Bloomberg's call
Bloomberg published an opinion piece today titled "SpaceX Is Widening Its Competitive Moat Ahead of Record IPO." The core claim: SpaceX faces little real competition, and the gap is growing.
That is a big statement for a company planning to debut at $1.75 trillion. A moat means a durable edge that rivals cannot easily close.
The Starship V3 edge
SpaceX's Starship V3 is expected to go operational this year. It carries much more payload than the Falcon 9.
Both the booster and the payload section are designed to be fully reused. That cuts launch costs and pulls further ahead of Blue Origin, Rocket Lab, and China's state programs.
Margins most tech firms envy
SpaceX's 2026 sales are forecast at $20 billion. EBITDA, which is earnings before interest, taxes, depreciation, and amortization, is estimated at $14.2 billion.
That works out to a 71% EBITDA margin. For context, most profitable software companies run at 30% to 45% on that metric.
Starlink keeps adding subscribers
Starlink now has more than 10,000 low-Earth-orbit satellites in service. Subscribers hit 9.2 million at the end of 2025.
Quilty Space expects that number to reach 16.8 million by year-end 2026. Starlink is now the single biggest revenue engine inside SpaceX.
What today's piece signals for retail
Bloomberg's timing matters. IPO roadshows start the week of June 8. The public S-1 is expected in late April or May.
Positive big-name framing this early can push retail interest higher. SpaceX has reportedly allocated 30% of shares to retail, three times the Wall Street norm.
Related stock moves
Motley Fool ran a piece today on stocks set to benefit from the SpaceX IPO. Names often mentioned include ground-station hardware suppliers, launch-equipment makers, and ETFs with pre-IPO SpaceX exposure.
Direct proxy plays are limited. A few closed-end funds hold small slices at private-market valuations.
What to watch next
The public S-1 filing is the next hard date. That will show 2025 revenue, guidance, and how much SpaceX is raising.
If the filing confirms the $20 billion revenue forecast, the $1.75 trillion target may hold. If numbers come in soft, expect a lower range in the roadshow.
Takeaway
Bloomberg's moat argument gives the IPO another tailwind. For retail investors, the June listing is still weeks away, but the setup is building. Watch for the S-1 and any pricing commentary from the underwriters.
