Buried inside SpaceX’s pre-IPO disclosures is a single percentage that should make every investor lining up for the $75 billion June 2026 Nasdaq debut pause. It’s a quieter number tucked into a concentration-of-risk footnote, well away from the headline revenue figure and the backlog, and it reframes the entire bull case. I’ve been reading space-sector ... One Number From SpaceX’s Pre-IPO Disclosures Reveals Just How Fragile This Business Really Is
Quick Read
SpaceX derived 20.9% of 2025 revenue from the U.S. government, a single customer whose contracts can be terminated at will or eliminated by shifts in federal spending priorities.
The analyst who called NVIDIA in 2010 just named his top 10 ... [3140 chars]