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SPAIN PERSPECTIVE
ELON MUSK EYES RECORD-BREAKING WALL STREET DEBUT WITH SPACEX IPO
DOMINANT ANGLE
Madrid sees an industrial and financial opportunity in SpaceX's IPO, with Banco Santander's presence in the syndicate of 23 banks as a symbol of Spain's economic integration into major US technological cycles.
Dominant angle identified — does not reflect unanimity of this country’s media
ANALYSIS
Madrid, May 21, 2026. As Wall Street prepares for the largest IPO in history, Madrid notes a revealing detail: Banco Santander, led by Ana Botín, has managed to secure a spot in the syndicate of 23 banks for SpaceX's IPO. The Spanish institution is at the third level of the deal, alongside Allen & Company, Société Générale, BTG Pactual, ING, and Mizuho, behind the five global coordinators - Goldman Sachs, Morgan Stanley, Bank of America, Citi, and JPMorgan - and a second tier composed of Barclays, Deutsche Bank, RBC, UBS, and Wells Fargo. This presence in such a large operation is seen by Spanish economic press as a strong signal of the group's ability to participate in structuring technological transactions.
The mechanics of the operation are now known. SpaceX has filed a 277-page preliminary S-1 prospectus with the SEC and hopes to raise up to $75 billion on the Nasdaq - scheduled for June 12, 2026, under the symbol SPCX - for a valuation that could reach $1.75 billion. This figure would crush the record set by Saudi Aramco, which raised $25 billion in 2019. Elon Musk will retain control: as a Class B shareholder (10 votes per share against 1 for Class A shares put on the market), he will hold 85% of the decision-making power and the exclusive right to elect 51% of the board of directors.
But it's the financial structure of the group that catches the attention of Spanish analysts. In 2025, SpaceX reported revenue of $18.67 billion, up 33%, but recorded a net loss of $4.94 billion. In the first quarter of 2026, the trend persists: $4.69 billion in revenue for a net loss of $4.28 billion. The reason is identified without ambiguity: xAI, the artificial intelligence division integrating X (ex-Twitter) and its 550 million active monthly users, generated $3.2 billion in revenue in 2025 while absorbing $6.36 billion in operating losses.
Facing this hemorrhage, only one engine pulls the group upwards: Starlink. The satellite internet service generated $11.39 billion in revenue in 2025, up 50%, and a $4.42 billion operating profit - more than double the previous year. Without Starlink, the edifice would collapse.
KEY POINTS
- Banco Santander joins the syndicate of 23 banks colocating the SpaceX IPO, alongside Goldman Sachs, Morgan Stanley, Bank of America, Citi, and JPMorgan as global coordinators
- SpaceX aims to raise $75 billion on the Nasdaq on June 12, 2026 (symbol SPCX), for a valuation of up to $1.75 billion - a record beating Saudi Aramco ($25 billion in 2019)
- Starlink generates $11.4 billion in revenue in 2025 (+50%) and $4.42 billion in operating profit, offsetting the $6.36 billion in operating losses of the xAI division
COGNITIVE BIASES IDENTIFIED
National-financial framing: Spanish coverage prioritizes Santander's participation in the syndicate of 23 banks, an angle absent or minor in international press
Preference for financial analysis: Spanish media detail net losses, capex, and debt structure more than technological promises or space mission
Low coverage of regulatory risks: questions of unequal governance (Class A/B voting) and antitrust risks related to Musk's concentration of power are underdeveloped
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