Dear friend,

There is a man in Hawthorne, California, named Bret Johnsen. He has served as the chief financial officer of Space Exploration Technologies Corp. since 2011. Today the company filed to go public.

The S-1 lists the chief executive in Starbase, Texas, and the chief financial officer in Hawthorne, California.

Their own words follow:

“For the three months ended March 31, 2026 [Q[1] 2026], we generated revenue on a consolidated basis of $4,694 million, loss from operations of $(1,943) million and Adjusted EBITDA of $1,127 million.”

The same filing reports a net loss of $(4,276) million for the same three months, and an accumulated deficit of $41,311 million.

Forty-one billion three hundred eleven million dollars. The company was organized in 2002. We checked.

The shares will trade on the Nasdaq under the symbol SPCX. Each share of Class A common stock will entitle its holder to one vote. Each share of Class B common stock will entitle its holder to ten votes. Mr. Musk holds the Class B shares.

The S-1 says the company will be a “controlled company” under the listing rules of the exchange. A controlled company is not required to have a majority of independent directors on its board.

We have read the dividend policy. It does not anticipate paying any.

According to the prospectus, Falcon Heavy first launched in 2018 and put a Tesla Roadster and its mannequin passenger, known as Starman, into orbit around the Sun. We have read this three times. It still says that.

Twenty-three banks are managing the offering. We counted. Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup, J.P. Morgan, Barclays, Deutsche Bank, RBC Capital Markets, UBS Investment Bank, Wells Fargo Securities, Allen & Company, Cantor, Needham & Company, Raymond James, Societe Generale, Stifel, William Blair, BTG Pactual, ING, Macquarie Capital, Mirae Asset Securities, Mizuho, and Santander.

We will not be writing about any of the other filings made to the Commission today. We do not have anything to add.

Yours,