The story of the quarter arrived the day after it ended. On April 1, SpaceX confidentially filed for an initial public offering, setting the stage for what could become the largest IPO in history. Yet the filing itself was less a surprise than a punctuation mark. SpaceX had already dominated private market discourse for months, long before its move toward the public market became official. Rather than introduce a new narrative, the filing sharpened a single question: what will it take for SpaceX to succeed as a public company?
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