6 ms·

SpaceX is disgustingly undervalued at $92 billion. I would pay a 4x multiple to be able to dump my own money in here... sadly, I am not a billionaire, and have

SpaceX is disgustingly undervalued at $92 billion. I would pay a 4x multiple to be able to dump my own money in here... sadly, I am not a billionaire, and have no access to this market.

chronic3802 6y ago
You can purchase pre-IPO shares in SpaceX (minimum investment $250K) if you have $1M in net worth.
- bpodgursky 6y ago
  Where? I didn't think any of the pre-IPO marketplaces took investment at that level.
  - lgats 6y ago
    Some platforms offer to purchase employees options and then resell them on a secondary marketplace https://equityzen.com/company/spacex/ https://equityzen.com/company/spacex/ Minimum investment I've seen is $20k, but I personally haven't seen SpaceX available
- Metacelsus 6y ago
  How?
  - hinkley 6y ago
    > In the U.S., the term accredited investor is used by the Securities and Exchange Commission (SEC) under Regulation D to refer to investors who are financially sophisticated and have a reduced need for the protection provided by regulatory disclosure filings. In a pre-IPO company, VCs and other investment groups consider unaccredited investors to be a liability, and they'll either give worse terms or no terms. If you're worth a million bucks the SEC considers you to be a grown-up and that you'll ask questions rather than being spoon-fed data that can help you protect your investment, which takes away a bunch of scenarios where you can litigate. I worked at a company that turned out to have an unaccredited investor. I didn't hear the details but they had to 'fix it' before the VCs would move forward with discussions. (They still didn't get the money.) GP's implication is that if you have a million bucks you can get (are?) accredited, which will give you access to private shares. I've heard this too, but I couldn't tell you the details.
    - bpodgursky 6y ago
      I am an accredited investor and make (small) investments on a number of platforms (ex FundersClub, AngelList), but have never seen healthy late-stage pre-IPO companies like SpaceX on any of them.
      - hinkley 6y ago
        My read was that they were alluding to sites that allow employees to sell their options/shares to non-employees. FundersClub and AngelList are more executive-focussed sites, aren't they?
        aerospace_guy 6y ago
        What sites allow employees to sell their options/shares to non-employees?
itsoktocry 6y ago
>SpaceX is disgustingly undervalued at $92 billion. Maybe, maybe not. None of these things have proven to have a profitable business model, so how are deriving the value? Of course, if that doesn't matter to you, there are myriad ways to hand your money over to SpaceX.
- bpodgursky 6y ago
  Uber's market cap is $100B and it's not a proven profitable business model either. SpaceX has wildly bigger upside if the big bets pay off.
  - matmatmatmat 6y ago
    I mean, maybe Uber's way overvalued?
- fastball 6y ago
  Space launch isn't a profitable business model? How exactly are they making money by launching payloads for people then?
  - shaklee3 6y ago
    They aren't. Not enough to stay in business. See the Bloomberg article from a while back. It's VC and FCC money at the moment.
    - fastball 6y ago
      Are they not launching Falcon 9s with customer payloads and charging more than it costs?
      - shaklee3 6y ago
        They are charging more than it costs to launch, but remember they employee thousands of extremely expensive engineers all year, and unless there are new businesses, that business isn't sustainable: https://www.wsj.com/articles/exclusive-peek-at-spacex-data-shows-loss-in-2015-heavy-expectations-for-nascent-internet-service-1484316455 https://www.wsj.com/articles/exclusive-peek-at-spacex-data-s...
deeviant 6y ago
I agree with your assessment. Alphabet owns a reasonable chuck of spaceX, which is the easiest to way to gain exposure.
- ericd 6y ago
  If you invest $1000 in Google, you’re investing <$10 in SpaceX, based on their last round’s valuation.
cozzyd 6y ago
Look at the history of Iridium.
perl4ever 6y ago
Seems to be some talk about an IPO for Starlink as a spinoff, but not SpaceX itself.

SpaceX is disgustingly undervalued at $92 billion. I would pay a 4x multiple to be able to dump my own money in here... sadly, I am not a billionaire, and have no access to this market.

chronic3802 6y ago

You can purchase pre-IPO shares in SpaceX (minimum investment $250K) if you have $1M in net worth.

bpodgursky 6y ago
Where? I didn't think any of the pre-IPO marketplaces took investment at that level.
- lgats 6y ago
  Some platforms offer to purchase employees options and then resell them on a secondary marketplace https://equityzen.com/company/spacex/ https://equityzen.com/company/spacex/ Minimum investment I've seen is $20k, but I personally haven't seen SpaceX available
Metacelsus 6y ago
How?
- hinkley 6y ago
  > In the U.S., the term accredited investor is used by the Securities and Exchange Commission (SEC) under Regulation D to refer to investors who are financially sophisticated and have a reduced need for the protection provided by regulatory disclosure filings. In a pre-IPO company, VCs and other investment groups consider unaccredited investors to be a liability, and they'll either give worse terms or no terms. If you're worth a million bucks the SEC considers you to be a grown-up and that you'll ask questions rather than being spoon-fed data that can help you protect your investment, which takes away a bunch of scenarios where you can litigate. I worked at a company that turned out to have an unaccredited investor. I didn't hear the details but they had to 'fix it' before the VCs would move forward with discussions. (They still didn't get the money.) GP's implication is that if you have a million bucks you can get (are?) accredited, which will give you access to private shares. I've heard this too, but I couldn't tell you the details.
  - bpodgursky 6y ago
    I am an accredited investor and make (small) investments on a number of platforms (ex FundersClub, AngelList), but have never seen healthy late-stage pre-IPO companies like SpaceX on any of them.
    - hinkley 6y ago
      My read was that they were alluding to sites that allow employees to sell their options/shares to non-employees. FundersClub and AngelList are more executive-focussed sites, aren't they?
      - aerospace_guy 6y ago
        What sites allow employees to sell their options/shares to non-employees?

itsoktocry 6y ago

>SpaceX is disgustingly undervalued at $92 billion. Maybe, maybe not. None of these things have proven to have a profitable business model, so how are deriving the value? Of course, if that doesn't matter to you, there are myriad ways to hand your money over to SpaceX.

bpodgursky 6y ago
Uber's market cap is $100B and it's not a proven profitable business model either. SpaceX has wildly bigger upside if the big bets pay off.
- matmatmatmat 6y ago
  I mean, maybe Uber's way overvalued?
fastball 6y ago
Space launch isn't a profitable business model? How exactly are they making money by launching payloads for people then?
- shaklee3 6y ago
  They aren't. Not enough to stay in business. See the Bloomberg article from a while back. It's VC and FCC money at the moment.
  - fastball 6y ago
    Are they not launching Falcon 9s with customer payloads and charging more than it costs?
    - shaklee3 6y ago
      They are charging more than it costs to launch, but remember they employee thousands of extremely expensive engineers all year, and unless there are new businesses, that business isn't sustainable: https://www.wsj.com/articles/exclusive-peek-at-spacex-data-shows-loss-in-2015-heavy-expectations-for-nascent-internet-service-1484316455 https://www.wsj.com/articles/exclusive-peek-at-spacex-data-s...

deeviant 6y ago

I agree with your assessment. Alphabet owns a reasonable chuck of spaceX, which is the easiest to way to gain exposure.

ericd 6y ago
If you invest $1000 in Google, you’re investing <$10 in SpaceX, based on their last round’s valuation.

cozzyd 6y ago

Look at the history of Iridium.

perl4ever 6y ago

Seems to be some talk about an IPO for Starlink as a spinoff, but not SpaceX itself.