Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a>, an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.</li>
<li>SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.</li>
<li>We looked at its segments in our previous note. In this note, we talk about other remaining issues.</li>
</ul>



SpaceX (SPCX US), an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.
SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.
We looked at its segments in our previous note. In this note, we talk about other remaining issues.


Aequitas: SpaceX IPO - Additional Points - Revenue from Conn, Dreams from Space but TAM from AI

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The profit in 2024 was merely a fleeting phenomenon, essentially because xAI had not been included in the accounts. For every penny Starlink earned, it was quickly spent on AI/Starship.</li>
<li>If investors purchase SpaceX,they’re betting on Musk's grand vision of combining the physical control of space orbits with the next-generation AGI, rather than focusing on immediate profits from core business.</li>
<li>The proposed valuation range means the market will pay an “option premium” for AI/Starship/other long-term concepts. For ordinary investors, the risk lies in the high price of nearly 100x P/S. </li>
</ul>


The profit in 2024 was merely a fleeting phenomenon, essentially because xAI had not been included in the accounts. For every penny Starlink earned, it was quickly spent on AI/Starship.
If investors purchase SpaceX,they’re betting on Musk's grand vision of combining the physical control of space orbits with the next-generation AGI, rather than focusing on immediate profits from core business.
The proposed valuation range means the market will pay an “option premium” for AI/Starship/other long-term concepts. For ordinary investors, the risk lies in the high price of nearly 100x P/S. 


Pre-IPO SpaceX - About the Business, the Concerns and Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a>, an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.</li>
<li>SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.</li>
<li>We looked at its Space and Connectivity segments in our previous note. In this note, we talk about its AI Segment.</li>
</ul>



SpaceX (SPCX US), an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.
SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.
We looked at its Space and Connectivity segments in our previous note. In this note, we talk about its AI Segment.


Aequitas: SpaceX IPO - AI - The Next Frontier, but a Cash Guzzler and MAU Laggard

<ul>
<li>
<a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a>, an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.</li>
<li>SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.</li>
<li>We looked at its Space segment in the previous note. In this note, we talk about its connectivity segment.</li>
</ul>



SpaceX (SPCX US), an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.
SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.
We looked at its Space segment in the previous note. In this note, we talk about its connectivity segment.


Aequitas: SpaceX IPO - Connectivity - The Growth Driver and Cash Generator

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Equity Bottom-Up

<ul><li>For years, investors anticipated the IPO filing of SpaceX largely through the lens of rockets, satellites, and the long-term commercialization of space.</li><li>But now that the filing has finally arrived, one thing is becoming increasingly clear: Public investors may not actually be buying a traditional space company at all.</li><li>They may be buying one of the largest artificial intelligence infrastructure funding vehicles ever brought public.</li></ul>

For years, investors anticipated the IPO filing of SpaceX largely through the lens of rockets, satellites, and the long-term commercialization of space.But now that the filing has finally arrived, one thing is becoming increasingly clear: Public investors may not actually be buying a traditional space company at all.They may be buying one of the largest artificial intelligence infrastructure funding vehicles ever brought public.

SpaceX IPO Filing Reveals Investors May Be Buying an AI Infrastructure Empire

United States

Space Exploration Technologies Corp., doing business as SpaceX, operates as an aerospace manufacturer and space transportation services company. The Company designs and manufactures rockets, human spaceflight, and global satellite internet services. SpaceX serves customers worldwide.

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SpaceX (SPCX US)

Aequitas: SpaceX IPO - Additional Points - Revenue from Conn, Dreams from Space but TAM from AI

SpaceX (SPCX US), aims to raise around US$75bn in its US IPO. We have looked at its segments in our previous notes, in this note we talk about some...

Sumeet Singh

Pre-IPO SpaceX - About the Business, the Concerns and Thoughts on Valuation

Investors buying SpaceX are banking on Musk's positive futuristic vision of AI. Although we know this is a capital extravaganza, when enthusiasm...

Xinyao (Criss) Wang

Aequitas: SpaceX IPO - AI - The Next Frontier, but a Cash Guzzler and MAU Laggard

SpaceX (SPCX US), an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO. In this note, we talk about its AI segment.

Sumeet Singh

Aequitas: SpaceX IPO - Connectivity - The Growth Driver and Cash Generator

SpaceX (SPCX US), an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO. In this note, we talk about its connectivity...

Sumeet Singh

SpaceX IPO Filing Reveals Investors May Be Buying an AI Infrastructure Empire

For years, investors anticipated the IPO filing of SpaceX largely through the lens of rockets, satellites, and the long-term commercialization of...

IPO Prophet

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Aequitas: SpaceX IPO - Additional Points - Revenue from Conn, Dreams from Space but TAM from AI

SpaceX (SPCX US), aims to raise around US$75bn in its US IPO. We have looked at its segments in our previous notes, in this note we talk about some...

Sumeet Singh

Pre-IPO SpaceX - About the Business, the Concerns and Thoughts on Valuation

​Investors buying SpaceX are banking on Musk's positive futuristic vision of AI. Although we know this is a capital extravaganza, when enthusiasm...

Xinyao (Criss) Wang

Aequitas: SpaceX IPO - AI - The Next Frontier, but a Cash Guzzler and MAU Laggard

SpaceX (SPCX US), an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO. In this note, we talk about its AI segment.

Sumeet Singh

Aequitas: SpaceX IPO - Connectivity - The Growth Driver and Cash Generator

SpaceX (SPCX US), an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO. In this note, we talk about its connectivity...

Sumeet Singh

SpaceX IPO Filing Reveals Investors May Be Buying an AI Infrastructure Empire

For years, investors anticipated the IPO filing of SpaceX largely through the lens of rockets, satellites, and the long-term commercialization of...

IPO Prophet

Investors buying SpaceX are banking on Musk's positive futuristic vision of AI. Although we know this is a capital extravaganza, when enthusiasm...