{"id":346,"date":"2026-06-10T22:12:05","date_gmt":"2026-06-10T22:12:05","guid":{"rendered":"https:\/\/longhaulmovingpros.com\/?p=346"},"modified":"2026-06-10T22:12:05","modified_gmt":"2026-06-10T22:12:05","slug":"sen-elizabeth-warren-makes-hail-mary-plea-to-delay-spacex-ipo","status":"publish","type":"post","link":"https:\/\/longhaulmovingpros.com\/?p=346","title":{"rendered":"Sen. Elizabeth Warren Makes Hail Mary Plea to Delay SpaceX IPO"},"content":{"rendered":"
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With just two days left before SpaceX begins trading on the Nasdaq, Senator Elizabeth Warren is asking the SEC to delay its IPO.<\/p>\n

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In a to SEC Chair Paul Atkins, Sen. Warren raised concerns about potential inaccuracies in the company\u2019s valuation and the unusual governance structure, in which founder Elon Musk serves as CEO, CTO, and chair of the board while also holding the majority of the voting shares, making him virtually unimpeachable.<\/p>\n

\u201cThis IPO appears to present significant risks to ordinary investors and their retirement savings \u2013 while carrying enormous advantages for SpaceX insiders, including senior Trump Administration officials,\u201d Sen. Warren wrote. \u201cThe net result could be disastrous: a scenario where retirees\u2019 and families\u2019 investment accounts take a hit if SpaceX\u2019s valuation falters, with little recourse for any corporate misconduct, while the wealthiest man on earth becomes even wealthier due to a lack of oversight.\u201d<\/p>\n

At an expected valuation of $1.75 trillion and investor demand looking above expectations, the IPO is expected to be the biggest in history, making more than 4,000 of its employees millionaires and Musk the world\u2019s first trillionaire. According to a recent Bloomberg report citing last year\u2019s financial disclosures, several Trump administration officials also held SpaceX or xAI stock worth up to $43.8 million.<\/p>\n

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But that record valuation is considered largely speculative. Last week, a group of analysts valued the company at less than half its target valuation, in part because the current valuation is largely based on a leap of faith that Musk\u2019s moonshot idea of building a colony of space-based data centers will not only work but be hugely profitable. The company wrote in its IPO filing that it has \u201ca history of net losses and may not achieve profitability in the future.\u201d<\/p>\n

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Earlier this year, SpaceX, Musk\u2019s space giant, merged in a record-setting M&A deal with xAI, Musk\u2019s AI company that also owns and operates social media platform X. The merged entity was valued at $1.25 trillion, a number that has informed the target market valuation of $1.75 trillion. The space business and its crown jewel, Starlink, do well, but the AI business recorded a $2.5 billion operating loss in the first quarter of this year, according to the IPO filings, and is eyeing even more record spending to build the AI data centers in space.<\/p>\n

\u201cThe company\u2019s accounting and financial reports contain troubling gaps, and are clouded by the massive and opaque xAI merger that occurred earlier this year,\u201d Warren writes.<\/p>\n

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On top of that, Musk has been under heat the past month after making comments on social media that contradicted the financial details SpaceX disclosed in the IPO filing. Musk said SpaceX could walk away early from a $15 billion-a-year leasing agreement with Anthropic that investors were expecting to last three years, further muddying valuation efforts.<\/p>\n

Last month,\u00a0Akademikerpension, a major Danish pension fund, blacklisted SpaceX, saying that with all the uncertainty, the company\u2019s actual value \u201ccannot reasonably exceed USD 1 trillion\u201d even under the most optimistic assumptions, making the stock at least 80% overvalued according to analysts\u2019 calculations.<\/p>\n

Warren is also worried about\u00a0\u201cthe complicity of major stock indices in waiving old rules or creating new ones to allow SpaceX\u2019s inclusion.\u201d<\/p>\n

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Earlier this year, major index providers Nasdaq and FTSE Russell relaxed their rules to allow companies with mega valuations like SpaceX to join their indexes sooner than later. These indexes form a major part of the 401(k)s, pension funds, and retirement accounts of everyday Americans. The most widely tracked one, the S&P 500, was also debating changes but eventually rejected them earlier this month.<\/p>\n

This means that with SpaceX entering these indices, Americans will be forced to buy billions of dollars of SpaceX stock through their pension funds or retirement accounts, and any drop in market capitalization that could happen if the valuation is inaccurate would have an impact on their savings.<\/p>\n

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\u201cIf that valuation cannot be sustained, the investors who have chosen to buy in at lofty valuations \u2013 or will be forced to do so because of their investments in index funds, that are themselves based on indexes that have amended their rules to include SpaceX \u2013 will pay the price,\u201d Warren wrote. \u201cIn short, these changes may enable a scheme of financial engineering that rigs America\u2019s capital markets in favor of Mr. Musk and his allies.\u201d<\/p>\n

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The IPO’s net result could be “disastrous,” Warren said.<\/p>\n","protected":false},"author":1,"featured_media":345,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-346","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commerce"],"yoast_head":"\nSen. Elizabeth Warren Makes Hail Mary Plea to Delay SpaceX IPO - Long Haul Moving Pros<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/longhaulmovingpros.com\/?p=346\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sen. 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