SpaceX IPO Could Create More Wealth Than All IPOs In Last 20 Years Combined. Here’s What Early Investors Bank Into It

Quick Learning

• SpaceX’s IS-1 projects $18.7B in revenue by 2025, and Starlink hits 10.3M subscribers and 50% growth as IPO value driver.

• NVDA’s ten-year return of 18,311% is a sign of the initial thesis of SpaceX investors, while RKLB’s 122x sales multiple signals SpaceX enthusiasm is already in the public domain.

• Private SpaceX investors who got in years ago at low prices will capture huge returns before public buyers see a tick.

• Take action now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Rocket Lab didn’t make the cut. Pick up FREE words today.

The latest Find Your Rest part, co-host Rashaad Bilal quoted investor Barry Atlas with a claim that stops you in the middle of scrolling: “these companies will make more money than all IPOs in the last 20 years combined,” creating a “new class of billionaires” with just a few listings. SpaceX is the marquee name that drives that thesis.

I’ve been reading the SpaceX cap table and reading all the leaked secondary tenders for the better part of three years now, and the May 2026 S-1 is finally putting the numbers behind the hype. Here’s what the filing says, why former private investors are dancing, and what public market buyers should realistically expect.

What SpaceX’s S-1 Really Reveals

SpaceX organizes the business into three areas: Space, Communications, and AI. In 2025, consolidated revenue was $18,674 million with adjusted EBITDA of $6,584 million. The communications segment, namely Starlink, generated $11,387 million in revenue and $7,168 million in Segment Adjusted EBITDA, growing 50% year over year.

Starlink ended Q1 2026 with 10.3 million subscribers with a monthly ARPU of $66, more than double the number of subscribers last year. The Space segment has launched 170 launches and 2,213 metric tons will orbit by 2025. The newly acquired AI segment is burning cash on purpose: $7,723 million in Q1 2026 capex alone, according to an S-1 filed with the SEC.

That is the business that the public will be asked to buy. Bilal’s manager added the most important part: “We actually know people in some of these rounds, which is different at any time I think.”

Network Access Story: 2 Chainz and Angela Yee

The hosts identified 2 Chainz and Angela Yee as SpaceX’s first investors, and noted that many people in their network have bought these private companies in the past five or six years. Yee has been held up as a model of relationship-driven private investment, dating back to early Detroit real estate.

Take action now: the analyst who called NVIDIA in 2010 recently named his top 10 AI stocks — and Rocket Lab didn’t make it. Pick up FREE words today.

The understanding of the structure is that the wealth created in this IPO will be reinvested in the series A and B rounds. For some investors, the private side is more important than the IPO itself.

What Aggregate Wealth Looks Like in the Public Markets

Hosts cited NVIDIA vendors from 2016 and 2017 as a reference point. NVIDIA (NASDAQ:NVDA) is up 18,311% over the past decade, with a current market cap of 5.11 trillion. Q1 FY27 revenue reached $81.61 billion, up 85.2% year-on-year, and Jensen Huang described the creation of AI as “the largest infrastructure expansion in human history.” The details are in NVIDIA’s Q1 FY27 filing.

AMD’s Decade Run

Advanced Micro Devices (NASDAQ:AMD) has returned 11,193% over the past decade and trades at a forward P/E of 74 on a market cap of $841 billion. Q1 2026 revenue was $10.25 billion, up 37.9% year over year, with Data Center revenue up 57%.

Rocket Lab: The closest Pure Public Game

Rocket Lab (NASDAQ:RKLB) is the purest public analog in terms of SpaceX launches and space programs. The stock is up 424% over the past year and 832% since its September 2021 SPAC debut. Q1 2026 revenue reached $200.35 million, up 63.5% year-over-year, with a backlog of $2.2 billion and a Neutron debut targeted for later in 2026.

RKLB trades at 122x sales with an analyst consensus target of $103.91 compared to the current price of $143.48. The valuation gap means that a lot of SpaceX-comp enthusiasm already exists in the stock.

Honest Wrapping

If Atlas is right, the SpaceX listing will usher in a new class of billionaires. The catch is when you arrive. Early investors who wrote checks five or six years ago at single-digit billion valuations are looking at returns that long-term owners of NVIDIA and AMD can see. Public investors who hit the IPO button on day one are buying a mature, cash-hungry conglomerate for what the S-1 says will be the price tag.

Bilal’s outline is correct. Treasure is created in rounds before the ticker exists. Your job, whether you have access to private circles or not, is to be the expected size where you buy on the curve.

Take action now: the analyst who called NVIDIA in 2010 recently named his top 10 AI stocks — and Rocket Lab didn’t make it. Pick up FREE words today.