Elon Musk is planning to go public with his company SpaceX, which has received billions in corporate welfare, but still lost $4.9 billion in 2025, reported Satellite Today:
SpaceX published its S-1 filed with the Securities and Exchange Commission (SEC) on May 20, a prospectus to inform investors about the company’s business ahead of an IPO.
The company reported $18.7 billion in revenue in 2025, with Starlink serving as the largest driver of revenue. Despite the high revenue, SpaceX still lost money. Net loss in 2025 was $4.9 billion.
Despite SpaceX’s massive losses — after sucking in billions of corporate welfare — the Russell U.S. Equity Indexes and FTSE Global Equity Index Series are going to allow index funds to be formed to track SpaceX’s stock “under newly announced fast-entry rules,” reports Reuters:
FTSE Russell, a London Stock Exchange Group (LSEG.L), opens new tab business, proposed introducing a fast-entry mechanism for initial public offerings and revising eligibility requirements for its Russell U.S. Equity Indexes in February.
MarketWatch reports a major union is warning folks about the SpaceX IPO stock offering and inclusion in the indexes that millions of Americans buy into via their retirement accounts:
One of the largest public unions in the U.S. is calling on regulators to crack down on SpaceX’s upcoming initial public offering, saying that it “defies financial logic.”
Ari Paul, the chief investment officer of BlockTower Capital, also sounded the alarm on Twitter/X:
Amazing. Pensions forced to buy Space X IPO en masse even if it’s unprofitable. Impressive coup by Musk. https://t.co/PdcTAkG2T0
— Ari Paul (@AriDavidPaul) May 31, 2026
Ian McMillan, a portfolio manager and market technician at Client First Tax and Wealth Advisors, added his concern:
Listen, I’m a big “the index is the index” guy, but they are openly looting the coffers.
— Ian McMillan, CMT (@the_chart_life) May 31, 2026
This is 100% fraud. https://t.co/atU07UvAa5
Economic commentator and journalist Ben Norton and others condemned Musk as well:
The world’s richest centi-billionaire oligarch used his power to change the rules, so he could dump his garbage company (which is cartoonishly overvalued, unprofitable, and incinerating cash) on retail investors, using trillions of dollars in retirement funds as exit liquidity,… https://t.co/P3HV35G7ar
— Ben Norton (@BenjaminNorton) May 31, 2026
theyre stealing your 401k to bet on Elon Musk's penny stocks. This should be the biggest news story of the year. https://t.co/iWq6bTJQ4x
— Waqas (@worqas) May 31, 2026
(Sources: Satellite Today, Reuters, Forbes, MarketWatch, X)