1,"symbols_score_info":{"SPCX":2}},"isVote":1,"tweetType":1,"viewCount":556,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}
