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Articles by Franco Granda
The Daily Pitch PE, VC and M&A Your edge on global private capital markets
Visualizing SpaceX over time Original
SpaceX became a publicly traded company on Friday, June 12, 2026. But the private space exploration company was founded 24 years earlier. Scroll through the visual timeline below to remember the company’s key moments and milestones: Learn more about our editorial standards.
A Deleted Disclosure in SpaceX’s IPO Filing Shows Its AI Infrastructure as a Cash Cow
When SpaceX filed the company’s financials ahead of its expected IPO next month, there was an important omission that had nothing to do with rocket launches or satellites. Instead, that data point, deleted from an earlier version of the company’s accounting, showed just how valuable a business AI infrastructure can be. According to an earlier draft of the S-1 reviewed by PitchBook, the company’s first two Colossus II clusters were built at USD 2.7 million per megawatt.
A deleted disclosure in SpaceX’s IPO filing shows its AI infrastructure as a cash cow
When SpaceX filed the company’s financials ahead of its expected IPO next month, there was an important omission that had nothing to do with rocket launches or satellites. Instead, that data point, deleted from an earlier version of the company’s accounting, showed just how valuable a business AI infrastructure can be. According to an earlier draft of the S-1 reviewed by PitchBook, the company’s first two Colossus II clusters were built at $2.7 million per megawatt.
A Deleted Disclosure in SpaceX’s IPO Filing Shows Its AI Infrastructure as a Cash Cow
When SpaceX filed the company’s financials ahead of its expected IPO next month, there was an important omission that had nothing to do with rocket launches or satellites. Instead, that data point, deleted from an earlier version of the company’s accounting, showed just how valuable a business AI infrastructure can be. According to an earlier draft of the S-1 reviewed by PitchBook, the company’s first two Colossus II clusters were built at $2.7 million per megawatt.
A deleted disclosure in SpaceX's S-1 reveals the real economics of its AI infrastructure Original
SpaceX deleted one of the most revealing data points from its S-1 before filing: its first two Colossus II clusters were built at $2.7 million per megawatt, roughly a fourfold improvement on the industry benchmark, according to an earlier draft of the S-1 reviewed by PitchBook. Paired with the $1.25 billion-a-month compute contract with Anthropic, disclosed elsewhere in the filing, the economics imply SpaceX recoups its AI infrastructure capex in under a month.
The SpaceX IPO and the Elon Musk factor
Investors and dealmakers preparing for SpaceX’s upcoming $1.75 trillion IPO must reckon with one of the most powerful—and dangerous—variables in public equities: the Musk Effect. Tesla’s TSLA stock history offers a lesson in this dynamic, as PitchBook’s SpaceX pre-IPO report explains. Since 2017, we have identified 99 major events that moved the electric vehicle leader’s stock 7% or more on elevated volume. About 6 in 10 were driven by company-specific catalysts.
The SpaceX IPO and the Elon Musk Factor
Investors and dealmakers preparing for SpaceX’s upcoming $1.75 trillion IPO must reckon with one of the most powerful—and dangerous—variables in public equities: the Musk Effect. Tesla’s TSLA stock history offers a lesson in this dynamic, as PitchBook’s SpaceX pre-IPO report explains. Since 2017, we have identified 99 major events that moved the electric vehicle leader’s stock 7% or more on elevated volume. About 6 in 10 were driven by company-specific catalysts.
Pity the dealmakers behind SpaceX's IPO Original
Investors and dealmakers preparing for SpaceX‘s upcoming $1.75 trillion IPO must reckon with one of the most powerful—and most dangerous—variables in public equities: the Elon Musk effect. Tesla‘s history offers an object lesson in this dynamic, as our SpaceX pre-IPO report explains. Since 2017, PitchBook identified 99 major events that moved the EV leader’s stock 7% or more on elevated volume. About 6 in 10 were driven by company-specific catalysts.
¿Tiene Sentido la Altísima Valoración de SpaceX?
SpaceX se está preparando para lo que sería, con diferencia, la mayor oferta pública inicial de la historia, con una valoración propuesta de 1,5 billones de dólares. Ese precio es elevado, pero no irracional. Tiene sentido siempre y cuando SpaceX pueda comercializar su cohete reutilizable superpesado Starship en la fecha prevista o en una fecha cercana. El nuevo análisis de PitchBook sitúa el valor razonable de SpaceX entre 1,1 y 1,7 billones de dólares.
Does SpaceX’s Sky-High Valuation Make Sense?
SpaceX is gearing up for what would be by far the biggest initial public offering in history, with a proposed valuation of USD 1.5 trillion. That price tag is expensive but not irrational. It adds up as long as SpaceX can commercialize its super-heavy reusable rocket Starship on or near its proposed timeline. PitchBook’s new analysis places SpaceX’s fair value at USD 1.1 trillion-USD 1.7 trillion.
Does SpaceX’s sky-high valuation make sense?
SpaceX is gearing up for what would be by far the biggest initial public offering in history, with a proposed valuation of $1.5 trillion. That price tag is expensive but not irrational. It adds up as long as SpaceX can commercialize its super-heavy reusable rocket Starship on or near its proposed timeline. PitchBook’s new analysis places SpaceX’s fair value at $1.1 trillion-$1.7 trillion.
Does SpaceX’s Sky-High Valuation Make Sense?
SpaceX is gearing up for what would be by far the biggest initial public offering in history, with a proposed valuation of $1.5 trillion. That price tag is expensive but not irrational. It adds up as long as SpaceX can commercialize its super-heavy reusable rocket Starship on or near its proposed timeline. PitchBook’s new analysis places SpaceX’s fair value at $1.1 trillion-$1.7 trillion.
SpaceX's astronomical IPO valuation: Not so crazy—under certain conditions - PitchBook
A SpaceX Falcon 9 rocket lifts off from launch pad 39A at the Kennedy Space Center carrying three scientific probes. NurPhoto/NurPhoto via Getty Images Franco Granda is a senior research analyst at PitchBook, where he covers private companies.
SpaceX's astronomical IPO valuation: Not so crazy-under certain conditions
Franco Granda is a senior research analyst at PitchBook, where he covers private companies. SpaceX‘s proposed $1.5 trillion IPO valuation is not as absurd as it may sound, with a sum-of-the-parts analysis of its space launch and satellite businesses placing the company’s fair value in the range of $1.1 trillion to $1.7 trillion, according to new PitchBook research.
Franco Granda - PitchBook
Franco Granda is a Senior Research Analyst covering some of the world’s largest private technology and innovation leaders across fintech, aerospace & defense, and TMT. At PitchBook, he is leading the firm’s expansion into individual company research, leveraging nearly a decade of equity research experience spanning internet and semiconductor capital equipment. His work has been cited by prominent publications, including Bloomberg, CNBC, and The Wall Street Journal.
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